Post-Merger Restructuring and the Boundaries of the Firm

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Mergers increase default risk (2011, background): “For example, Maquieira et al. (1997) explore whether corporate mergers create value or merely transfer value across debt and equity claimholders by examining the stock and bond price reactions to merger announcements.”
Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis (2010, unknown): “Maksimovic, Phillips, and Prabhala (2008) find that acquirers with more skill in particular industries are more likely to maintain and increase the productivity of the assets they acquire and keep in related industries.”
Employment Protection and Takeovers (2017, unknown): “For instance, Maksimovic, Phillips, and Prabhala (2011) report that 19% of acquired plants are closed, and a further 27% are sold off in the three years following the merger.”
Failure and success in mergers and acquisitions (2019, unknown): “69% in the 1990s and 2000s (Maksimovic et al., 2011), and 4.”
Do Acquisitions Relieve Target Firms’ Financial Constraints? (2013, unknown): “5 See especially Schoar (2002) and Maksimovic, Phillips, and Prabhala (2011) for evidence on post-merger plantlevel efficiency improvements.”