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題名 公司理財兩篇論文: (1)產業競爭,併購,及主併方報酬 (2)借殼上市之動機及長期績效:以台灣為例
Two essays related to corporate finance: (1)Product market competition, mergers and acquisitions, and acquirer returns (2)Motivations and long-term performance of reverse mergers: evidence from Taiwan
作者 劉晉吉
Liu, Chin Chi
貢獻者 周行一
Chow, Edward H.
劉晉吉
Liu, Chin Chi
關鍵詞 產業競爭
併購
借殼上市
Product market competition
Mergers and acquisitions
Reverse mergers
日期 2017
上傳時間 11-Jul-2017 11:28:32 (UTC+8)
摘要 First Essay:
Using a sample of 15,835 completed M&A transactions in U.S. from 1985 to 2015, we document three main empirical results. First, consistent with the notion that the disciplinary effect of competition on corporate management, acquiring firms in competitive industries experience significantly positive announcement returns, while the abnormal returns of acquiring firms in non-competitive industries are insignificant. Second, market competition is correlated to the shareholder value in different types of M&A transaction. Horizontal and vertical integrations have positive announcement returns, while conglomerate integrations have negative announcement returns, irrespective of the condition of market competition. Third, the return of small acquiring firms is higher than the return of large acquiring firms, and this size effect is more profound in non-competitive industries.

Second Essay:
This paper examines the long-term performance of the reverse merger (RM) transactions in Taiwan stock market. Shell companies tend to conduct private placements to raise equity capital in the year following RM transactions. Based on the intended use of capital, issuers of private placements are classified into three categories: investment, recapitalization, and general corporate purposes. We find that shell companies in the investment category experience better long-term performance in the subsequent three years, which is consistent with the view that RM firms with strategic plans to increase in investments in capital expenditures are signaling profitable investment opportunity. However, shell companies in the recapitalization or general corporate purposes categories experience no or poor subsequent underperformance, suggesting that RM deals in these two categories are speculative in nature and short-sightedness that destroy the long-term shareholder wealth.
參考文獻 First Essay:
Ahern, K. R., Harford, J., 2014. The importance of industry links in merger waves. Journal of Finance, 69, 527-576.
Alchian, A. A., 1950. Uncertainty, evolution, and economic theory. Journal of Political Economy, 211-221.
Alimov, A., 2014. Product market competition and the value of corporate cash: Evidence from trade liberalization. Journal of Corporate Finance, 25, 122-139.
Allen, F., Gale, D., 2000. Corporate governance and competition. Cambridge University Press, Cambridge.
Amihud, Y., Lev, B., 1981. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics, 605-617.
Asquith, P., Kim, E., 1982. The impact of merger bids on the participating firms` security holders. Journal of Finance, 37, 1209-1228.
Betton, S., Eckbo, B. E., Thompson, R., Thorburn, K. S., 2014. Merger negotiations with stock market feedback. Journal of Finance, 69, 1705-1745.
Coase, R. H., 1937. The nature of the firm. Economica, 4, 386-405.
Cornaggia, J., Mao, Y., Tian, X., Wolfe, B., 2015. Does banking competition affect innovation?. Journal of Financial Economics, 115, 189-209.
Denis, D. J., Denis, D. K., Sarin, A., 1997. Ownership structure and top executive turnover. Journal of Financial Economics, 45, 193-221.
Eckbo, B. E., Thorburn, K. S., 2000. Gains to bidder firms revisited: Domestic and foreign acquisitions in Canada. Journal of Financial and Quantitative Analysis, 35, 1-25.
Fan, J. P., Goyal, V. K., 2006. On the Patterns and Wealth Effects of Vertical Mergers. Journal of Business, 79, 877-902.
Fee, C. E., Hadlock, C. J., 2000. Management Turnover and Product Market Competition: Empirical Evidence from the US Newspaper Industry. Journal of Business, 73, 205-243.
Feenstra, R. C., 1996. US imports, 1972-1994: Data and concordances (Vol. 5515). National Bureau of Economic Research.
