Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/76218
Authors: 
Gärtner, Dennis
Halbheer, Daniel
Year of Publication: 
2006
Series/Report no.: 
Working Paper, Socioeconomic Institute, University of Zurich 0414
Abstract: 
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.
Subjects: 
Merger Waves
Markov Regime Switching Regression Model
Gibbs Sampling
JEL: 
G34
C32
C11
C15
Document Type: 
Working Paper

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