Aggregate Australian Takeovers: A Review of Markov Regime Switching Models
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Shleifer, Andrei & Vishny, Robert W, 1992.
"Liquidation Values and Debt Capacity: A Market Equilibrium Approach,"
Journal of Finance, American Finance Association, vol. 47(4), pages 1343-1366, September.
- Shleifer, Andrei & Vishny, Robert W., 1992. "Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Scholarly Articles 27692663, Harvard University Department of Economics.
- Mitchell, Mark L. & Mulherin, J. Harold, 1996. "The impact of industry shocks on takeover and restructuring activity," Journal of Financial Economics, Elsevier, vol. 41(2), pages 193-229, June.
- Albert Banal‐Estañol & Paul Heidhues & Rainer Nitsche & Jo Seldeslachts, 2010.
"Screening And Merger Activity,"
Journal of Industrial Economics, Wiley Blackwell, vol. 58(4), pages 794-817, December.
- Banal-Estanol, Albert & Heidhues, Paul & Nitsche, Rainer & Seldeslachts, Jo, 2009. "Screening and Merger Activity," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 270, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
- Evans, Martin & Wachtel, Paul, 1993. "Inflation Regimes and the," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(3), pages 475-511, August.
- Martin Evans & Paul Wachtel, 1993. "Inflation regimes and the sources of inflation uncertainty," Proceedings, Federal Reserve Bank of Cleveland, pages 475-520.
- Wang, Ping & Theobald, Mike, 2008. "Regime-switching volatility of six East Asian emerging markets," Research in International Business and Finance, Elsevier, vol. 22(3), pages 267-283, September.
- William F. Shughart II & Robert D. Tollison, 1984. "The Random Character of Merger Activity," RAND Journal of Economics, The RAND Corporation, vol. 15(4), pages 500-509, Winter.
- Officer, Micah S., 2007. "The price of corporate liquidity: Acquisition discounts for unlisted targets," Journal of Financial Economics, Elsevier, vol. 83(3), pages 571-598, March.
- Stephen Easton, 1994. "Takeover activity and share returns in Australia: a note," Applied Economics Letters, Taylor & Francis Journals, vol. 1(4), pages 66-68.
- Barkoulas, John T. & Baum, Christopher F. & Chakraborty, Atreya, 2001.
"Waves and persistence in merger and acquisition activity,"
Economics Letters, Elsevier, vol. 70(2), pages 237-243, February.
- John T. Barkoulas & Christopher F. Baum & Atreya Chakraborty, 1997. "Waves and Persistence in Merger and Acquisition Activity," Boston College Working Papers in Economics 396, Boston College Department of Economics, revised 14 Dec 1999.
- Gärtner, Dennis L. & Halbheer, Daniel, 2009.
"Are there waves in merger activity after all?,"
International Journal of Industrial Organization, Elsevier, vol. 27(6), pages 708-718, November.
- Dennis Gaertner & Daniel Halbheer, 2004. "Are There Waves in Merger Activity After All?," SOI - Working Papers 0414, Socioeconomic Institute - University of Zurich, revised Feb 2006.
- Dennis L. Gärtner & Daniel Halbheer, 2008. "Are There Waves in Merger Activity After All?," Working Papers 0092, University of Zurich, Institute for Strategy and Business Economics (ISU).
- Shleifer, Andrei & Vishny, Robert W., 2003.
"Stock market driven acquisitions,"
Journal of Financial Economics, Elsevier, vol. 70(3), pages 295-311, December.
- Andrei Shleifer & Robert W. Vishny, 2001. "Stock Market Driven Acquisitions," NBER Working Papers 8439, National Bureau of Economic Research, Inc.
- Shleifer, Andrei & Vishny, Robert W., 2003. "Stock market driven acquisitions," Scholarly Articles 30748164, Harvard University Department of Economics.
- Melicher, Ronald W & Ledolter, Johannes & D'Antonio, Louis J, 1983. "A Time Series Analysis of Aggregate Merger Activity," The Review of Economics and Statistics, MIT Press, vol. 65(3), pages 423-430, August.
- Kim, Chang-Jin, 1994.
"Dynamic linear models with Markov-switching,"
Journal of Econometrics, Elsevier, vol. 60(1-2), pages 1-22.
- Kim, C-J., 1991. "Dynamic Linear Models with Markov-Switching," Papers 91-8, York (Canada) - Department of Economics.
- Duchin, Ran & Schmidt, Breno, 2013. "Riding the merger wave: Uncertainty, reduced monitoring, and bad acquisitions," Journal of Financial Economics, Elsevier, vol. 107(1), pages 69-88.