Feenstra, R. C., Romalis, J., Schott, P. K., 2002. US imports, exports, and tariff data, 1989-2001 (Vol. 9387). National Bureau of Economic Research.
Felli, L., Roberts, K., 2016. Does Competition Solve the Hold‐up Problem? Economica, 83, 172-200.
Ferris, S. P., Jayaraman, N., Sabherwal, S., 2013. CEO overconfidence and international merger and acquisition activity. Journal of Financial and Quantitative Analysis, 48, 137-164.
Flammer, C., 2015. Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal, 36, 1469-1485.
Fuller, K., Netter, J., & Stegemoller, M., 2002. What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.
Giroud, X., Mueller, H. M., 2011. Corporate governance, product market competition, and equity prices. Journal of Finance, 66, 563-600.
Guadalupe, M., Pérez-González, F., 2010. Competition and private benefits of control. In AFA 2007 Chicago Meetings Paper.
Harford, J., 1999. Corporate cash reserves and acquisitions. The Journal of Finance, 54, 1969-1997.
Harford, J., 2005. What drives merger waves? Journal of Financial Economics, 77, 529-560.
Hart, O. D., 1983. The market mechanism as an incentive scheme. Bell Journal of Economics, 366-382.
Hart, O., Moore, J., 1990. Property Rights and the Nature of the Firm. Journal of Political Economy, 1119-1158.
Hertzel, M., Lemmon, M., Linck, J. S., Rees, L., 2002. Long‐run performance following private placements of equity. Journal of Finance, 57, 2595-2617.
Healy, P. M., Palepu, K. G., Ruback, R. S., 1992. Does corporate performance improve after mergers? Journal of Financial Economics, 31, 135-175.
Hoberg, G., Phillips, G., 2010. Product market synergies and competition in mergers and acquisitions: A text-based analysis. Review of Financial Studies, 23, 3773-3811.
Hou, K., Robinson, D. T., 2006. Industry concentration and average stock returns. Journal of Finance, 61, 1927-1956.
Jensen, M. C., 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48, 831-880.
Jensen, M. C., Ruback, R. S., 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics, 11, 5-50.
Jensen, M. C., 1986. Agency cost of free cash flow, corporate finance, and takeovers. Corporate Finance, and Takeovers. American Economic Review, 76.
Karuna, C., 2007. Industry product market competition and managerial incentives. Journal of Accounting and Economics, 43, 275-297.
Klein, B., Crawford, R. G., Alchian, A. A., 1978. Vertical integration, appropriable rents, and the competitive contracting process. Journal of Law & Economics, 21, 297-326.
Lang, L. H., Stulz, R., Walkling, R. A., 1991. A test of the free cash flow hypothesis: The case of bidder returns. Journal of Financial Economics, 29, 315-335.
Leibenstein, H., 1966. Allocative efficiency vs." X-efficiency". American Economic Review, 56, 392-415.
MacKay, P., Phillips, G. M., 2005. How does industry affect firm financial structure? Review of Financial Studies, 18, 1433-1466.
Malmendier, M., Tate, G., 2008. Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics, 89, 20-43.
Maloney, M. T., McCormick, R. E., & Mitchell, M. L., 1993. Managerial decision making and capital structure. Journal of Business, 189-217.
Masulis, R. W., Wang, C., Xie, F., 2007. Corporate governance and acquirer returns. Journal of Finance, 62, 1851-1889.
Matsusaka, J. G., 1993. Takeover motives during the conglomerate merger wave. RAND Journal of Economics, 357-379.
Mitchell, M. L., Lehn, K., 1990. Do bad bidders become good targets? Journal of Political Economy, 372-398.
Mitchell, M. L., Mulherin, J. H., 1996. The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics, 41, 193-229.
Moeller, S. B., Schlingemann, F. P., Stulz, R. M., 2004. Firm size and the gains from acquisitions. Journal of Financial Economics, 73, 201-228.
