Kastrinaki, Zafeira and Stoneman, Paul (2013) Merger cycles : a frequency domain approach. Oxford Bulletin of Economics and Statistics, Volume 75 (Number 2). pp. 259-275. doi:10.1111/j.1468-0084.2012.00691.x ISSN 0305-9049.

Research output not available from this repository.

Request-a-Copy directly from author or use local Library Get it For Me service.

Request Changes to record.

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.

Item Type:	Journal Article
Divisions:	Faculty of Social Sciences > Warwick Business School
Journal or Publication Title:	Oxford Bulletin of Economics and Statistics
Publisher:	Wiley-Blackwell Publishing, Inc
ISSN:	0305-9049
Official Date:	April 2013
Dates:	Date Event April 2013 Published
Volume:	Volume 75
Number:	Number 2
Page Range:	pp. 259-275
DOI:	10.1111/j.1468-0084.2012.00691.x
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access

Request changes or add full text files to a record

Repository staff actions (login required)

View Item