报告题目：Product similarity and the motives for related mergers
报 告 人：彭霓（伦敦玛丽王后大学 讲师）
主 持 人：周彤（中山大学岭南学院 助理教授）
What motivates mergers between firms producing similar products? Using Hoberg and Phillips’ (2014) text-based product similarity measure, we find that when an acquirer’s product is more similar to those of its rivals, a merger results in a greater post-merger product selling price for the combined firm. In addition, cumulative abnormal returns (CARs) at the merger announcement are higher for the combined firm and for product market rivals, but lower for reliant corporate customers along the supply chain. The evidence from both product market and stock market consistently suggests that market power is an important motive for related mergers.