[size=16.000000pt]Mergers: Past, Present and Future
                                       
                                        [size=12.000000pt]In my year-end review of merger activity I referenced several of the exogenousfactors in 2000 that resulted in a significant decrease in the volume of mergers in the latter partof the year. These factors and the autogenous factors that motivate mergers deserve further ex-amination, not just with respect to 2000 but as to how they may affect future merger activity.Before embarking on this examination it must be noted that macro-economic factors and gov-ernment policies in large measure shape the factors that affect merger activity. Thus, the factorsaffecting mergers have cycles that can change dramatically with shifts in the world and domesticeconomy and changes in governmental policies.