Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 70

Vertical combinations characterized this wave as firms sought to integrate backward into supply and forward into distribution of their core businesses. Stigler (1950) called it a period of “merger for oligopoly.” Large public utility holding companies emerged on the business landscape. The U.S. government increased its antitrust enforcement following the passage of the Clayton Act. The wave coincided with a boom in stock market prices and volume that began following the recession of 1923 and ended with stock market crash in 1929.