作者：Hoberg, Gerard; Phillips, Gordon; Prabhala, Nagpurnanand
作者单位：University System of Maryland; University of Maryland College Park; University of Southern California; National Bureau of Economic Research
摘要：We examine how product market threats influence firm payout policy and cash holdings. Using firms' product text descriptions, we develop new measures of competitive threats. Our primary measure, product market fluidity, captures changes in rival firms' products relative to the firm's products. We show that fluidity decreases firm propensity to make payouts via dividends or repurchases and increases the cash held by firms, especially for firms with less access to financial markets. These result...
作者：Custodio, Claudia
作者单位：Arizona State University; Arizona State University-Tempe
摘要：q-based measures of the diversification discount are biased upward by mergers and acquisitions and its accounting implications. Under purchase accounting, acquired assets are reported at their transaction value, which typically exceeds the target's pre-merger book value. Thus, measured q tends to be lower for the merged firm than for the portfolio of pre-merger entities. Because conglomerates are more acquisitive than focused firms, their q tends to be lower. To mitigate this bias, I subtract ...
