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Horizontal mergers characterized this wave. Beginning on the heels of the depression that ended in 1896, the wave coincided with a period of economic and capital market buoyancy. Firms sought to build market power in response to overcapacity induced by rapid technological innovation. The wave touched a wide variety of manufacturing industries. Examples of firms that originated in wave include DuPont, Standard Oil, General Electric, Eastman Kodak, and U.S. Steel. Stigler (1950) characterized this wave as a period of “merger for monopoly.” President Theodore Roosevelt’s decision in 1902 to enforce the Sherman Act in the famous Northern Securities case was an important turning point of the first wave. The Supreme Court’s decision in 1904 limited horizontal mergers among large competitors and took the momentum out of the trust-building trend.

EXHIBIT 4.4 Notes on the Sources of M&A Activity Series

Study	Time Period Available	Time Period Included	Notes
Nelson (1959)	1895 to 1920	1895 to 1920	Only manufacturing and mining included; bottom cutoff limit not clear; based on firm disappearances.
Thorp (1941) from Nelson	1921 to 1939	1921 to 1939	Only manufacturing and mining included; based on firm disappearances.
FTC Overall (1981)	1940 to 1979	1960 to 1979	All deals recorded by FTC; no value totals available.
FTC Broad— Estimated from Golbe/White (1988)	1940 to 1979	1940 to 1979	Only manufacturing and mining included; no acquisitions by individuals or groups included; no value totals available.
Mergerstat	1963 to present	1963 to 1998	Refer to announcements rather than completed deals; bottom cutoff limit is $500,000 in transaction value.
M&A Magazine	1967 to present	1979 to 1998	Lower cutoff limit through 1980 was $700,000 in transaction value; after 1980 lower limit value is $1 million; includes cross-border deals involving a U.S. buyer or target.
Thomson Securities Data Corp.	1983 to present	1983 to 1999	All completed deals of those announced; no lower cutoff limit; includes cross-border deals involving a U.S. buyer or target.

Series Citations:

Nelson, R. Merger Movements in American Industry 1895–1956. Princeton: Princeton University Press, 1959.

Thorp, W. “The Merger Movement.” In Temporary National Economic Committee Monograph No. 27. Washington, D.C.: U.S. Government Printing Office, 1941.

Federal Trade Commission, Bureau of Economics. Statistical Report on Mergers and Acquisitions. Washington, D.C.: U.S. Government Printing Office, 1981.

Golbe, D., and L. White. “Mergers and Acquisitions in the U.S. Economy: An Aggregate and Historical Overview.” In A. Auerbach, ed. Mergers and Acquisitions, 25–47, Chicago: University of Chicago Press, 1988.

W. T. Grimm & Co. and Houlihan Lokey Howard & Zukin, Mergerstat Review, Chicago and Los Angeles (various issues 1988–1999).

Mergers & Acquisitions (various issues 1989–1999).

Thomson Securities Data Corp., Mergers & Acquisitions Database.