On the patterns and wealth effect of vertical mergers

By Vidhan K. Goyal, P. Fan. 2002

329 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/2b2da01dc374ac064b9102dd19fd08347c3e98a8

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

Citations in the corpus

The Role of Risk Management in Mergers and Merger Waves (2011, unknown): “Fan and Goyal (2006) propose an alternative measure of intra-ﬁrm relationships.”
Failure and success in mergers and acquisitions (2019, unknown): “Fan and Goyal (2006) confirm for the US that vertical mergers result in significantly larger combined announcement returns relative to diversifying deals. For EU deals, in contrast, Martynova et al. (2007) do not find evidence that long-term operating performance differs between focused and diversif”
The Internal Capital Markets of Business Groups: Evidence from Intra-Group Loans (2014, unknown): “We include a variable that measures the degree of integration between two industries as in Fan and Goyal (2006).”
Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis (2010, unknown): “Fan and Goyal (2006) show that mergers that are vertically related using the input-output matrix have positive announcement wealth effects in the stock market (although Kedia, Ravid, and Pons 2008 show that this reverses after 1996).”
Does policy uncertainty affect mergers and acquisitions? (2017, unknown): “, Harford, 2005; Garfinkel and Hankins, 2011), we calculate industry median Tobin’s q and industry median cumulative returns over the prior three years for each of the Fama and French (1997) 48 industries. High Tobin’s q values and high recent past returns could be indicative of high valuation perio”
The Importance of Industry Links in Merger Waves (2012, methodology): “To identify industry pairs with a substantial relationship, we follow Fan and Goyal (2006) and Ahern (2012) and require either (1) that a customer industry buys at least 1% of a supplier industry’s total output (Customer %), or (2) that a supplying industry supplies at least 1% of the total inputs…”
Affiliated Firms and Financial Support: Evidence from Indian Business Groups (2007, unknown): “In Column (5), we include all the financials together.”
The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility (2018, unknown): “To classify deals we use input-output data from the Bureau of Economic Analysis (BEA) to structure the horizontal and vertical relatedness between industries, following Fan and Goyal (2006) (who use the dollar input from one industry associated with another industry’s dollar output).”
A century of corporate takeovers: What have we learned and where do we stand? (2008, unknown): “…deals All deals All deals Stock No Stock +16.0b +16.0b +15.9b +16.0b +13.0b +20.1a -0.3 -0.4 -1.0 -0.7 -1.5a +0.4 +1.5 +2.6b +1.4b +1.8b +0.6 +3.6b Fan and Goyal (2006), US 1962-70 1971-80 1981-90 1991-96 MM (-10, +10) 377 569 702 514 VMA +2.8a +2.2b +4.5a +3.8a Akbulut and Matsusaka (2003),…”