Trade Relationships, Indirect Economic Links, and Mergers
研究发现，企业间的客户和供应商贸易关系及间接经济联系能预测哪些公司更可能被收购、哪些公司更可能合并，以及哪些并购对价值和竞争对手的后续并购影响最大。
The economic links between firms created by customer and supplier relationships are critical determinants of those firms’ values and actions. We demonstrate that significant trade relationships and indirect economic links incrementally explain which firms are more likely to be involved in acquisitions, which pairs of firms are more likely to merge, and which mergers will have the greatest impact, both on value and in motivating follow-on mergers by rivals. Firms with major trade relationships are significantly less likely to acquire, or be acquired by, firms that do not share in those relationships. The online appendix is available at https://doi.org/10.1287/mnsc.2017.2938 . This paper was accepted by Lauren Cohen, finance.