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1、TheMarketforMergersandtheBoundariesoftheFirmMATTHEWRHODES-KROPFandDAVIDT.ROBINSON∗ABSTRACTWerelatethepropertyrightstheoryofthefirmtoempiricalregularitiesinthemarketformergersandacquisitions.Wefirstshowthathighmarket-to-bookacquirerstypicallydonotpurchaselowmarket-to-booktargets.Instead,merge
2、rspairtogetherfirmswithsimilarratios.Wethenbuildacontinuous-timemodelofinvestmentandmergeractivitycombiningsearch,scarcity,andassetcomplementaritytoexplainthislikebuyslikeresult.Wetestthemodelbyrelatinglike-buys-liketosearchfrictions.Searchfrictionsandassortativematchingvaryinversely,suppor
3、tingthemodeloverstandardexplanations.THEBOUNDARIESOFTHEFIRMareconstantlybeingdrawnandredrawninthemarketforcorporatecontrol.Thisactivitysurelyreflectstheimportanceoftheplacementofthebound-ariesofthefirm,atopicwhichhasreceivedagreatdealofattentionineconomictheory.Thegoalofthispaperistobridgeth
4、egapbetweenthetheoryofthefirmandempiricalevidenceonmergers,anddemonstratethesignificanceofthetheoryofthefirmforunderstandingempiricalregularitiesinthemarketformergersandacquisitions.Oneofthemostwell-establishedstylizedfactsaboutM&Aactivityisthatthetypicalmergerinvolvesanacquirerwithhighassetv
5、aluationspurchasingatargetwithlowasset∗ColumbiaUniversityandDukeUniversity,respectively.WewouldliketothankBoyanJovanavic,CharlesJones,DenisGromb,GordonPhillips,StefanoRossi,TanoSantosandespeciallyS.Viswanathanforusefuldis-cussionsandinput,andworkshopparticipantsatColumbia,Duke,2004European
6、FinanceAssociationmeetings,NationalBureauofEconomicResearchSummerInstitute,FederalReserveBoardNewYork,StockholmSchoolofEconomics,2005AmericanFinanceAssociationmeetings,UniversityofMaryland,SUNYBuffalo,SUNYBinghamton,TuckSchoolofBusiness,2005EconometricSocietyWorldCongress,William&Mary,Utre
7、chtSchoolofEconomics,TexasChristianUniversity,andUniversityofVirginia.WeareespeciallygratefultoJarradHarfordforsharingdatawithus.Anyerrorsareourown.1valuations.Thisiscommonlyinterpretedasevidenceinfavorofa“q-theoryofmergers,”inwhichmergersinvolveredeployingthe
