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Jan-Moritz Hohn
''If you call it a wave: system parameters of merger waves - a wave pattern analysis''
( 2014, Vol. 34 No.3 )
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.
Keywords: merger wave, system parameters, mean reversion parameter, M&A
JEL: C2 - Single Equation Models; Single Variables: General
Manuscript Received : Sep 01 2013 Manuscript Accepted : Aug 25 2014

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