The Market for Mergers and the Boundaries of the.pdf

The Market for Mergers and the Boundaries of the.pdf

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时间:2019-03-08

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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

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