Transportation networks and competition in the market for corporate control

议价能力 竞赛(生物学) 业务 控制(管理) 产业组织 市场支配力 公司控制权市场 货币经济学 微观经济学 经济 公司治理 财务 股东 生态学 垄断 管理 生物
作者
Marco Testoni
出处
期刊:Strategic Management Journal [Wiley]
卷期号:45 (6): 1180-1208 被引量:1
标识
DOI:10.1002/smj.3577
摘要

Abstract Research Summary While competition in the market for corporate control determines firms' ability to capture value from acquisitions, there is limited evidence of factors that influence such competition. This study explores whether airline routes intensify competition in this market and affect the target's returns. Targets can become better connected to distant latent acquirers (DLAs), which can increase the targets' bargaining power. Similarly, better connectivity can allow acquirers to reach distant latent targets (DLTs) and therefore increase the acquirers' bargaining power. Examining acquisitions between US public companies during 1980–2018, I find that lower travel time between the target and its DLAs increases the target's returns and the number of competing bids. Instead, the travel time between the acquirer and its DLTs does not play a role. Managerial Summary In corporate acquisitions, the competitive threat posed by potential alternative acquirers of the target generally forces the focal acquirer to offer high returns to the target to gain its control. Indeed, these transactions are often not profitable for acquirers. Yet, we know little about what determines the competitive threat faced by acquirers in the market for corporate control. This study shows that the presence of airline routes that reduce the travel time between the target and its latent acquirers increases the target's returns from the deal and the number of competing bids. The study also tests whether lower travel time between the acquirer and its latent targets gives the acquirer more bargaining power vis‐à‐vis the focal target. However, there is no evidence of this effect.
最长约 10秒,即可获得该文献文件

科研通智能强力驱动
Strongly Powered by AbleSci AI
更新
PDF的下载单位、IP信息已删除 (2025-6-4)

科研通是完全免费的文献互助平台,具备全网最快的应助速度,最高的求助完成率。 对每一个文献求助,科研通都将尽心尽力,给求助人一个满意的交代。
实时播报
Darren发布了新的文献求助10
1秒前
威武鸽子发布了新的文献求助10
1秒前
小蘑菇应助忆枫采纳,获得10
1秒前
刘柳完成签到 ,获得积分10
2秒前
2秒前
3秒前
王雪发布了新的文献求助20
3秒前
恒牙完成签到 ,获得积分10
4秒前
聪慧雅霜完成签到,获得积分10
4秒前
4秒前
研友_Lw4Ngn完成签到,获得积分10
4秒前
慕青应助iFaceDOG采纳,获得10
4秒前
从容安柏发布了新的文献求助10
5秒前
天天快乐应助jinxixi采纳,获得10
5秒前
niupotr完成签到,获得积分10
5秒前
6秒前
Ava应助Tong123采纳,获得10
6秒前
烟花应助淡淡宛采纳,获得10
7秒前
Weilang完成签到,获得积分10
7秒前
zz完成签到,获得积分10
8秒前
dll完成签到 ,获得积分10
8秒前
十六完成签到,获得积分10
8秒前
9秒前
快乐冰淇淋完成签到,获得积分20
9秒前
丸子_2025000完成签到,获得积分10
9秒前
Lucas应助OKOK采纳,获得10
10秒前
猫科动物完成签到,获得积分10
10秒前
samchen完成签到,获得积分10
10秒前
星辰大海应助开心小猪采纳,获得10
11秒前
11秒前
科研杂役发布了新的文献求助10
11秒前
CX发布了新的文献求助10
11秒前
13秒前
13秒前
温柔体贴阿尔法完成签到,获得积分10
13秒前
14秒前
xue发布了新的文献求助10
14秒前
ll应助苏苏采纳,获得10
14秒前
秦从露完成签到 ,获得积分10
14秒前
asdfghjkl发布了新的文献求助10
15秒前
高分求助中
A new approach to the extrapolation of accelerated life test data 1000
Technical Brochure TB 814: LPIT applications in HV gas insulated switchgear 1000
ACSM’s Guidelines for Exercise Testing and Prescription, 12th edition 500
Picture Books with Same-sex Parented Families: Unintentional Censorship 500
Nucleophilic substitution in azasydnone-modified dinitroanisoles 500
不知道标题是什么 500
A Preliminary Study on Correlation Between Independent Components of Facial Thermal Images and Subjective Assessment of Chronic Stress 500
热门求助领域 (近24小时)
化学 材料科学 医学 生物 工程类 有机化学 生物化学 物理 内科学 纳米技术 计算机科学 化学工程 复合材料 遗传学 基因 物理化学 催化作用 冶金 细胞生物学 免疫学
热门帖子
关注 科研通微信公众号,转发送积分 3970394
求助须知:如何正确求助?哪些是违规求助? 3515139
关于积分的说明 11177107
捐赠科研通 3250335
什么是DOI,文献DOI怎么找? 1795254
邀请新用户注册赠送积分活动 875732
科研通“疑难数据库(出版商)”最低求助积分说明 805054