- Harford, Jarrad, 2005. "What drives merger waves?," Journal of Financial Economics, Elsevier, vol. 77(3), pages 529-560, September.
- Hamilton, James D., 1988. "Rational-expectations econometric analysis of changes in regime : An investigation of the term structure of interest rates," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 385-423.
- Town, R J, 1992. "Merger Waves and the Structure of Merger and Acquisition Time-Series," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 7(S), pages 83-100, Suppl. De.
- Haitao Li & Yuewu Xu, 2009. "Short Rate Dynamics and Regime Shifts," International Review of Finance, International Review of Finance Ltd., vol. 9(3), pages 211-241, September.
- Schlingemann, Frederik P. & Stulz, Rene M. & Walkling, Ralph A., 2002. "Divestitures and the liquidity of the market for corporate assets," Journal of Financial Economics, Elsevier, vol. 64(1), pages 117-144, April.
- Richard J. Rosen, 2006.
"Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements,"
The Journal of Business, University of Chicago Press, vol. 79(2), pages 987-1017, March.
- Richard J. Rosen, 2004. "Merger momentum and investor sentiment: the stock market reaction to merger announcements," Working Paper Series WP-04-07, Federal Reserve Bank of Chicago.
- Gelman, Sergey & Wilfling, Bernd, 2009. "Markov-switching in target stocks during takeover bids," Journal of Empirical Finance, Elsevier, vol. 16(5), pages 745-758, December.
- Hamilton, James D. & Susmel, Raul, 1994.
"Autoregressive conditional heteroskedasticity and changes in regime,"
Journal of Econometrics, Elsevier, vol. 64(1-2), pages 307-333.
- Tom Doan, "undated". "RATS programs to estimate Hamilton-Susmel Markov Switching ARCH model," Statistical Software Components RTZ00083, Boston College Department of Economics.
- repec:bla:jfinan:v:59:y:2004:i:6:p:2685-2718 is not listed on IDEAS
- Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
- Engel, Charles & Hamilton, James D, 1990. "Long Swings in the Dollar: Are They in the Data and Do Markets Know It?," American Economic Review, American Economic Association, vol. 80(4), pages 689-713, September.
- Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 103-120, Spring.
- Gary Gorton & Matthias Kahl & Richard J. Rosen, 2009.
"Eat or Be Eaten: A Theory of Mergers and Firm Size,"
Journal of Finance, American Finance Association, vol. 64(3), pages 1291-1344, June.
- Gary Gorton & Matthias Kahl & Richard J. Rosen, 2006. "Eat or be eaten: a theory of mergers and firm size," Working Paper Series WP-06-14, Federal Reserve Bank of Chicago.
- Hamilton, James D, 1989. "A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle," Econometrica, Econometric Society, vol. 57(2), pages 357-384, March.
- Harford, Jarrad, 2003. "Takeover bids and target directors' incentives: the impact of a bid on directors' wealth and board seats," Journal of Financial Economics, Elsevier, vol. 69(1), pages 51-83, July.
- Lien Duong & Izan H. Y. Izan, 2012. "Consequences of Riding Takeover Waves: A ustralian Evidence," International Review of Finance, International Review of Finance Ltd., vol. 12(4), pages 399-434, December.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Faff, Robert & Prasadh, Shyaam & Shams, Syed, 2019. "Merger and acquisition research in the Asia-Pacific region: A review of the evidence and future directions," Research in International Business and Finance, Elsevier, vol. 50(C), pages 267-278.
- Suh, Jong Hwan, 2015. "Forecasting the daily outbreak of topic-level political risk from social media using hidden Markov model-based techniques," Technological Forecasting and Social Change, Elsevier, vol. 94(C), pages 115-132.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Lien Duong & Izan H. Y. Izan, 2012. "Consequences of Riding Takeover Waves: A ustralian Evidence," International Review of Finance, International Review of Finance Ltd., vol. 12(4), pages 399-434, December.
- Gärtner, Dennis L. & Halbheer, Daniel, 2009.
"Are there waves in merger activity after all?,"
International Journal of Industrial Organization, Elsevier, vol. 27(6), pages 708-718, November.
- Dennis Gaertner & Daniel Halbheer, 2004. "Are There Waves in Merger Activity After All?," SOI - Working Papers 0414, Socioeconomic Institute - University of Zurich, revised Feb 2006.
- Dennis L. Gärtner & Daniel Halbheer, 2008. "Are There Waves in Merger Activity After All?," Working Papers 0092, University of Zurich, Institute for Strategy and Business Economics (ISU).
