| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14291 |
| 来源ID | Working Paper 14291 |
| Post-Merger Restructuring and the Boundaries of the Firm | |
| Vojislav Maksimovic; Gordon Phillips; N. R. Prabhala | |
| 发表日期 | 2008-08-29 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Mergers and acquisitions are a fast way for a firm to grow. Using plant-level data, we examine how firms redraw their boundaries after acquisitions. We find that there is a large amount of restructuring in a short period following mergers. Acquirers sell 27% and close 19% of acquired plants within three years of the acquisition. Plants in the target's peripheral divisions, especially in industries in which asset values are increasing, and in industries in which the acquirer does not have a comparative advantage, are more likely to be sold by the acquirer. Acquirers with skill in running their peripheral divisions tend to retain more acquired plants. Plants retained by acquirers increase in productivity whereas sold plants do not. The extent of post-merger restructuring activities and their cross-sectional variation do not support an empire building explanation for mergers. Acquirers readjust their firm boundaries in ways that are consistent with the exploitation of their comparative advantage across industries. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w14291 |
| 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/571966 |
| 推荐引用方式 GB/T 7714 | Vojislav Maksimovic,Gordon Phillips,N. R. Prabhala. Post-Merger Restructuring and the Boundaries of the Firm. 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 | ||
| w14291.pdf（292KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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