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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by The RAND Corporation in its journal RAND Journal of Economics.
Volume (Year): 15 (1984)
Issue (Month): 4 (Winter)
Contact details of provider:
Web page: http://www.rje.org
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Richard J. Rosen, 2006.
"Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements,"
The Journal of Business,
University of Chicago Press, vol. 79(2), pages 987-1017, March.
- Richard J. Rosen, 2004. "Merger momentum and investor sentiment: the stock market reaction to merger announcements," Working Paper Series WP-04-07, Federal Reserve Bank of Chicago.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.