The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are there Efficiency Gains?

By Vojislav Maksimovic, Gordon M. Phillips. 2001

876 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/30135916974a5c10130be521c16f6a9ba8b673be

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Citations in the corpus

Heterogeneity, Measurement Error, and Misallocation: Evidence from African Agriculture (2019, background): “…a number of papers looking at productivity differences across divisions of industrial conglomerates or across plants of manufacturing firms: e.g., Maksimovic and Phillips (2001), Matvos and Seru (2014), and 2 journal of political economy relative to firm surveys, is that our firms are producing…”
Does policy uncertainty affect mergers and acquisitions? (2017, neutral): “Others show that M&A likelihood is related to the business cycle (Maksimovic and Phillips, 2001), product market considerations (Hoberg and Phillips, 2010), risk management (Garfinkel and Hankins, 2011), corporate liquidity (Almeida, Campello, and Hackbarth, 2011), and CEO traits and preferences (Go”
A Theory of Merger-Driven IPOs (2011, positive): “Maksimovic and Phillips (2001) provide plant-level empirical evidence consistent with efficient reallocation of resources in mergers and conclude that “the gain in productivity of assets under new ownership is higher when the selling firm’s productivity is low and is higher the more productive the…”
The effect of reference point prices on mergers and acquisitions (2012, background): “2 See also Maksimovic and Phillips (2001), Maksimovic, Phillips, and Prabhala (2008), Rajan, Volpin, and Zingales (2000), and chapters in Kaplan (2000) on synergies and value enhancements.”
Real Asset Illiquidity and the Cost of Capital (2014, background): “Supporting this view, the bulk of asset sales occur between firms in the same or closely related industries (Maksimovic and Phillips (2001)).”
Private and Public Merger Waves (2012, positive): “Maksimovic and Phillips (2001) point out the procyclicality of the market for acquisitions.”
Divestitures and the liquidity of the market for corporate assets (2002, methodology): “Following the model of Maksimovic and Phillips (2002) in which industry shocks reduce the comparative advantage of small segments proportionately more than the comparative advantage of large segments within a firm, one could also interpret industry cash flow as a proxy for industry shocks.”
Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis (2010, positive): “Moreover, consistent with Maksimovic and Phillips(2001), we find that more profitable firms are more likely to be acquirers, and less profitable firms are more likely to be targets.”