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Does the Debt Tax Shield Distort Ownership Efficiency?
Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2017
The tax laws of most developed countries are debt biased since firms can deduct interest on debt but not on equity. This bias is known to distort investment decisions. However, less is known about how the debt tax shield affects the ownership of assets when bidders differ financial expertise and...
Persistent link: https://www.econbiz.de/10014194288
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Geographic Overlap, Agglomeration Externalities and Merger Restructuring
Harford, Jarrad; Piotrowski, Samuel; Qian, Yiming - 2023
We study how agglomeration forces influence the post-merger restructuring of the combined firm through the channel of the geographic overlap of acquirer and target establishments. We hypothesize and find that the geographic effect differs for horizontal and vertical mergers, and depends on the...
Persistent link: https://www.econbiz.de/10014350344
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Product Market Threats and Corporate Takeovers
Chen, Chong - 2017
We explore the connection between firm's market threats from product market and corporate takeover activities. Using … while firms locate in lowly fluid market experience more instabilities in competition environment. Post-takeover performance …-makings, and firms generally takeover targets locate in environment of similar market threatening, even after controlling for …
Persistent link: https://www.econbiz.de/10012969292
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Multiproduct Mergers and the Product Mix in Domestic and Foreign Markets
Chan, Jackie M.L; Irlacher, Michael; Koch, Michael - 2022
This paper investigates the effects of mergers on the product mix of multiproduct firms. Thus, we open the black box of post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal mergers in a theoretical model where oligopolistic...
Persistent link: https://www.econbiz.de/10013290783
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Demand Complementarity and Mergers and Acquisitions
Jia, Xiao; Sun, Stephen Teng - 2022
Demand complementarity emerges when the outputs of firms from distinct industries are used by similar end-users. This paper constructs a measure of the pairwise demand complementarity of firms and examines whether demand complementarity is a key determinant in mergers and acquisitions. Under our...
Persistent link: https://www.econbiz.de/10014237953
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The role of toeholds and capital gains taxes for corporate acquisition strategies
Liberini, Federica; Russo, Antonio; Stimmelmayr, Michael - 2016
cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …
Persistent link: https://www.econbiz.de/10011554398
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Impact of Controlled Foreign Corporation Rules on Post-Acquisition Investment and Profit Shifting in Targets
von Hagen, Dominik - 2017
We investigate real investment, financial revenues and profits in formerly domestic firms once they enter a multinational entity (MNE) through an acquisition. We argue that following the acquisition, those targets are tax-optimized in a profit shifting context if they are acquired by MNEs with...
Persistent link: https://www.econbiz.de/10012941884
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Horizontal mergers and exit in declining industries
Filson, Darren; Songsamphant, Bunchon - 2001
Previous work on exit in declining industries has neglected mergers. We examine a simple model that predicts which declining industries experience horizontal mergers. Mergers are more likely if 1) market concentration is high; 2) the inverse demand curve is steep at high levels of output and...
Persistent link: https://www.econbiz.de/10011569023
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Network formation with local complements and global substitutes : the case of R&D networks
Hsieh, Chih-sheng; König, Michael D.; Liu, Xiaodong - 2016 - This version: February 15, 2016
We analyze R&D collaboration networks in industries where firms are competitors in the product market. Firms' benefits from collaborations arise by sharing knowledge about a cost-reducing technology. By forming collaborations, however, firms also change their own competitive position in the...
Persistent link: https://www.econbiz.de/10011429537
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Mergers and partial ownership
Foros, Oystein; Kind, Hans Jarle; Shaffer, Greg Eric - 2010
In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find that partial ownership arrangements can be more profitable for the acquiring and acquired firm because they can result in a greater dampening of competition. We also derive...
Persistent link: https://www.econbiz.de/10003925257