Trade Relationships, Indirect Economic Links, and Mergers

References

• Ahern KR (2011) Bargaining power and industry dependence in mergers. J. Financial Econom. 103(3):530–550.Crossref, Google Scholar
• Ahern KR, Harford J (2014) The importance of industry links in merger waves. J. Finance 69(2):527–576.Crossref, Google Scholar
• Ai C, Norton EC (2003) Interaction terms in logit and probit models. Econom. Lett. 80(1):123–129.Crossref, Google Scholar
• Andrade GM, Stafford E (2004) Investigating the economic role of mergers. J. Corporate Finance 10(1):1–36.Crossref, Google Scholar
• Banerjee S, Dasgupta S, Kim Y (2008) Buyer–supplier relationships and the stakeholder theory of capital structure. J. Finance 63(5):2507–2552.Crossref, Google Scholar
• Bebchuk L, Cohen A, Ferrell A (2009) What matters in corporate governance? Rev. Financial Stud. 22(2):783–827.Crossref, Google Scholar
• Bena J, Li K (2014) Corporate innovations and mergers and acquisitions. J. Finance 69(5):1923–1960.Crossref, Google Scholar
• Bernile G, Lyandres E (2016) The effects of horizontal merger operating synergies on rivals, customers, and suppliers. Working paper, http://ssrn.com/abstract=2330871.Google Scholar
• Bernile G, Lyandres E, Zhdanov A (2012) A theory of strategic mergers. Rev. Finance 16(2):517–575.Crossref, Google Scholar
• Bhattacharyya S, Nain A (2011) Horizontal acquisitions and buying power: A product market analysis. J. Financial Econom. 99(1):97–115.Crossref, Google Scholar
• Cen L, Dasgupta S, Sen R (2016) Discipline or disruption? Stakeholder relationships and the effect of takeover threat. Management Sci. 62(10):2820–2841.Link, Google Scholar
• Chemmanur TJ, Paeglis I, Simonyan K (2009) The medium of exchange in acquisitions: Does the private information of both acquirer and target matter? J. Corporate Finance 15(5):523–542.Crossref, Google Scholar
• Coase RH (1937) The nature of the firm. Economica 4(16):386–405.Crossref, Google Scholar
• Cohen L, Frazzini A (2008) Economic links and predictable returns. J. Finance 63(4):1977–2011.Crossref, Google Scholar
• Comment R, Schwert GW (1995) Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures. J. Financial Econom. 39(1):3–43.Crossref, Google Scholar
• Cremers KJM, Nair VB (2005) Governance mechanisms and equity prices. J. Finance 60(6):2859–2894.Crossref, Google Scholar
• Dyck A, Morse A, Zingales L (2010) Who blows the whistle on corporate fraud? J. Finance 65(6):2213–2253.Crossref, Google Scholar
• Eckbo BE (1983) Horizontal mergers, collusion, and stockholder wealth. J. Financial Econom. 11(1–4):241–273.Crossref, Google Scholar
• Edmans A, Goldstein I, Jiang W (2012) The real effects of financial markets: The impact of prices on takeovers. J. Finance 67(3):933–971.Crossref, Google Scholar
• Ellis J, Fee CE, Thomas S (2012) Proprietary costs and the disclosure of information about customers. J. Accounting Res. 50(3):685–727.Crossref, Google Scholar
• Farrell J, Shapiro C (1990) Horizontal mergers: An equilibrium analysis. Amer. Econom. Rev. 80(1):107–126.Google Scholar
• Fee CE, Thomas S (2004) Sources of gains in horizontal mergers: Evidence from customer, supplier, and rival firms. J. Financial Econom. 74(3):423–460.Crossref, Google Scholar
• Fee CE, Hadlock C, Thomas S (2006) Corporate equity ownership and the governance of product market relationships. J. Finance 61(3):1217–1252.Crossref, Google Scholar
• Frésard L, Hoberg G, Phillips GM (2017) Vertical acquisitions, integration and the boundaries of the firm. Working paper, http://ssrn.com/abstract=2242425.Google Scholar
• Grossman SJ, Hart OD (1986) The costs and benefits of ownership: A theory of vertical and lateral integration. J. Political Econom. 94(4):691–719.Crossref, Google Scholar
• Hansen RG (1987) A theory for the choice of exchange medium in mergers and acquisitions. J. Bus. 60(1):75–95.Crossref, Google Scholar
• Harford J (1999) Corporate cash reserves and acquisitions. J. Finance 54(6):1969–1997.Crossref, Google Scholar
• Harford J (2005) What drives merger waves? J. Financial Econom. 77(3):529–560.Crossref, Google Scholar
• Heckman JJ, Ichimura H, Todd PE (1997) Matching as an econometric evaluation estimator: Evidence from evaluating a job training programme. Rev. Econom. Stud. 64(4):605–654.Crossref, Google Scholar
• Heckman JJ, Ichimura H, Todd PE (1998) Matching as an econometric evaluation estimator. Rev. Econom. Stud. 65(2):261–294.Crossref, Google Scholar
