| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6880 |
| DP6880 Quality Assurance and the Home Market Effect | |
| Ai Ting Goh; Tomasz K. Michalski | |
| 发表日期 | 2008-06-20 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert-identification of relevant rivals and the event-study methodology, we find rivals generally experience positive abnormal returns at the merger announcement date. Further, we find that the stock reaction of rivals to merger events is not sensitive to merger waves; hence, ?future acquisition probability? does not drive the positive abnormal returns of rivals. We then build a conceptual framework that encompasses the impact of merger events on both merging and rival firms in order to provide a schematic to elicit more information on merger type. |
| 主题 | Industrial Organization |
| 关键词 | Acquisitions Event-study Mergers Rivals |
| URL | https://cepr.org/publications/dp6880 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535707 |
| 推荐引用方式 GB/T 7714 | Ai Ting Goh,Tomasz K. Michalski. DP6880 Quality Assurance and the Home Market Effect. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
