Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis

Review of Financial Studies - Tập 23 Số 10 - Trang 3773-3811 - 2010
Gerard Hoberg1,2,3,4, Gordon M. Phillips1,2,3,4
1Duke University, Ohio State University,
2NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138
3School of Business University of Maryland 4423 Van Munching Hall College Park, MD 20742
4School of Business University of Southern California Citigroup Center Los Angeles, CA 90089 and NBER

Tóm tắt

Từ khóa


Tài liệu tham khảo

Almeida H Campello M Hackbarth D . 2009. Liquidity mergers. Working Paper, University of Illinois.

10.1257/jep.15.2.103

Andrade, 2004, Investigating the economic role of mergers, Journal of Corporate Finance, 1, 1, 10.1016/S0929-1199(02)00023-8

10.2307/2098385

10.2307/2171802

10.1162/00335530152466296

Betton S Eckbo E Thorburn K . Handbook of Corporate Finance: Empirical Corporate Finance. Amsterdam: Elsevier/North-Holland; 2008. Corporate takeovers.

Boukus E Rosenberg J . 2006. The information content of FOMC minutes. Working Paper, Yale University.

Chamberlin E . The Theory of Monopolistic Competition. Cambridge, MA: Harvard University Press; 1933.

10.1086/499141

10.1086/225469

Hackbarth D Miao J . 2009. The timing and returns of mergers and acquisitions in oligopolistic industries. Working Paper, Washington University.

10.1093/rfs/hhq024

10.1016/j.jfineco.2004.05.004

Hart, 1995, Debt and seniority: An analysis of the role of hard claims in constraining management, American Economic Review, 85, 567

10.1016/0304-405X(92)90002-F

Hoberg G Phillips G . 2009. New dynamic product based industry classifications and endogenous product differentiation. Working Paper, University of Maryland.

10.1111/j.1540-6261.2009.01523.x

10.2307/2224214

10.2307/2329018

Jovanovic, 2002, The q-theory of mergers, American Economic Review, 92, 198, 10.1257/000282802320189249

10.2307/2329092

Kedia S Ravid A Pons V . Vertical mergers and the market valuation of the benefits of vertical integration. 2008. Working Paper, Rutgers Business School.

10.1016/S0306-4573(02)00022-5

10.1086/259131

Li F . 2006. Account report readibility, current earnings, and earnings persistence. Working Paper, University of Michigan.

Loughran T McDonald B . 2009. Plain English. Working Paper, University of Notre Dame.

Loughran, 2004, Why has IPO underpricing changed over time?, Financial Management, 33, 5

10.1111/j.1540-6261.2008.01362.x

10.1111/0022-1082.00398

10.1111/j.1540-6261.2008.01328.x

Maksimovic V Phillips G Prabhala N . 2008. Post-merger restructuring and the boundaries of the firm. Working Paper, University of Maryland.

10.2307/3087431

10.1016/0304-405X(95)00860-H

10.1016/0304-405X(88)90048-7

10.2307/2600994

10.1111/j.1540-6261.2008.01355.x

10.2307/3003323

10.1111/j.1756-2171.2006.tb00034.x

10.1111/j.1540-6261.2007.01232.x

10.1038/30835

10.1111/j.1540-6261.2008.01396.x