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Waves And Persistence In Merger And Acquisition Activity, Atreya Chakraborty
Waves And Persistence In Merger And Acquisition Activity, Atreya Chakraborty
Atreya Chakraborty
Markov regime-switching and sine-wave models have been used to capture the apparent wave-like behavior in aggregate U.S. merger and acquisition (M and A) activity. In this paper we offer an alternative characterization of the dynamic structure in M and A activity as a strongly dependent or long-memory process.