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- Title
Merger Cycles: A Frequency Domain Approach* Merger Cycles: A Frequency Domain Approach.
- Authors
Kastrinaki, Zafeira; Stoneman, Paul
- Abstract
Using frequency domain techniques, a cycle of 6-year duration at the aggregate level and coherent sectoral cycles of average 5-year duration are found in UK merger activity between 1969 and 2005. It is shown that business and capital market cycles jointly are causal for the merger cycle but the capital market cycle alone is not, suggesting that merger cycles may reflect disequilibria and/or market mis-valuation. Although the possibility of disequilibrium or strong behavioural influences will complicate social evaluation, no reason is found to advise against the current UK policy stance upon mergers.
- Subjects
UNITED Kingdom; MERGERS &; acquisitions; MERGERS &; acquisitions law; CAPITAL market; MARKET equilibrium; BUSINESS; MARKET power; MARKETING
- Publication
Oxford Bulletin of Economics & Statistics, 2013, Vol 75, Issue 2, p259
- ISSN
0305-9049
- Publication type
Article
- DOI
10.1111/j.1468-0084.2012.00691.x