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Comment: The Effects of Conglomerate Merger Activity on Systematic Risk
Published online by Cambridge University Press: 19 October 2009
Extract
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.
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- Copyright © School of Business Administration, University of Washington 1974
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