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What drives mergers and acquisitions waves in developing countries? Evidences from Iranian banking industry
, Article Iranian Economic Review ; Volume 19, Issue 2 , 2015 , Pages 123-137 ; 10266542 (ISSN) ; Alambeigi, A ; Karimi, P ; Zarei, B ; Sharif University of Technology
Abstract
Many Middle-East countries, like Iran, have dynamic banking industries and have observed merger and acquisitions (M&A) waves. M&A waves are usually defined in the developed world context and some of their main drivers were identified as: market timing, environment's shocks, merger manias, government regulation and regulatory, and technological changes. It has been discussed that merger waves and their reasons are among the ten most important unsolved mysteries in the field of finance (Brealey and Myers, 1991, p. 923), and as a result of this, it was not possible to completely clarify the reasons behind emerging M&A waves, especially in developing countries; for this reason in these...