Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis

By Gerard Hoberg, Gordon M. Phillips. 2010

1,375 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/e1492f62f48c259835d1491711fe21299b2adb86

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Citations in the corpus

Geographic Dispersion and Stock Returns (2012, positive): “Our study of geographic dispersion and stock returns is only one of many potential questions that can be addressed using these type of data 18 See Hoberg and Phillips (2010) for another example of how to use textual information to capture cross-sectional characteristics of firms. in general—and usin”
Trade credit and supplier competition (2019, methodology): “To estimate the degree of substitutability among suppliers’ products, we rely on Hoberg and Phillips’ (2010, 2016) measure of textual similarity between firms’ product descriptions in 10K filings for each pair of Compustat firms in years 1996–2013.”
Productivity, Restructuring, And The Gains From Takeovers (2013, neutral): “…of synergies (Houston, James, and Ryngaert, 2001; and Devos, Kadapakkam, and Krishnamurthy, 2009), operating cash flow (Healy, Palepu, and Ruback, 1992), corporate governance measures (Masulis, Wang, and Xie, 2007; and Wang and Xie, 2009), and product market synergy (Hoberg and Phillips, 2010).”
Bargaining power and industry dependence in mergers (2012, methodology): “…in years 1982 and 1987, though 1992 and later include nonmanufacturing industries.8 In addition, I control for product market similarity using the dynamic text-based closeness measure developed in Hoberg and Phillips (2010a, 2010b), referred to as VIC in the Hoberg and Phillips data library.”
Competition and the Cost of Debt (2012, neutral): “In a related paper, Hoberg and Phillips (2010b) show that mergers between firms with more similar product descriptions tend to be more successful.”
Search Based Peer Firms: Aggregating Investor Perceptions through Internet Co-Searches (2015, background): “Another study which has challenged existing conventions of industry classifications is Hoberg and Phillips (2010, 2014) who analyze textual similarity in firms’ self-reported 10All of our industry codings, including those for the SIC, are sourced from Compustat.”
Innovation Activities and Integration through Vertical Acquisitions (2019, background): “…likelihood of vertical acquisitions as it mitigates risk of ex post hold-up.29 [Insert Table VII Here] Following previous research on acquisition incidence (e.g., Hoberg and Phillips (2010)), column (2) adds several control variables to capture other potential determinants of vertical acquisitions.”