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Available online at /locate/jbf Journal of Banking Finance 32 (2008) 2148–2177A century of corporate takeovers: What have we learned and where do we stand?q Marina Martynova a,1, Luc Renneboog b,* aThe University of Sheffield Management School, 9 Mappin Street, S1 4DT Sheffield, UK bTilburg University and European Corporate Governance Institute, P.O. Box 90153, 5000 LE Tilburg, The Netherlands Received 6 July 2006; accepted 20 December 2007 Available online 12 January 2008Abstract This paper reviews the vast academic literature on the market for corporate control. Our main focus is the cyclical wave pattern that this market exhibits. We address the following questions: Why do we observe recurring surges and downfalls in MA activity? Why do managers herd in their takeover decisions? Is takeover activity fuelled by capital market developments? Does a transfer of control gen- erate shareholder gains and do such gains differ across takeover waves? What caused the formation of conglomerate firms in the wave of the 1960s and their de-conglomeration in the 1980s and 1990s? And, why do we observe time- and country-clustering of hostile takeover activity? We find that the patterns of takeover activity and their profitability vary significantly across takeover waves. Despite such diver- sity, all waves still have some common factors: they are preceded by technological or industrial shocks, and occur in a positive economic and political environment, amidst rapid credit expansion and stock market booms. Takeovers towards the end of each wave are usually driven by non-rational, frequently self-interested managerial decision-making.  2008 Elsevier B.V. All rights reserved. JEL classification: G34 Keywords: Takeovers; Mergers and acquisitions; Takeover waves; Market timing; Industry shocks1. Introduction It is a well-known fact that mergers and acquisitions (MAs) come in waves. Thus far, five completed waves have been examined in the academic literature: those of the early 1900s