The Random Character of Merger Activity
AbstractUsing annual data on U.S. mergers from 1895-1979, we are not able to reject the hypothesis that merger levels are characterized by a white-noise process or by a stable first-order autoregressive scheme. This result contrasts with the common perception that mergers occur in "waves." Our results are derived from a relatively small number of observations in some subperiods, which weakens the power of our tests, but the results are based on the same data from which the existence of waves has been formed.
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Bibliographic InfoArticle provided by The RAND Corporation in its journal RAND Journal of Economics.
Volume (Year): 15 (1984)
Issue (Month): 4 (Winter)
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Web page: http://www.rje.org
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- Richard J. Rosen, 2004.
"Merger momentum and investor sentiment: the stock market reaction to merger announcements,"
Working Paper Series, Federal Reserve Bank of Chicago
WP-04-07, Federal Reserve Bank of Chicago.
- Richard J. Rosen, 2006. "Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 79(2), pages 987-1017, March.
- Gangopadhyay, Partha, 2014. "Dynamics of mergers, bifurcation and chaos: A new framework," Physica A: Statistical Mechanics and its Applications, Elsevier, Elsevier, vol. 403(C), pages 293-307.
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