Are mergers and acquisitions in the petroleum industry affected by oil prices?

作者：Monge Manuel; Gil Alana Luis A; Perez de Gracia Fernando; Rodriguez Carreno Ignacio

来源：Energy Sources, Part B: Economics, Planning and Policy , 2017, 12(5): 420-427.

DOI：10.1080/15567249.2016.1163436

• Mergers and acquisitions
• oil prices
• wavelet analysis

This paper contributes to the literature on crude oil price behavior and examines how this affects mergers and acquisitions (M&A) in the petroleum industry in the US. The paper analyzes the relationship of these two series by studying its dynamic in the time-frequency domain. The novelty of this study's approach lies in the application of wavelet tools for its resolution. Monthly data are used in this study, covering the period January 1980-June 2012. It was observed that there was a shift to higher frequencies of the wavelet coherency during the mid-1990s and the late 2000s. The results also indicate that during the mid-1990s and the late-2000s, an increase in M&A took place that was led by the increase in West Texas Intermediate crude oil prices.

• 出版日期2017