The Importance of Industry Links in Merger Waves

By Kenneth R. Ahern, Jarrad Harford. 2012

463 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Management Science and Operations Research, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/c74ce640d8d512a32e36d275244855c2b54de086

How researchers see this paper

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In Economics and Econometrics

1. Ali K. Ozdagli
2. Michael Weber
3. Y. Gorodnichenko

In Management Science and Operations Research

1. Ali K. Ozdagli
2. Michael Weber

In Strategy and Management

1. Ali K. Ozdagli
2. Michael Weber

Citations in the corpus

• Input Specificity and the Propagation of Idiosyncratic Shocks in Production Networks (2016, unknown): “…studies of the implications of product market relationships for firms’ corporate policies (Titman 1984; Titman and Wessels 1988; MacKay and Phillips 2005; Kale and Shahrur 2007; Campello and Fluck 2007; Banerjee, Dasgupta, and Kim 2008; Chu 2012; Moon and Phillips 2014; Ahern and Harford 2014).”
• The Role of Risk Management in Mergers and Merger Waves (2011, unknown): “These proportions are in line with those reported in Ahern and Harford (2009).”
• Horizontal acquisitions and buying power: A product market analysis (2011, unknown): “This finding is consistent with the Becker and Thomas (2009) result that changes in customer industry concentration are positively related to subsequent changes in dependent supplier industry concentration, and is in line with the finding in Ahern and Harford (2009) that merger waves propagate along”
• Reputation and Loan Contract Terms: The Role of Principal Customers (2016, unknown): “7 Wessels, 1988; Fee, Hadlock, and Thomas, 2006; Banerjee, Dasgupta, and Kim, 2008) and financial decisions (e.g., Fee and Thomas, 2004; Johnson et al., 2012; Ahern and Harford, 2014).”
• The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility (2018, unknown): “…are 33 Our use of the 1% level of vertical relatedness to define the type of integration follows Fan and Goyal (2006), Garfinkel and Hankins (2011), Ahern and Harford (2014), and Lin, Officer, and Shen (2017). consistent with our expectation that the effect of CSR similarity is strongest for…”
• Monetary Policy Through Production Networks: Evidence from the Stock Market (2017, background): “Ahern and Harford (2014) and Pasten, Schoenle, and Weber (2017b) use similar data.”
• The effect of major customer concentration on firm profitability: competitive or collaborative? (2018, unknown): “Specifically, the dependent variables Δ CC and ΔROA are regressed on an indicator variable Treat, which is 15 The 20% cutoff is used, following Ahern and Harford (2014).”
• Intangible assets and capital structure (2020, unknown): “We find higher proportions of acquisitions in certain industries, consistent with acquisitions occurring in industry waves (e.g., Mitchell and Mulherin 1996; Maksimovic and Phillips 2001; Rhodes-Kropf, Robinson, and Viswanathan 2005; Harford 2005; Ahern and Harford 2014).”
• Institutional Cross-Ownership and Corporate Strategy: The Case of Mergers and Acquisitions (2018, unknown): “, Gompers and Xuan, 2008; Masulis and Nahata, 2011); supplier and customer relationships between merging firms (Ahern and Harford, 2014); toeholds (e.”
• The Real Effects of Uncertainty on Merger Activity (2016, unknown): “Finally, Ahern and Harford (2014) show that the trade flows between industries not only explain which firms merge, but also how merger activity from individual industry-level shocks propagates through the economy along these trade flows.”