- Seung Hee Choi & Bang Nam Jeon, 2011. "The impact of the macroeconomic environment on merger activity: evidence from US time-series data," Applied Financial Economics, Taylor & Francis Journals, vol. 21(4), pages 233-249.
- Sean Cleary & Ashrafee Hossain, 2020. "POSTCRISIS M&As AND THE IMPACT OF FINANCIAL CONSTRAINTS," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(2), pages 407-454, May.
- Gugler, Klaus & Mueller, Dennis C. & Weichselbaumer, Michael, 2012.
"The determinants of merger waves: An international perspective,"
International Journal of Industrial Organization, Elsevier, vol. 30(1), pages 1-15.
- Gugler, Klaus & Mueller, Dennis C. & Weichselbaumer, Michael, 2008. "The Determinants of Merger Waves: An International Perspective," ZEW Discussion Papers 08-076, ZEW - Leibniz Centre for European Economic Research.
- Benjamin Auer & Frank Schuhmacher, 2013. "RETRACTED ARTICLE: Investor sentiment, stock market valuation and merger activity," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 60(2), pages 245-245, June.
- Martynova, M. & Renneboog, L.D.R., 2005.
"Takeover Waves : Triggers, Performance and Motives,"
Discussion Paper
2005-029, Tilburg University, Tilburg Law and Economic Center.
- Martynova, M. & Renneboog, L.D.R., 2005. "Takeover Waves : Triggers, Performance and Motives," Other publications TiSEM ed134639-33ef-4720-9935-e, Tilburg University, School of Economics and Management.
- Martynova, M. & Renneboog, L.D.R., 2005. "Takeover Waves : Triggers, Performance and Motives," Other publications TiSEM 9fcfd273-882a-4b89-9c65-6, Tilburg University, School of Economics and Management.
- Martynova, M. & Renneboog, L.D.R., 2005. "Takeover Waves : Triggers, Performance and Motives," Discussion Paper 2005-107, Tilburg University, Center for Economic Research.
- Mahdiyeh Entezarkheir & Saeed Moshiri, 2021. "Innovation spillover and merger decisions," Empirical Economics, Springer, vol. 61(5), pages 2419-2448, November.
- Servaes, Henri & Meier, Jean-Marie A., 2014. "Distressed Acquisitions," CEPR Discussion Papers 10093, C.E.P.R. Discussion Papers.
- Feng, Yun & Liu, Chelsea & Yawson, Alfred, 2023. "Economic shocks, M&A advisors, and industry takeover activity," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
- Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
- Martynova, M., 2006. "The market for corporate control and corporate governance regulation in Europe," Other publications TiSEM 8651e281-4914-41f2-ac14-1, Tilburg University, School of Economics and Management.
- Eckbo, B. Espen, 2009. "Bidding strategies and takeover premiums: A review," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 149-178, February.
- Andrew Ang & Allan Timmermann, 2012.
"Regime Changes and Financial Markets,"
Annual Review of Financial Economics, Annual Reviews, vol. 4(1), pages 313-337, October.
- Andrew Ang & Allan Timmermann, 2011. "Regime Changes and Financial Markets," NBER Working Papers 17182, National Bureau of Economic Research, Inc.
- Timmermann, Allan & Ang, Andrew, 2011. "Regime Changes and Financial Markets," CEPR Discussion Papers 8480, C.E.P.R. Discussion Papers.
- Huang, Qianqian & Jiang, Feng & Wu, Szu-Yin (Jennifer), 2018. "Does short-maturity debt discipline managers? Evidence from cash-rich firms' acquisition decisions," Journal of Corporate Finance, Elsevier, vol. 53(C), pages 133-154.
- Humphery-Jenner, Mark & Powell, Ronan & Zhang, Emma Jincheng, 2019. "Practice makes progress: Evidence from divestitures," Journal of Banking & Finance, Elsevier, vol. 105(C), pages 1-19.
- Hege, Ulrich & Zhang, Yifei, 2022. "Activism Waves and the Market for Corporate Assets," TSE Working Papers 22-1397, Toulouse School of Economics (TSE).
- García-Feijóo, Luis & Madura, Jeff & Ngo, Thanh, 2012. "Impact of industry characteristics on the method of payment in mergers," Journal of Economics and Business, Elsevier, vol. 64(4), pages 261-274.
- Xu, Emma Qianying, 2017. "Cross-border merger waves," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 207-231.
- Liu Yang, 2008. "The Real Determinants of Asset Sales," Journal of Finance, American Finance Association, vol. 63(5), pages 2231-2262, October.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:irvfin:v:13:y:2013:i:4:p:529-558. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=1369-412X .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.