Customer concentration of targets in mergers and acquisitions
研究发现收购方会因目标企业客户集中度带来的风险而减少对其的竞标，并在报价中更多使用股票支付，且这一关系随客户相关不确定性而变化。
Abstract We study how the customer concentration of targets impacts the occurrence and structure of mergers and acquisitions (M&A). We hypothesize and find that acquirers respond to customer concentration‐related risk by placing fewer bids for targets with greater customer concentration and by using more stock payment in their offers. These relations vary predictably with major customer‐related uncertainty. Our findings extend the literature by documenting an important risk factor in M&A and by quantifying the economic consequences of customer concentration.