Mulherin, J. H., Boone, A. L., 2000. Comparing acquisitions and divestitures. Journal of Corporate Finance, 6, 117-139.
Nickell, S. J., 1996. Competition and corporate performance. Journal of Political Economy, 724-746.
Porter, M. E., 1980. Industry structure and competitive strategy: Keys to profitability. Financial Analysts Journal, 36, 30-41.
Rhodes‐Kropf, M., Robinson, D. T., 2008. The market for mergers and the boundaries of the firm. Journal of Finance, 63, 1169-1211.
Roberts, M. R., Whited, T. M., 2012. Endogeneity in empirical corporate finance.
Roll, R., 1986. The hubris hypothesis of corporate takeovers. Journal of Business, 197-216.
Scharfstein, D., 1988. Product-market competition and managerial slack. RAND Journal of Economics, 147-155.
Schmidt, K. M., 1997. Managerial incentives and product market competition. Review of Economic Studies, 64, 191-213.
Schott, P., 2010. US manufacturing exports and imports by SIC or NAICS category and partner country, 1972 to 2005.
Servaes, H., 1991. Tobin`s Q and the Gains from Takeovers. The Journal of Finance, 46, 409-419.
Sheen, A., 2014. The real product market impact of mergers. Journal of Finance, 69, 2651-2688.
Shleifer, A., Vishny, R. W., 1997. A survey of corporate governance. Journal of Finance, 52, 737-783.
Smith, A., 1776. An inquiry into the nature and causes of the wealth of nations. Edited by Edwin Cannan. Chicago: Univ. Chicago Press.
Stigler, G. J., 1950. Monopoly and oligopoly by merger. American Economic Review, 23-34.
Stigler, G. J., 1964. A theory of oligopoly. Journal of Political Economy, 44-61.
Tirole, J., 1988. The theory of industrial organization. MIT press.
Valta, P., 2012. Competition and the cost of debt. Journal of Financial Economics, 105, 661-682.
Wickelgren, A. L., 2004. Innovation, market structure and the holdup problem: investment incentives and coordination. International Journal of Industrial Organization, 22, 693-713.
Williamson, O. E., 1979. Transaction-cost economics: the governance of contractual relations. Journal of Law and Economics, 22, 233-261.

Second Essay:
Adjei, F., Cyree, K. B., Walker, M. M., 2008. The determinants and survival of reverse mergers vs IPOs. Journal of Economics and Finance 32, 176-194.
Arellano Ostoa, A., Brusco, S., 2002. Understanding reverse mergers: a first approach.
Autore, Don M., Bray, D. E., Peterson, D. R., 2009. Intended use of proceeds and the long-run performance of seasoned equity issuers. Journal of Corporate Finance 15, 358-367.
Aydogdu, M., Shekhar, C., Torbey, V., 2007. Shell companies as IPO alternatives: an analysis of trading activity around reverse mergers. Applied Financial Economics 17, 1335-1347.
Barber, B. M., Lyon, J. D., 1996. Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics 41, 359-399.
Blakely, R. J., Cox, A., 1972. Evidence for short geomagnetic polarity intervals in the early Cenozoic. Journal of Geophysical Research 77, 7065-7072.
Carhart, M. M., 1997. On persistence in mutual fund performance. Journal of Finance 52, 57-82.
Carpentier, C., Suret, J. M., 2011. The survival and success of Canadian penny stock IPOs. Small Business Economics 36, 101-121.
Chaplinsky, S., Haushalter, D., 2010. Financing under Extreme Risk: Contract Terms and Returns to Private Investments in Public Equity. Review of Financial Studies 23, 833-888.
Chen, Y., Soileau, J. S., 2014. Does pedigree matter? Earnings quality of US listed domestic firms via reverse mergers. Journal of Accounting and Public Policy 33, 573-595.
Dushnitsky, G., M. Lenox., 2005. When do incumbents learn from entrepreneurial ventures? Research Policy 34: 615-39.
