Vertical Strategies and Market Structure: A Systematic Risk Analysis
研究了纵向并购如何改变收购公司的系统性风险，发现当收购公司处于集中市场时，纵向并购能有效降低风险，且该结果在不同生命周期阶段均稳定。
This study examines the implications of vertical mergers on the risk characteristic of the merging firms. Specifically, the study focuses on three structural characteristics of the acquiring and acquired firm's market to explain the change in the systematic or environmental risk of the acquiring firm. These structural factors are the level of competition in the acquiring firm's industry, the level of competition in the acquired firm's industry, and the growth rate of the acquiring firm's industry. The findings suggest that vertical mergers are effective at reducing systematic risk particularly when the acquiring firm competes in a concentrated market. Further, this result appears to be stable across life cycle stages.