The Importance of Industry Links in Merger Waves
将经济视为行业间通过客户和供应商贸易流连接的网络，发现产品市场联系越强，跨行业并购越多；并购通过客户-供应商链接在网络中传播，形成浪潮，且中心行业驱动整体并购浪潮。
ABSTRACT We represent the economy as a network of industries connected through customer and supplier trade flows. Using this network topology, we find that stronger product market connections lead to a greater incidence of cross‐industry mergers. Furthermore, mergers propagate in waves across the network through customer‐supplier links. Merger activity transmits to close industries quickly and to distant industries with a delay. Finally, economy‐wide merger waves are driven by merger activity in industries that are centrally located in the product market network. Overall, we show that the network of real economic transactions helps to explain the formation and propagation of merger waves.