On the Relationship Between Aggrgate Merger Activity and the Stock Market

Geroski, P. A.
(1982) , 19 pages

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  • Geroski, P. A.University of Southampton and UCLouvain
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Abstract
This paper presents substantial evidence to show that the often noted correlation between aggregate merger activity and indices of share prices is unstable, and thus of little predictive value. Further, Granger causality testing suggests that it is not unreasonable to think of such correlations as spurious, reflecting other more fundamental forces which determine movements in both series.
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Geroski, P. A. (1982). On the Relationship Between Aggrgate Merger Activity and the Stock Market (Working Papers Institut des sciences économiques 8215). https://hdl.handle.net/2078.5/279004