The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
The Market for Mergers and the Boundaries of the Firm
Abstract
We relate the property rights theory of the firm to empirical regularities in the market for mergers and acquisitions. We first show that high market‐to‐book acquirers typically do not purchase low market‐to‐book targets. Instead, mergers pair together firms with similar ratios. We then build a continuous‐time model of investment and merger activity combining search, scarcity, and asset complementarity to explain this like buys like result. We test the model by relating like‐buys‐like to search frictions. Search frictions and assortative matching vary inversely, supporting the model over standard explanations.
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Citations
Cites
Coase, R. H. (1937) · Economica · doi:10.1111/j.1468-0335.1937.tb00002.x · Cited by 23,972
Becker, G. S. (1991) · doi:10.4159/9780674020665 · Cited by 10,565
Cited by
Jovanovic, B., & Rousseau, P. L. (2002) · American Economic Review · doi:10.1257/000282802320189249 · Cited by 623
Metadata
- Authors
- RHODES‐KROPF, M., & ROBINSON, D. T.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2008-05-09
- Volume
- 63
- Issue
- 3
- Pages
- 1169-1211
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W1980391687
- Cited by
- 380
- References
- 2
- FWCI
- 59.23
- Type
- journal article
- Language
- en
- Open access
- closed
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- RHODES‐KROPF, M., & ROBINSON, D. T. (2008). The Market for Mergers and the Boundaries of the Firm. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2008.01355.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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