Mergers and the market for organization capital

• 成果类型: Article
• 署名作者: Faria, Andre L.
• 署名单位: International Monetary Fund
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2007.02.005
• 发表日期: 2008
• 页码: 71-100
• 关键词: mergers; merger waves; organization capital; technological change

摘要

In this paper, mergers are an equilibrium outcome in which acquirers marry targets so as to gain access to their organization capital. Firms with lower learning costs about the new technology are not necessarily those that manage it best once it is mature. Since there are gains from trade, a market for organization capital can arise through mergers. This model generates a merger wave after a shock to technology and is consistent with several other stylized facts on mergers documented in the literature. (C) 2007 Elsevier Inc. All rights reserved.