Fama, E., French, K., 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33, 3-56.
Fama, E., French, K., 1997. Industry costs of equity. Journal of Financial Economics 43, 153-193.
Feldman, D.N., Dresner, S., 2006. Reverse Mergers: Taking a Company Public without an IPO. Bloomberg Press, New York.
Floros, I. V., Sapp, T. R., 2011. Shell games: On the value of shell companies. Journal of Corporate Finance, 17, 850-867.
Floros, L., Shastri, K. 2010. A comparison of initial public offerings and reverse mergers as alternative mechanisms to going public. Iowa State University Working Paper.
Fu, F. 2010. Overinvestment and the operating performance of SEO firms. Financial Management 39, 249-272.
Gleason, K. C., Rosenthal, L., Wiggins, R. A., 2005. Backing into being public: an exploratory analysis of reverse takeovers. Journal of Corporate Finance 12, 54-79.
Hertzel, M. G., Li, Z., 2010. Behavioral and rational explanations of stock price performance around SEOs: Evidence from a decomposition of market-to-book ratios, Journal of Financial and Quantitative Analysis 45, 935-958
Kim, W., Weisbach, M. S., 2008. Motivations for public equity offers: An international perspective. Journal of Financial Economics 87, 281-307.
Krishnamurthy, S., Spindt, P., Subramaniam, V., Woidtke, T. 2005. Does investor identity matter in equity issues? Evidence from private placements. Journal of Financial Intermediation 14, 210-238.
Li, E. X. N., D. Livdan, Zhang, 2009. Anomalies. Review of Financial Studies 22, 4301-4334.
Lyandres, E., Sun, L., Zhang, L., 2008. The new issues puzzle: Testing the investment-based explanation. Review of Financial Studies 21, 2825-2855.
MacFadyen, K., 2011 “Reverse mergers under scrutiny” Merger & Acquisitions Reporter, June, V.24
Makamson, E. L., 2010. The reverse takeover: implications for strategy. Academy of Strategic Management Journal 9, 111.
McLean, D. R., 2011. Share issuance and cash savings. Journal of Financial Economics, 99, 693-715.
Semenenko, I., 2011. Reverse merger waves, market timing and managerial behavior. International Research Journal of Applied Finance 2, 1453-1481.
Shiu, C. Y., Wei, H. S. 2013. Do private placements turn around firms? Evidence from Taiwan. Financial Management, 42, 875-899.
Spiess, D. K., Affleck-Graves, J., 1995. Underperformance in long-run stock returns following seasoned equity offerings. Journal of Financial Economics 38, 243-267.

Walker, M. D., Yost, K., 2008. Seasoned equity offerings: What firms say, do, and how the market reacts. Journal of Corporate Finance 14, 376-386.

Wruck, K. H., Wu, Y. 2009. Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance 15, 30-47.
描述 博士
國立政治大學
財務管理研究所
101357503
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1013575031
資料類型 thesis
dc.contributor.advisor 周行一zh_TW
dc.contributor.advisor Chow, Edward H.en_US
dc.contributor.author (Authors) 劉晉吉zh_TW
dc.contributor.author (Authors) Liu, Chin Chien_US
dc.creator (作者) 劉晉吉zh_TW
dc.creator (作者) Liu, Chin Chien_US
dc.date (日期) 2017en_US
dc.date.accessioned 11-Jul-2017 11:28:32 (UTC+8)-
dc.date.available 11-Jul-2017 11:28:32 (UTC+8)-
dc.date.issued (上傳時間) 11-Jul-2017 11:28:32 (UTC+8)-
dc.identifier (Other Identifiers) G1013575031en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/110795-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 101357503zh_TW
dc.description.abstract (摘要) First Essay:
Using a sample of 15,835 completed M&A transactions in U.S. from 1985 to 2015, we document three main empirical results. First, consistent with the notion that the disciplinary effect of competition on corporate management, acquiring firms in competitive industries experience significantly positive announcement returns, while the abnormal returns of acquiring firms in non-competitive industries are insignificant. Second, market competition is correlated to the shareholder value in different types of M&A transaction. Horizontal and vertical integrations have positive announcement returns, while conglomerate integrations have negative announcement returns, irrespective of the condition of market competition. Third, the return of small acquiring firms is higher than the return of large acquiring firms, and this size effect is more profound in non-competitive industries.

