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Comment: The Effects of Conglomerate Merger Activity on Systematic Risk

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  • Bicksler, J. L.

Abstract

Although the effects of pure diversification and synergistic mergers on market valuation have been widely discussed and there have been a number of studies estimating. merger performance using the two-parameter model of Sharpe-Lintner, the investigation of the corporate determinants of beta is of recent vintage. A variation on this theme, namely whether merger activity is impounded into beta and its speed of being impounded, is the focus of the Joehnk-Nielsen (J-N) study.

Suggested Citation

  • Bicksler, J. L., 1974. "Comment: The Effects of Conglomerate Merger Activity on Systematic Risk," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 9(2), pages 227-230, March.
    • Handle: RePEc:cup:jfinqa:v:9:y:1974:i:02:p:227-230_01
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