Univariate Time Series Behavior of Merger Activity and its Various Components in the United States

Authors

Abdur Chowdhury, Marquette UniversityFollow

Document Type

Article

Language

eng

Format of Original

6 p.

Publication Date

3-1993

Publisher

Taylor & Francis (Routledge)

Source Publication

Applied Financial Economics

Source ISSN

0960-3107

Abstract

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.

Comments

Applied Financial Economics, Vol. 3, No. 1 (March 1993): 61-66. DOI.

Recommended Citation

Chowdhury, Abdur, "Univariate Time Series Behavior of Merger Activity and its Various Components in the United States" (1993). Economics Faculty Research and Publications. 340.
https://epublications.marquette.edu/econ_fac/340