Using deep infrared observations conducted with the MOIRCS on the Subaru Telescope in GOODS-N combined with public surveys in GOODS-S, we investigate the dependence on stellar mass, M_*, and galaxy type of the close pair fraction (5 kpc < r < 20 kpc) and implied merger rate. In common with some recent studies we find that the fraction of paired systems that could result in major mergers is low (~4%) and does not increase significantly with redshift to z~1.2, with (1+z)^{1.6 pm 1.6}. Our key finding is that massive galaxies with M_* > 1E11 Msun are more likely to host merging companions than less massive systems (M_* ~ 1E10 Msun). We find evidence for a higher pair fraction for red, spheroidal hosts compared to blue, late-type systems, in line with expectations based on clustering at small scales. So-called dry mergers between early-type galaxies represent nearly 50% of close pairs with M_* > 3E10 Msun at z~0.5, but less than 30% at z~1. This result can be explained by the increasing abundance of red, early-type galaxies at these masses. We compare the volumetric merger rate of galaxies with different masses to mass-dependent trends in galaxy evolution, finding that major mergers cannot fully account for the formation of spheroidal galaxies since z~1. In terms of mass assembly, major mergers contribute little to galaxy growth below M_* ~ 3E10 Msun but are more significant among galaxies with M_* > 1E11 Msun, 30% of which have undergone mostly dry mergers over the observed redshift range. Overall, the relatively more rapid coalescence of high mass galaxies mirrors the expected hierarchical growth of halos and is consistent with recent model predictions, even if the downsizing of star formation and morphological evolution involves additional physical processes.
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