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We construct a novel unified merger list in the global container shippingindustry between 1966 (the beginning of the industry) and 2022. Combining thelist with proprietary data, we construct a structural matching model todescribe the historical transition of the importance of a firm's age, size, andgeographical proximity on merger decisions. We find that, as a positive factor,a firm's size is more important than a firm's age by 9.858 times as a mergerincentive between 1991 and 2005. However, between 2006 and 2022, as a negativefactor, a firm's size is more important than a firm's age by 2.013 times, thatis, a firm's size works as a disincentive. We also find that the distancebetween buyer and seller firms works as a disincentive for the whole period,but the importance has dwindled to economic insignificance in recent years. Incounterfactual simulations, we observe that the prohibition of mergers betweenfirms in the same country would affect the merger configuration of not only thefirms involved in prohibited mergers but also those involved in permittedmergers. Finally, we present interview-based evidence of the consistencybetween our merger lists, estimations, and counterfactual simulations with theindustry experts' historical experiences.

Unified Merger List in the Container Shipping Industry from 1966 to 2022: A Structural Estimation of M&A Matching