Comment: The Effects of Conglomerate Merger Activity on Systematic Risk

J. L. Bicksler

Journal of Financial and Quantitative Analysis, 1974, vol. 9, issue 2, 227-230

Abstract: Although the effects of pure diversification and synergistic mergers on market valuation have been widely discussed and there have been a number of studies estimating. merger performance using the two-parameter model of Sharpe-Lintner, the investigation of the corporate determinants of beta is of recent vintage. A variation on this theme, namely whether merger activity is impounded into beta and its speed of being impounded, is the focus of the Joehnk-Nielsen (J-N) study.

Date: 1974
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