Second Essay:
This paper examines the long-term performance of the reverse merger (RM) transactions in Taiwan stock market. Shell companies tend to conduct private placements to raise equity capital in the year following RM transactions. Based on the intended use of capital, issuers of private placements are classified into three categories: investment, recapitalization, and general corporate purposes. We find that shell companies in the investment category experience better long-term performance in the subsequent three years, which is consistent with the view that RM firms with strategic plans to increase in investments in capital expenditures are signaling profitable investment opportunity. However, shell companies in the recapitalization or general corporate purposes categories experience no or poor subsequent underperformance, suggesting that RM deals in these two categories are speculative in nature and short-sightedness that destroy the long-term shareholder wealth.		en_US
dc.description.tableofcontents First Essay:
1. Introduction 1
2. Literature Review and Testable Hypotheses Development 10
2.1 Product market competition and acquirer returns 10
2.2 Product market competition and shareholder’s wealth effect in different types of M&A activities 12
2.2.1 Competitive market, synergy theory, and horizontal integrations 13
2.2.2 Non-competitive market, collusion theory, and horizontal integrations 15
2.2.3 Competitive market, industry network theory, and vertical integrations 16
2.2.4 Non-competitive market, holdup costs theory, and vertical integrations 18
2.2.5 Competition, agency theory, and conglomerate integrations 19
2.2.6 Competition, hubris theory, and size effect 21
3. Data and Methods 23
3.1 Sample selection 23
3.2 Methods 23
3.2.1 Measures of product market competition 23
3.2.2 Measures to classify horizontal, vertical, and conglomerate integrations 25
3.2.3 Measures of acquirer announcement abnormal return 34
4. Regression Results 38
5. Robustness Test 44
6. Conclusion 47
References 49

Second Essay:
1. Introduction 75
2. Background on RMs and Private Placements in Taiwan 82
3. Data and Summary Statistics 84
3.1 Sample 84
3.2 Characteristics of public firm antecedent to RMs transactions 85
3.3 Raising capital activities around the completion of RMs transactions 87
3.4 Classification by intended use of proceeds 88
4. Empirical Results 90
4.1 Market Reactions 90
4.2 Long-term stock performance 91
5. Conclusion 94
References 96		zh_TW
dc.format.extent 1462646 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1013575031en_US
dc.subject (關鍵詞) 產業競爭zh_TW
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) 借殼上市zh_TW
dc.subject (關鍵詞) Product market competitionen_US
dc.subject (關鍵詞) Mergers and acquisitionsen_US
dc.subject (關鍵詞) Reverse mergersen_US
dc.title (題名) 公司理財兩篇論文: (1)產業競爭,併購,及主併方報酬 (2)借殼上市之動機及長期績效:以台灣為例zh_TW
dc.title (題名) Two essays related to corporate finance: (1)Product market competition, mergers and acquisitions, and acquirer returns (2)Motivations and long-term performance of reverse mergers: evidence from Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) First Essay:
Ahern, K. R., Harford, J., 2014. The importance of industry links in merger waves. Journal of Finance, 69, 527-576.
Alchian, A. A., 1950. Uncertainty, evolution, and economic theory. Journal of Political Economy, 211-221.
Alimov, A., 2014. Product market competition and the value of corporate cash: Evidence from trade liberalization. Journal of Corporate Finance, 25, 122-139.
Allen, F., Gale, D., 2000. Corporate governance and competition. Cambridge University Press, Cambridge.
Amihud, Y., Lev, B., 1981. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics, 605-617.
Asquith, P., Kim, E., 1982. The impact of merger bids on the participating firms` security holders. Journal of Finance, 37, 1209-1228.
