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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w16724 |
来源ID | Working Paper 16724 |
Liquidity Mergers | |
Heitor Almeida; Murillo Campello; Dirk Hackbarth | |
发表日期 | 2011-01-27 |
出版年 | 2011 |
语种 | 英语 |
摘要 | We study the interplay between corporate liquidity and asset reallocation opportunities. Our model shows that financially distressed firms are acquired by liquid firms in their industries even when there are no operational synergies associated with the merger. We call these transactions "liquidity mergers," since their main purpose is to reallocate liquidity to firms that might be otherwise inefficiently terminated. We show that liquidity mergers are more likely to occur when industry-level asset specificity is high (i.e., industry-specific rents are high) and firm-level asset specificity is low (industry counterparts can efficiently operate distressed firms' assets). We also provide a detailed analysis of firms' liquidity policies as a function of real asset reallocation, examining the trade-offs between cash and lines of credit. The model makes a number of predictions that have not been examined in the literature. Using a large sample of mergers, we verify the model's prediction that liquidity-driven acquisitions are more likely to occur in industries in which assets are industry-specific, but transferable across industry rival firms. We also verify the prediction that firms are more likely to use credit lines (relative to cash) when they operate in industries in which liquidity mergers are more frequent. |
主题 | Financial Economics ; Corporate Finance |
URL | https://www.nber.org/papers/w16724 |
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/574399 |
推荐引用方式 GB/T 7714 | Heitor Almeida,Murillo Campello,Dirk Hackbarth. Liquidity Mergers. 2011. |
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 | ||
w16724.pdf(596KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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