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Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis
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… Expand
The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are There Efficiency Gains?
We analyze the market for firms, divisions, and plants of manufacturing firms using a large sample of plant-level data for the period 1974-92. There is an active market for corporate assets, with… Expand
Product Market Threats, Payouts, and Financial Flexibility
type="main"> We examine how product market threats influence firm payout policy and cash holdings. Using firms' product text descriptions, we develop new measures of competitive threats. Our primary… Expand
Corporate Equity Ownership, Strategic Alliances and Product Market Relationships
This paper examines long-term block ownership by corporations and performance changes in firms with corporate block owners. We also examine potential reasons for corporate ownership including… Expand
Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence
We develop a profit-maximizing neoclassical model of optimal firm size and growth across different industries based on differences in industry fundamentals and firm productivity. In the model, a… Expand
Increased debt and industry product markets an empirical analysis
- G. Phillips
- 1 February 1995
Abstract This paper tests for changes in firms' production and pricing decisions in four industries in which firms have sharply increased their financial leverage. The analysis of product price and… Expand
How Does Industry Affect Firm Financial Structure
We examine the importance of industry to firm-level financial and real decisions. We find that in addition to standard industry fixed effects, financial structure also depends on a firm's position… Expand
Post-Merger Restructuring and the Boundaries of the Firm
We examine how firms redraw their boundaries after acquisitions using plant-level data. We find that there is extensive restructuring in a short period following mergers and full-firm acquisitions.… Expand
R&D and the Incentives from Merger and Acquisition Activity
We provide a model and empirical tests showing how an active acquisition market affects firm incentives to innovate and conduct R&D. Our model shows that small firms optimally may decide to innovate… Expand
Why Do Public Firms Issue Private and Public Securities?
The market for public firms issuing private equity, debt, and convertible securities is large. Of the over 13,000 issues we examine, more than half are in the private market. Our results show… Expand