Rumor Mill and Merger Waves: Analysis of Aggregate Market Activity

Igor Semenenko

Journal of Applied Finance & Banking, 2019, vol. 9, issue 2, 5

Abstract: I examine timing of takeover rumors relative to merger waves. Peaks and troughs of rumor activity coincide with changes in the volume of takeovers. At aggregate market level, rumors should be viewed as coincident indicator of merger activity. Consequently, change in the number of rumors coupled with corresponding change in the merger volume can be interpreted as reversal in the direction of merger wave. Â JEL classification numbers: G14, G34

Keywords: rumors; merger waves; timing; market efficiency. (search for similar items in EconPapers)
Date: 2019
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