Univariate Time Series Behavior of Merger Activity and its Various Components in the United States
Format of Original
Taylor & Francis (Routledge)
Applied Financial Economics
The paper employs unit-root tests to analyse the time-series properties of merger activity and its various components in the United States during 1973:I-1987: IV. The results indicate that the aggregate merger series is integrated of order one. It contains a large permanent or random-walk component. Economic variables have not succeeded in shifting the merger series other than in a random fashion. However, the time-series properties of the various components of the merger series are not uniform. Horizontal and vertical merger series have unit roots, while the conglomerate merger series is stationary.
Chowdhury, Abdur, "Univariate Time Series Behavior of Merger Activity and its Various Components in the United States" (1993). Economics Faculty Research and Publications. 340.
Applied Financial Economics, Vol. 3, No. 1 (March 1993): 61-66. DOI.