Everyone knows that most new industries are fragmented and consolidate as they mature. But how does that work exactly? Our long-term analysis of mergers around the globe has found that most industries progress predictably through a clear consolidation life cycle

For mid-size companies, demand dries up, cash flows are blocked, credit is difficult to come by, and almost every financial metric turns red. What should such firms do during a recession, particularly as they rethink their strategy midway through it?