发表期刊：Journal of Empirical Finance
发表时间：January 2024 (在线发表)
作者及单位：Dongxu Li
1.School of Economics & Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, China
摘要：I find on average firms respond to a horizontal merger by investing less in PP&E, labor, and R&D. There is notable heterogeneity among the non-merging rivals. The laggard rivals reduce investments in PP&E, labor, and R&D while the neck-and-neck rivals do the opposite. There is an insignificant change for the leader rivals. These results support Aghion et al. (2005) on the inverted-U relationship between competition and innovation. Also, I show evidence that financial constraints and innovativeness are two factors that drive rivals’ heterogeneous responses. This empirical study sheds light upon the pattern in which horizontal mergers shape industry evolvement.
关键词：Horizontal mergers；Investments；Innovativeness；Rival heterogeneity
