Are There Waves in Merger Activity after All?
Copyright policy )Are There Waves in Merger Activity after All?
This paper investigates the merger wave hypothesis for the US and the UK employing a Markov regime switching model. Using quarterly data covering the last thirty years, for the US, we identify the beginning of a merger wave in the mid 1990s but not the much-discussed 1980s merger wave. We argue that the latter finding can be ascribed to the refined methods of inference offered by the Gibbs sampling approach. As opposed to the US, mergers in the UK exhibit multiple waves, with activity surging in the early 1970s and the late 1980s.
- University of Zurich Switzerland
- Hautes Etudes Commerciales de Paris France
- University of St. Gallen Switzerland
Markovscher Prozess, 330, mergerwaves, Markov Regime Switching Regression Model, Gibbs Sampling, 2002 Economics and Econometrics, 2001 Economics, Econometrics and Finance (miscellaneous), Großbritannien, Markov regime-switching regression model, 10004 Department of Business Administration, Gibbs sampling, MergerWaves; Markov Regime Switching Regression Model; Gibbs Sampling, 2202 Aerospace Engineering, 10007 Department of Economics, Merger Waves, 1408 Strategy and Management, Gibbs Sampling, SOI Socioeconomic Institute (former), C15, 2209 Industrial and Manufacturing Engineering, G34, Fusion, C32, USA, C11, Markov Regime Switching Regression Model, 1410 Industrial Relations, ddc:330, 330 Economics, Merger waves, Zeitreihenanalyse, Übernahme, jel: jel:C32, jel: jel:C11, jel: jel:G34, jel: jel:C15
Markovscher Prozess, 330, mergerwaves, Markov Regime Switching Regression Model, Gibbs Sampling, 2002 Economics and Econometrics, 2001 Economics, Econometrics and Finance (miscellaneous), Großbritannien, Markov regime-switching regression model, 10004 Department of Business Administration, Gibbs sampling, MergerWaves; Markov Regime Switching Regression Model; Gibbs Sampling, 2202 Aerospace Engineering, 10007 Department of Economics, Merger Waves, 1408 Strategy and Management, Gibbs Sampling, SOI Socioeconomic Institute (former), C15, 2209 Industrial and Manufacturing Engineering, G34, Fusion, C32, USA, C11, Markov Regime Switching Regression Model, 1410 Industrial Relations, ddc:330, 330 Economics, Merger waves, Zeitreihenanalyse, Übernahme, jel: jel:C32, jel: jel:C11, jel: jel:G34, jel: jel:C15
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