Private and Public Merger Waves
研究发现公有企业比私有企业更频繁参与并购浪潮，且受信贷利差和市场估值影响更大；公有并购能带来更高生产率提升，尤其发生在浪潮期间和股票流动性高、估值高时。
ABSTRACT We document that public firms participate more than private firms as buyers and sellers of assets in merger waves and their participation is affected more by credit spreads and aggregate market valuation. Public firm acquisitions realize higher gains in productivity, particularly for on‐the‐wave acquisitions and when the acquirer's stock is liquid and highly valued. Our results are not driven solely by public firms' better access to capital. Using productivity data from early in the firm's life, we find that better private firms subsequently select to become public. Initial size and productivity predict asset purchases and sales 10 and more years later.