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If you call it a wave: system parameters of merger waves - a wave pattern analysis

Author

Listed:
  • Jan-Moritz Hohn

    (MAASTRICHT UNIVERSITY School of Business and Economics)

Abstract

This study presumes merger waves as a periodical wave phenomenon and fits a continuous function with five parameters to the annual time series data of US mergers over a 116 year period. The function describes the annual number of mergers as the sum of an exponential trend term with a doubling time of 19.05 years and a periodical term with a non-growing amplitude. Parameters are determined with reasonable criteria to identify salient characteristics. With the implied periodicity the relation of mean reversion parameter to inertia parameter is calculated characterizing the underlying US merger system.

Suggested Citation

  • Jan-Moritz Hohn, 2014. "If you call it a wave: system parameters of merger waves - a wave pattern analysis," Economics Bulletin, AccessEcon, vol. 34(3), pages 1891-1904.
    • Handle: RePEc:ebl:ecbull:eb-13-00610
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    File URL: http://www.accessecon.com/Pubs/EB/2014/Volume34/EB-14-V34-I3-P174.pdf
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    More about this item

    Keywords

    merger wave; system parameters; mean reversion parameter; M&A;
    All these keywords.

    JEL classification:

    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • P0 - Political Economy and Comparative Economic Systems - - General

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