Abstract
The article proposes a complex adaptive systems (CAS) model as a candidate for explaining merger and acquisition (M&A) waves. M&A waves in a CAS model are described as emergent macro-patterns resulting from the collective behavior of many organizations in micro-level competition for resources. Self-organized critical (SC) is suggested by M&A waves as a characteristic of the system of firms. The occurrence of M&A waves from the ecology of firms' development of instability as part of its evolutionary dynamic is explored. M&A waves are also described as a mechanism of return to a form of dynamic equilibrium.
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