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A Study on Herd Behavior in Mergers and Acquisitions of Listed Companies

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DOI: 10.23977/FEIM2020.028


Liang Mi

Corresponding Author

Liang Mi


Merger and reorganization of companies is one of the important ways to allocate resources in the capital market, but it cannot be considered that all mergers and acquisitions are made by decision makers out of reason.This paper selects listed companies that were merged from November 2018 to mid-October 2019 as observation samples, and uses the ordered sample cluster analysis of MATLAB to obtain that in the division of merger events in the industries that are the subject of merger, the three industries of medicine and health, media and real estate show very obvious concentration of time and space.This activity conforms to the descriptive definition of herding behavior.


Herding behavior, Cluster analysis, Optimal segmentation method, M & A

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