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Marcelo Resende |
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''Long Memory in Mergers and Acquisitions: Sectoral Evidence for an Emerging Economy'' |
( 2012, Vol. 32 No.4 ) |
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The paper aims at testing for the presence of long memory in domestic and cross border mergers and acquisitions in Brazil along the 2002-1/2011-4 period. The evidence from the estimation of fractional ARIMA models at the sectoral level provided scant evidence of the presence of persistent long memory processes. The results display contrast with previous aggregate evidence and sectoral evidence for developed countries. In fact, except for a few cases, with a strong example in financial institutions, one cannot detect salient persistent patterns |
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Keywords: mergers and acquisitions, long memory, persistence |
JEL: M2 - Business Economics: General C1 - Econometric and Statistical Methods: General |
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Manuscript Received : Jun 10 2012 | | Manuscript Accepted : Oct 16 2012 |
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