haku: @author Clark, J. J. / yhteensä: 4
viite: 1 / 4
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| Tekijä: | Clark, J. J. Chakrabarti, A. K. Chiang, T. C. |
| Otsikko: | Stock prices and merger movements: interactive relations |
| Lehti: | Weltwirtschaftliches Archiv
1988 : VOL. 124:2, p. 287-300 |
| Asiasana: | SHARE PRICES MERGERS TIME SERIES |
| Kieli: | eng |
| Tiivistelmä: | Nelson (1959) asserted that stock prices are a good index of merger activity in periods of expansion and industrial production performs this function in periods of contraction. The present paper investigates causality between the above mentioned indices on data of the US mining and manufacturing industries from the 1919-1979 period, relying on the Granger and the Sims tests. A significant contemporaneous relationship (both forward and backward Granger causation) was found between merger activity and the stock price index, the relationship between merger activity and industrial production however is ambiguous. |
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