| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14289 |
| 来源ID | Working Paper 14289 |
| Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis | |
| Gerard Hoberg; Gordon M. Phillips | |
| 发表日期 | 2008-08-29 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We examine how product differentiation influences mergers and acquisitions and the ability of firms to exploit product market synergies. Using novel text-based analysis of firm 10K product descriptions, we find three key results. (1) Firms are more likely to enter restructuring transactions when the language describing their assets is similar to all other firms, consistent with their assets being more redeployable. (2) Targets earn lower announcement returns when similar alternative target firms exist. (3) Acquiring firms in competitive product markets experience increased profitability, higher sales growth, and increased changes in their product descriptions when they buy target firms that are similar to them and different from rival firms. Our findings are consistent with similar merging firms exploiting synergies to create new products and increase their product differentiation relative to ex-ante rivals. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w14289 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571964 |
| 推荐引用方式 GB/T 7714 | Gerard Hoberg,Gordon M. Phillips. Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14289.pdf（329KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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