Vertical vs. Horizontal Integration: Pre-Emptive Merging
研究了纵向相关行业中企业是否以及何时会进行先发制人的合并，发现纵向合并常先于横向合并发生，且成为主导结果。
Preemption plays a crucial role in arms merger decisions. The author studies whether and under which circumstances preemptive merging occurs in vertically related industries. He finds that vertical mergers often preempt horizontal mergers and are dominant outcomes. Preempting the threat of a detrimental horizontal integration may be the main reason for vertically integrating. Copyright 1995 by Blackwell Publishing Ltd.