• Hertzel MG, Li Z, Officer MS, Rodgers KJ (2008) Inter-firm linkages and the wealth effects of financial distress along the supply chain. J. Financial Econom. 87(2):374–387.Crossref, Google Scholar
• Hoberg G, Phillips GM (2010) Product market synergies and competition in mergers and acquisitions: A text-based analysis. Rev. Financial Stud. 23(10):3778–3811.Crossref, Google Scholar
• James C, Kizilaslan A (2014) Asset specificity, industry-driven recovery risk, and loan pricing. J. Financial Quant. Anal. 49(3):599–631.Crossref, Google Scholar
• Johnson WC, Karpoff JM, Yi S (2015) The bonding hypothesis of takeover defenses: Evidence from IPO firms. J. Financial Econom. 117(2):307–332.Crossref, Google Scholar
• Joskow P (1988) Asset specificity and the structure of vertical relationships: Empirical evidence. J. Law, Econom., Organ. 4(1):95–117.Crossref, Google Scholar
• Kale JR, Shahrur H (2007) Corporate capital structure and the characteristics of suppliers and customers. J. Financial Econom. 83(2):321–365.Crossref, Google Scholar
• Klein B, Crawford RG, Alchian AA (1978) Vertical integration, appropriable rents, and the competitive contracting process. J. Law Econom. 21(2):297–326.Crossref, Google Scholar
• Kuhnen CM (2009) Business networks, corporate governance, and contracting in the mutual fund industry. J. Finance 64(5):2185–2220.Crossref, Google Scholar
• Lustgarten SH (1975) The impact of buyer concentration in manufacturing industries. Rev. Econom. Statist. 57(2):125–132.Crossref, Google Scholar
• Luypaert M, De Maeseneire W (2015) Antecedents of time to completion in mergers and acquisitions. Appl. Econom. Lett. 22(4):299–304.Crossref, Google Scholar
• McFadden D (1973) Conditional logit analysis of qualitative choice behavior. Zarembka P, ed. Frontiers in Economics (Academic Press, New York), 105–142.Google Scholar
• Nunn N (2007) Relationship-specificity, incomplete contracts, and the pattern of trade. Quart. J. Econom. 122(2):569–600.Crossref, Google Scholar
• Officer MS, Poulsen AB, Stegemoller M (2009) Target-firm information asymmetry and acquirer returns. Rev. Finance 13(3):467–493.Crossref, Google Scholar
• Opler T, Pinkowitz L, Stulz R, Williamson (2001) Corporate cash holdings. J. Appl. Corporate Finance 14(1):55–67.Crossref, Google Scholar
• Perry MK (1978) Vertical integration: The monopsony case. Amer. Econom. Rev. 68(4):561–570.Google Scholar
• Rhodes-Kropf M, Robinson DT, Viswanathan S (2005) Valuation waves and merger activity: The empirical evidence. J. Financial Econom. 77(3):561–603.Crossref, Google Scholar
• Rosenbaum PR, Rubin DB (1983) The central role of the propensity score in observational studies for causal effects. Biometrika 70(1):41–55.Crossref, Google Scholar
• Schmalensee R (1973) A note on the theory of vertical integration. J. Political Econom. 81(2):442–449.Crossref, Google Scholar
• Shahrur H (2005) Industry structure and horizontal takeovers: Analysis of wealth effects on rivals, supplies, and corporate customers. J. Financial Econom. 76(1):61–98.Crossref, Google Scholar
• Shenoy J (2012) An examination of the efficiency, foreclosure, and collusion rationales for vertical takeovers. Management Sci. 58(8):1482–1501.Link, Google Scholar
• Song MH, Walkling RA (2000) Abnormal returns to rivals of acquisition targets: A test of the “acquisition probability hypothesis.” J. Financial Econom. 56(2):143–171.Crossref, Google Scholar
• Spengler JJ (1950) Vertical integration and antitrust policy. J. Political Econom. 58(4):347–352.Crossref, Google Scholar
• Titman S (1984) The effect of capital structure on a firm’s liquidation decision. J. Financial Econom. 13(1):137–151.Crossref, Google Scholar
• Titman S, Wessels R (1988) The determinants of capital structure choice. J. Finance 43(1):1–19.Crossref, Google Scholar
• Vernon JM, Graham DA (1971) Profitability of monopolization by vertical integration. J. Political Econom. 79(4):924–925.Crossref, Google Scholar
• Viscusi WK, Harrington JE, Vernon JM (2005) Economics of Regulation and Antitrust (MIT Press, Cambridge, MA).Google Scholar
• Warren-Boulton FR (1974) Vertical control with variable proportions. J. Political Econom. 82(4):783–802.Crossref, Google Scholar
• Williamson OE (1979) Transaction-cost economics: The governance of contractual relations. J. Law Econom. 22(2):233–261.Crossref, Google Scholar