We examine how product differentiation influences mergers and acquisitions and the ability of firms to exploit product market synergies. Using novel text-based analysis of firm 10K product descriptions, we find three key results. (1) Firms are more likely to enter restructuring transactions when...

We examine the importance of firm integration to outcomes of mergers and acquisitions using new ex ante product-based measures of firm integration. Our framework allows us to measure ex ante integration risk for both observed acquisitions and proposed acquisitions that might not materialize. As...

"We examine the effect of financial dependence on acquisition and investment within existing industries by single-segment and conglomerate firms for industries undergoing different long run changes in industry conditions. Conglomerates and single-segment firms differ more in rates of...