生产(经济)
订单(交换)
首都(建筑)
经济
货币经济学
产业组织
业务
微观经济学
计量经济学
财务
历史
考古
标识
DOI:10.1016/j.jbankfin.2015.03.014
摘要
I demonstrate that the timing of vertical mergers is generally dependent on industry characteristics. My predictions are consistent with empirically observed patterns of vertical mergers. I show that merger activity during economic upturns tends to be motivated by operating efficiencies, while merger activity during economic downturns tends to occur as a means of keeping production chain operational. Mergers allow firms to capture synergies and improve efficiencies in order to survive economic contractions. The pricing framework implies that a vertical merger decision usually reduces risk during two different economic states.
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