| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP8105
|
| DP8105 Mergers, Diversification and Financial Intermediation |
| Flavio Toxvaerd
|
| 发表日期 | 2010-11-01
|
| 出版年 | 2010
|
| 语种 | 英语
|
| 摘要 | This work presents an equilibrium model of diversification through merger formation. Due to moral hazard problems, poorly capitalized firms are credit rationed and may seek to alleviate the incentive problem (and thereby raise external funds) by either merging, employing a monitor or a combination of the two. Within this setting, the effects on merger activity of different kinds of capital tightening are studied. In particular, credit crunches, collateral squeezes and savings squeezes are analyzed. The main results are that diversifying merger activity increases during times of economic expansion and is positively related to aggregate economic activity, business incorporations and easing of access to credit (both interest and non-interest terms of credit). Furthermore, the model offers a rationale for diversification that is immune to the diversification neutrality result and furthermore, explains why diversified companies trade at a discount relative to their non-diversified counterparts. |
| 主题 | Industrial Organization
|
| 关键词 | Capital tightening
Diversification
Diversification discount
Financial intermediation
Merger waves
Mergers
|
| URL | https://cepr.org/publications/dp8105
|
| 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/536927
|
推荐引用方式
GB/T 7714 |
Flavio Toxvaerd. DP8105 Mergers, Diversification and Financial Intermediation. 2010.
|
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