Driven by the discount factor: impact of mergers on market performance in the semiconductor industry
This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model which a...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
München
CESifo
2015
|
| Schriftenreihe: | CESifo working paper
5199 : Category 11, Industrial organisation |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model which accounts for firms' endogenous selection into mergers, as well as the heterogeneous impact of mergers on the product market. Our study provides evidence that firms' discount factors explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms characterized by high discount factors (patient firms) merge with efficient and innovative target firms, and achieve high efficiency gains. In contrast, acquiring firms characterized by low discount factors (impatient firms) merge with less innovative target firms, and achieve higher market power effects. |
| Beschreibung: | 1 Online-Ressource (42 S.) |
| Format: | . - Acrobat Reader |
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| 520 | 1 | |a This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model which accounts for firms' endogenous selection into mergers, as well as the heterogeneous impact of mergers on the product market. Our study provides evidence that firms' discount factors explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms characterized by high discount factors (patient firms) merge with efficient and innovative target firms, and achieve high efficiency gains. In contrast, acquiring firms characterized by low discount factors (impatient firms) merge with less innovative target firms, and achieve higher market power effects. | |
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| spelling | Harris, Jeremiah Verfasser aut Driven by the discount factor impact of mergers on market performance in the semiconductor industry Jeremiah Harris ; Ralph Siebert München CESifo 2015 1 Online-Ressource (42 S.) txt rdacontent c rdamedia cr rdacarrier CESifo working paper 5199 : Category 11, Industrial organisation This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model which accounts for firms' endogenous selection into mergers, as well as the heterogeneous impact of mergers on the product market. Our study provides evidence that firms' discount factors explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms characterized by high discount factors (patient firms) merge with efficient and innovative target firms, and achieve high efficiency gains. In contrast, acquiring firms characterized by low discount factors (impatient firms) merge with less innovative target firms, and achieve higher market power effects. . - Acrobat Reader Siebert, Ralph 1968- Verfasser (DE-588)122268326 aut CESifo working paper 5199 : Category 11, Industrial organisation (DE-604)BV014083264 5199 https://www.cesifo.org/DocDL/cesifo1_wp5199.pdf Verlag kostenfrei Volltext |
| spellingShingle | Harris, Jeremiah Siebert, Ralph 1968- Driven by the discount factor impact of mergers on market performance in the semiconductor industry CESifo working paper |
| title | Driven by the discount factor impact of mergers on market performance in the semiconductor industry |
| title_auth | Driven by the discount factor impact of mergers on market performance in the semiconductor industry |
| title_exact_search | Driven by the discount factor impact of mergers on market performance in the semiconductor industry |
| title_full | Driven by the discount factor impact of mergers on market performance in the semiconductor industry Jeremiah Harris ; Ralph Siebert |
| title_fullStr | Driven by the discount factor impact of mergers on market performance in the semiconductor industry Jeremiah Harris ; Ralph Siebert |
| title_full_unstemmed | Driven by the discount factor impact of mergers on market performance in the semiconductor industry Jeremiah Harris ; Ralph Siebert |
| title_short | Driven by the discount factor |
| title_sort | driven by the discount factor impact of mergers on market performance in the semiconductor industry |
| title_sub | impact of mergers on market performance in the semiconductor industry |
| url | https://www.cesifo.org/DocDL/cesifo1_wp5199.pdf |
| volume_link | (DE-604)BV014083264 |
| work_keys_str_mv | AT harrisjeremiah drivenbythediscountfactorimpactofmergersonmarketperformanceinthesemiconductorindustry AT siebertralph drivenbythediscountfactorimpactofmergersonmarketperformanceinthesemiconductorindustry |