Betton, S., Eckbo, B. E., Thompson, R., Thorburn, K. S., 2014. Merger negotiations with stock market feedback. Journal of Finance, 69, 1705-1745.
Coase, R. H., 1937. The nature of the firm. Economica, 4, 386-405.
Cornaggia, J., Mao, Y., Tian, X., Wolfe, B., 2015. Does banking competition affect innovation?. Journal of Financial Economics, 115, 189-209.
Denis, D. J., Denis, D. K., Sarin, A., 1997. Ownership structure and top executive turnover. Journal of Financial Economics, 45, 193-221.
Eckbo, B. E., Thorburn, K. S., 2000. Gains to bidder firms revisited: Domestic and foreign acquisitions in Canada. Journal of Financial and Quantitative Analysis, 35, 1-25.
Fan, J. P., Goyal, V. K., 2006. On the Patterns and Wealth Effects of Vertical Mergers. Journal of Business, 79, 877-902.
Fee, C. E., Hadlock, C. J., 2000. Management Turnover and Product Market Competition: Empirical Evidence from the US Newspaper Industry. Journal of Business, 73, 205-243.
Feenstra, R. C., 1996. US imports, 1972-1994: Data and concordances (Vol. 5515). National Bureau of Economic Research.
Feenstra, R. C., Romalis, J., Schott, P. K., 2002. US imports, exports, and tariff data, 1989-2001 (Vol. 9387). National Bureau of Economic Research.
Felli, L., Roberts, K., 2016. Does Competition Solve the Hold‐up Problem? Economica, 83, 172-200.
Ferris, S. P., Jayaraman, N., Sabherwal, S., 2013. CEO overconfidence and international merger and acquisition activity. Journal of Financial and Quantitative Analysis, 48, 137-164.
Flammer, C., 2015. Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal, 36, 1469-1485.
Fuller, K., Netter, J., & Stegemoller, M., 2002. What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.
Giroud, X., Mueller, H. M., 2011. Corporate governance, product market competition, and equity prices. Journal of Finance, 66, 563-600.
Guadalupe, M., Pérez-González, F., 2010. Competition and private benefits of control. In AFA 2007 Chicago Meetings Paper.
Harford, J., 1999. Corporate cash reserves and acquisitions. The Journal of Finance, 54, 1969-1997.
Harford, J., 2005. What drives merger waves? Journal of Financial Economics, 77, 529-560.
Hart, O. D., 1983. The market mechanism as an incentive scheme. Bell Journal of Economics, 366-382.
Hart, O., Moore, J., 1990. Property Rights and the Nature of the Firm. Journal of Political Economy, 1119-1158.
Hertzel, M., Lemmon, M., Linck, J. S., Rees, L., 2002. Long‐run performance following private placements of equity. Journal of Finance, 57, 2595-2617.
Healy, P. M., Palepu, K. G., Ruback, R. S., 1992. Does corporate performance improve after mergers? Journal of Financial Economics, 31, 135-175.
Hoberg, G., Phillips, G., 2010. Product market synergies and competition in mergers and acquisitions: A text-based analysis. Review of Financial Studies, 23, 3773-3811.
Hou, K., Robinson, D. T., 2006. Industry concentration and average stock returns. Journal of Finance, 61, 1927-1956.
Jensen, M. C., 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48, 831-880.
Jensen, M. C., Ruback, R. S., 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics, 11, 5-50.
Jensen, M. C., 1986. Agency cost of free cash flow, corporate finance, and takeovers. Corporate Finance, and Takeovers. American Economic Review, 76.
Karuna, C., 2007. Industry product market competition and managerial incentives. Journal of Accounting and Economics, 43, 275-297.
Klein, B., Crawford, R. G., Alchian, A. A., 1978. Vertical integration, appropriable rents, and the competitive contracting process. Journal of Law & Economics, 21, 297-326.
