The Random Character of Merger Activity
基于1895-1979年美国并购年度数据，研究发现并购水平无法拒绝白噪声或稳定一阶自回归过程，挑战了并购浪潮的传统观点。
Using annual data on U.S. mergers from 1895-1979, we are not able to reject the hypothesis that merger levels are characterized by a white-noise process or by a stable first-order autoregressive scheme. This result contrasts with the common perception that mergers occur in waves. Our results are derived from a relatively small number of observations in some subperiods, which weakens the power of our tests, but the results are based on the same data from which the existence of waves has been formed.