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The real product market impact of mergers

Sheen, Albert

The journal of finance : the journal of the American Finance Association, 2014, Vol.69(6), pp. 2651-2688 [Tạp chí có phản biện]

ISSN: 0022-1082

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  • Nhan đề:
    The real product market impact of mergers
  • Tác giả: Sheen, Albert
  • Chủ đề: Fusion ; Unternehmenswert ; Produktqualität ; Usa ; 1980-2009
  • Là 1 phần của: The journal of finance : the journal of the American Finance Association, 2014, Vol.69(6), pp. 2651-2688
  • Mô tả: To purchase or authenticate to the full-text of this article, please visit this link: http://onlinelibrary.wiley.com/doi/10.1111/jofi.12200/abstract Byline: ALBERT SHEEN ABSTRACT I document sources of value creation in mergers by analyzing novel data on the quality and price of goods sold by merging firms. When two competitors in a product market merge, their products converge in quality, and prices fall relative to the competition. These effects take two to three years to be fully realized and are stronger in mature industries. Prices do not fall, however, when the acquirer is diversifying into a new product market. This direct evidence of real changes induced by merger activity is consistent with consolidation by related merging firms to achieve operational efficiencies and lower costs. Article Note: Albert Sheen is at Harvard Business School. I would like to thank the Editor (Cam Harvey); the Associate Editor; an anonymous referee; Kenneth Ahern; Tony Bernardo; Cesare Fracassi; Mark Garmaise; David Robinson; Geoff Tate; and seminar participants at Bentley University, Harvard Business School, the 2011 Olin Conference on Corporate Finance, and the 2011 Texas Finance Festival for helpful comments. I also thank Grace Jiang for excellent research assistance. Supporting information: Additional Supporting Information may be found in the online version of this article Disclaimer: Supplementary materials have been peer-reviewed but not copyedited. CAPTION(S): Appendix S1: Internet Appendix.
  • Ngôn ngữ: English
  • Số nhận dạng: ISSN: 0022-1082

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