Lang, L. H., Stulz, R., Walkling, R. A., 1991. A test of the free cash flow hypothesis: The case of bidder returns. Journal of Financial Economics, 29, 315-335.
Leibenstein, H., 1966. Allocative efficiency vs." X-efficiency". American Economic Review, 56, 392-415.
MacKay, P., Phillips, G. M., 2005. How does industry affect firm financial structure? Review of Financial Studies, 18, 1433-1466.
Malmendier, M., Tate, G., 2008. Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics, 89, 20-43.
Maloney, M. T., McCormick, R. E., & Mitchell, M. L., 1993. Managerial decision making and capital structure. Journal of Business, 189-217.
Masulis, R. W., Wang, C., Xie, F., 2007. Corporate governance and acquirer returns. Journal of Finance, 62, 1851-1889.
Matsusaka, J. G., 1993. Takeover motives during the conglomerate merger wave. RAND Journal of Economics, 357-379.
Mitchell, M. L., Lehn, K., 1990. Do bad bidders become good targets? Journal of Political Economy, 372-398.
Mitchell, M. L., Mulherin, J. H., 1996. The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics, 41, 193-229.
Moeller, S. B., Schlingemann, F. P., Stulz, R. M., 2004. Firm size and the gains from acquisitions. Journal of Financial Economics, 73, 201-228.
Mulherin, J. H., Boone, A. L., 2000. Comparing acquisitions and divestitures. Journal of Corporate Finance, 6, 117-139.
Nickell, S. J., 1996. Competition and corporate performance. Journal of Political Economy, 724-746.
Porter, M. E., 1980. Industry structure and competitive strategy: Keys to profitability. Financial Analysts Journal, 36, 30-41.
Rhodes‐Kropf, M., Robinson, D. T., 2008. The market for mergers and the boundaries of the firm. Journal of Finance, 63, 1169-1211.
Roberts, M. R., Whited, T. M., 2012. Endogeneity in empirical corporate finance.
Roll, R., 1986. The hubris hypothesis of corporate takeovers. Journal of Business, 197-216.
Scharfstein, D., 1988. Product-market competition and managerial slack. RAND Journal of Economics, 147-155.
Schmidt, K. M., 1997. Managerial incentives and product market competition. Review of Economic Studies, 64, 191-213.
Schott, P., 2010. US manufacturing exports and imports by SIC or NAICS category and partner country, 1972 to 2005.
Servaes, H., 1991. Tobin`s Q and the Gains from Takeovers. The Journal of Finance, 46, 409-419.
Sheen, A., 2014. The real product market impact of mergers. Journal of Finance, 69, 2651-2688.
Shleifer, A., Vishny, R. W., 1997. A survey of corporate governance. Journal of Finance, 52, 737-783.
Smith, A., 1776. An inquiry into the nature and causes of the wealth of nations. Edited by Edwin Cannan. Chicago: Univ. Chicago Press.
Stigler, G. J., 1950. Monopoly and oligopoly by merger. American Economic Review, 23-34.
Stigler, G. J., 1964. A theory of oligopoly. Journal of Political Economy, 44-61.
Tirole, J., 1988. The theory of industrial organization. MIT press.
Valta, P., 2012. Competition and the cost of debt. Journal of Financial Economics, 105, 661-682.
Wickelgren, A. L., 2004. Innovation, market structure and the holdup problem: investment incentives and coordination. International Journal of Industrial Organization, 22, 693-713.
Williamson, O. E., 1979. Transaction-cost economics: the governance of contractual relations. Journal of Law and Economics, 22, 233-261.

Second Essay:
Adjei, F., Cyree, K. B., Walker, M. M., 2008. The determinants and survival of reverse mergers vs IPOs. Journal of Economics and Finance 32, 176-194.
Arellano Ostoa, A., Brusco, S., 2002. Understanding reverse mergers: a first approach.
Autore, Don M., Bray, D. E., Peterson, D. R., 2009. Intended use of proceeds and the long-run performance of seasoned equity issuers. Journal of Corporate Finance 15, 358-367.
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