Takeover activity as a response to time-varying changes in investment opportunity sets: Evidence from takeover sequences

Sandy Klasa, Mike Stegemoller

Research output: Contribution to journalArticle

23 Scopus citations


We study takeover sequences that contain at least five acquisitions made over a period greater than 12 months, with no two acquisitions separated by more than 24 months. Acquisitions made within such sequences represent more than a quarter of aggregate takeover activity by U.S. public firms from 1982-1999. Our findings are consistent with a proposition that takeover sequences occur in the. context of time-varying changes in an acquirer's growth opportunity set. Takeover sequences begin (end) subsequent to an expansion (contraction) of this opportunity set.

Original languageEnglish (US)
Pages (from-to)1-25
Number of pages25
JournalFinancial Management
Issue number2
StatePublished - Jan 1 2007


ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics

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