Abstract
The time series properties of mergers and acquisitions are investigated in the UK at sectoral level for the period 1971:1–1989:4. Two main sets of results emerge: (1) 1971:1–1989:4 the degree of persistence to shocks is uniformly low across sectors; (2) shocks are predominately aggregate. These two sets of results indicate that further analysis relying on aggregate data and short-term explanatory factors may be relevant.