Vertical Mergers and Firm-Specific Physical Capital: Three Case Studies and Some Evidence on Timing
通过三个案例，展示如何利用股票收益的残差相关性变化来推断纵向合并或剥离的时机与原因，对并购政策制定者评估合并效率有参考价值。
This paper shows that indirect evidence is often available to assist in understanding the timing of a vertical merger or divestiture. In particular, it is shown that in cases involving firm-specific capital, changes in the residual correlation (after removing market and industry effects) between the firms' stock returns are helpful in explaining the reason for and the timing of the merger/divestiture. The ramifications of this finding are immediate since anything that can pinpoint the reason for a merger, and, moreover, the reason for the timing of a merger, will make merger policy more efficient and productive. Copyright 1994 by Blackwell Publishing Ltd.