| Author: | Shahrur, H. |
| Title: | Industry structure and horizontal takeovers: analysis of wealth effects on rivals, suppliers, and corporate customers |
| Journal: | Journal of Financial Economics
2005 : APR, VOL. 76:1, p. 61-98 |
| Index terms: | Mergers |
| Language: | eng |
| Abstract: | This article examines the wealth effects of horizontal takeovers of the rivals of the merging firms, and on companies in the industrys supplier and customer industries. The writers find positive abnormal returns to rivals, suppliers, and corporate customers for the subsample of takeovers with positive combined wealth effect to target and bidder shareholders. This seems inconsistent with the collision and buyer power motives. |
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