On the patterns and wealth effects of vertical mergers

被引：148
|
作者：
Fan, JPH [1 ]
Goyal, VK
机构：
[1] Chinese Univ Hong Kong, Sha Tin 100083, Peoples R China
[2] Hong Kong Univ Sci & Technol, Hong Kong, Hong Kong, Peoples R China
来源：
JOURNAL OF BUSINESS | 2006年 / 79卷 / 02期
关键词：
D O I：
10.1086/499141
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We use industry commodity flows information to measure vertical relations in completed mergers from 1962 to 1996. Almost one-third of the mergers display vertical relatedness. Vertical merger activity is more intensive in the 1980s and 1990s and less so in the 1960s and the 1970s. Vertical mergers generate positive wealth effects that are significantly larger than those for diversifying mergers; the wealth effects in vertical mergers are comparable to those in pure horizontal mergers.
引用
收藏
页码：877 / 902
页数：26
相关论文
共 50 条
  • [1] On vertical mergers and their competitive effects
    Chen, YM
    [J]. RAND JOURNAL OF ECONOMICS, 2001, 32 (04): : 667 - 685
  • [2] THE FORECLOSURE EFFECTS OF VERTICAL MERGERS
    BOLTON, P
    WHINSTON, MD
    [J]. JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT, 1991, 147 (01): : 207 - 226
  • [3] The wealth effects of mergers and acquisitions by dividend payers
    Glambosky, Mina
    Jory, Surendranath Rakesh
    Ngo, Thanh Ngoc
    [J]. QUARTERLY REVIEW OF ECONOMICS AND FINANCE, 2020, 78 : 154 - 165
  • [4] The Welfare Effects of Vertical Mergers and their Remedies
    Mayo, John W.
    Whitener, Mark
    [J]. REVIEW OF INDUSTRIAL ORGANIZATION, 2021, 59 (02) : 409 - 441
  • [5] THE FORECLOSURE EFFECTS OF VERTICAL MERGERS - COMMENT
    SCHWEIZER, U
    [J]. JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT, 1991, 147 (01): : 227 - 231
  • [6] The Welfare Effects of Vertical Mergers and their Remedies
    John W. Mayo
    Mark Whitener
    [J]. Review of Industrial Organization, 2021, 59 : 409 - 441
  • [7] An analysis of the determinants and shareholder wealth effects of mutual fund mergers
    Jayaraman, N
    Khorana, A
    Nelling, E
    [J]. JOURNAL OF FINANCE, 2002, 57 (03): : 1521 - 1551
  • [8] Investment bank reputation and shareholder wealth effects in mergers and acquisitions
    Schiereck, Dirk
    Sigl-Grueb, Christof
    Unverhau, Jan
    [J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2009, 23 (03) : 257 - 273
  • [9] Shareholder wealth effects of bank mergers and acquisitions in Latin America
    Kolaric, Sascha
    Schiereck, Dirk
    [J]. MANAGEMENT RESEARCH-THE JOURNAL OF THE IBEROAMERICAN ACADEMY OF MANAGEMENT, 2013, 11 (02) : 157 - +
  • [10] CEO overconfidence and bondholder wealth effects: Evidence from mergers and acquisitions
    Chen, Sheng-Syan
    Ho, Keng-Yu
    Ho, Po-Hsin
    Nie, Wei-Ying
    [J]. JOURNAL OF CORPORATE FINANCE, 2022, 77
12345