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Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis
- Gerard Hoberg, G. Phillips
- Business
- 1 August 2008
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…
Text-Based Network Industries and Endogenous Product Differentiation
- G. Phillips, Gerard Hoberg
- Business, EconomicsJournal of Political Economy
- 1 May 2010
We study how firms differ from their competitors using new time-varying measures of product similarity based on text-based analysis of firm 10-K product descriptions. This year-by-year set of product…
Product Market Threats, Payouts, and Financial Flexibility
- Gerard Hoberg, G. Phillips, N. Prabhala
- Business, Economics
- 30 August 2012
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…
The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are There Efficiency Gains?
- Vojislav Maksimovic, G. Phillips
- Economics, Business
- 2 April 2000
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…
Corporate Equity Ownership, Strategic Alliances and Product Market Relationships
- J. Allen, G. Phillips
- Business, Economics
- 1 December 1999
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…
Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence
- Vojislav Maksimovic, G. Phillips
- Economics
- 1 April 2002
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…
Increased debt and industry product markets an empirical analysis
- G. Phillips
- Economics, Business
- 1 February 1995
How Does Industry Affect Firm Financial Structure?
- Peter Mackay, G. Phillips
- Economics, Business
- 21 December 2005
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…
Real and Financial Industry Booms and Busts
- Gerard Hoberg, G. Phillips
- Economics, BusinessJournal of Finance
- 1 August 2008
We examine how product market competition affects firm cash flows and stock returns in industry booms and busts. In competitive industries, we find that high industry-level stock-market valuation,…
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