Uncovering the dynamics of market convergence through M&A

2019 ◽  
Vol 138 ◽  
pp. 95-114 ◽  
Author(s):  
Lukas Jan Aaldering ◽  
Jens Leker ◽  
Chie Hoon Song
Keyword(s):  
Market Convergence

scholarly journals The Making of a National Currency: Spatial Transaction Costs and Money Market Integration in Spain (1825–1874)

2019 ◽  
Vol 79 (4) ◽  
pp. 1094-1128 ◽  
Author(s):  
Pilar Nogues-Marco ◽  
Alfonso Herranz-Loncán ◽  
Nektarios Aslanidis
Keyword(s):  
Nineteenth Century ◽  
Transaction Costs ◽  
Economic Geography ◽  
Market Integration ◽  
Money Market ◽  
Threshold Autoregression ◽  
Postal Services ◽  
Heterogeneous Behavior ◽  
Autoregression Model ◽  
Market Convergence

This article analyzes the integration of the Spanish money market in the nineteenth century. We use a Band-Threshold Autoregression model of prices of bills-of-exchange in ten cities to measure market convergence and efficiency in 1825–1875. While price gaps generally decreased during the period, progress in efficiency was limited to a small group of cities. We suggest that convergence was associated to the reduction in transaction costs, which started well before the railways through improvements in roads and postal services. By contrast, the heterogeneous behavior of efficiency might be associated to economic geography changes and their effects on monetary leadership.

scholarly journals Convergence Among the Submarkets in Australian Regional Building and Construction Sector

2010 ◽  
Vol 10 (4) ◽  
pp. 11-33 ◽  
Author(s):  
Junxiao Liu ◽  
Kerry London
Keyword(s):  
Residential Building ◽  
Building Construction ◽  
Construction Sector ◽  
Causality Test ◽  
Vector Error Correction ◽  
Construction Firms ◽  
Construction Market ◽  
House Construction ◽  
Econometric Tests ◽  
Market Convergence

Studies on market convergence are well considered in the literature. However, the majority of the previous research focused on housing markets and few studies have concentrated on construction markets. Owing to a simultaneously dramatic increase in the construction prices of the sub-markets in the building construction sector in Australia, this paper aims to identify the convergence among these markets, involving house construction market, other-residential building construction market, and non-residential building construction market. To achieve it the Granger causality test and generalized response function depending on the vector error correction model with the quarterly data of Australia’s eight states from 1998 to 2010 will be applied. Based upon the econometric tests, the price diffusion patterns among these construction markets have been identified. Research on the convergences of construction markets not only helps construction firms perform well in business operations and arbitrage activities, but also provides policy makers with useful information for enacting effective construction policies for national perspectives and approaches to infrastructure planning.

A two-step approach to examine the dynamics of market convergence

2013 ◽  
Vol 21 (4) ◽  
pp. 284-288 ◽  
Author(s):  
Alexander Karmann ◽  
Alexander Ludwig
Keyword(s):  
Market Convergence

scholarly journals Customer-specific synergies and market convergence

2015 ◽  
Vol 37 (5) ◽  
pp. 870-895 ◽  
Author(s):  
Jens Schmidt ◽  
Richard Makadok ◽  
Thomas Keil
Keyword(s):  
Market Convergence

scholarly journals Market convergence and advertising standardization in the European Union

2007 ◽  
Vol 42 (4) ◽  
pp. 384-400 ◽  
Author(s):  
Shintaro Okazaki ◽  
Charles R. Taylor ◽  
Jonathan P. Doh
Keyword(s):  
European Union ◽  
The European Union ◽  
Market Convergence

Money factors and EMU government bond markets' convergence

2014 ◽  
Vol 31 (2) ◽  
pp. 156-167 ◽  
Author(s):  
Dionisis Philippas ◽  
Costas Siriopoulos
Keyword(s):  
Debt Crisis ◽  
Government Bond ◽  
Bond Yields ◽  
Content Type ◽  
The Common ◽  
International Investors ◽  
The Government ◽  
Current Financial Crisis ◽  
Market Convergence ◽  
Degree Of Convergence

Purpose – The authors aim to investigate the cointegrating relationship of the government bond yields, driven by the common money factors in European Monetary Union (EMU). Design/methodology/approach – By adopting a dynamic ARDL transformation, the paper provides short-/long-term estimates of bond yields convergence before the burst of the current debt crisis. It also investigates how the degree of convergence between bond yields, driven by money factors, is affected in short/long runs. Findings – The findings indicate that the introduction of the common currency has not a uniform effect on the bond yields, and there is a nominal convergence between EMU bond yields based on money market determinants. Originality/value – The current financial crisis indicates that the EMU bond market convergence was temporary and it can be highly affected by an exogenous shocks and the sentiment of international investors. The findings imply the necessity for a common monetary and fiscal policy in Euro zone countries.

scholarly journals Customer-specific synergies and market convergence

2016 ◽  
Vol 37 (9) ◽  
pp. 2003-2007
Author(s):  
Jens Schmidt ◽  
Richard Makadok ◽  
Thomas Keil
Keyword(s):  
Market Convergence
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