Merger waves: a model of endogenous mergers
构建了一个内生并购模型，研究企业何时、与谁合并的动态过程。发现企业异质性和负需求冲击是并购发生的必要条件，且并购具有战略互补性，因此往往以浪潮形式出现。
We develop a model of endogenous mergers to study their dynamic process. Firms choose whether, when, and with whom to merge. Two necessary conditions are identified for mergers to occur: firm heterogeneity and negative demand shocks. We show that mergers are strategic complements and therefore tend to occur in waves. Moreover, some mergers occur for strategic reasons in order to precipitate further mergers.