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Economic theory has been developed to correlate mergers and stock prices and mergers and industrial production. This study tests for significant relations among annual mergers, stock prices, and industrial production and examines whether multiple time series models can forecast annual mergers more accurately than a univariate merger model. We do not find that the mean square forecasting error of the multivariate time series model is significantly less than the mean square forecasting error of the univariate merger model. The stock price series does not aid in forecasting mergers.