The Determinants of Horizontal Acquisitions: Evidence from the US Brewing Industry

Tremblay, Victor J.; Tremblay, Carol Horton

doi:10.2307/2098551

Cited by 57 publications

(32 citation statements)

References 19 publications

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“…Some researchers have analyzed industries in isolation (Tremblay andTremblay 1988, Bacon, Shin andMurphy 1994). Bacon et.al.…”

Section: Literature Reviewmentioning

confidence: 99%

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Complementarities and spillovers in mergers: an empirical investigation using patent data

Marco

Rausser

2011

Economics of Innovation and New Technology

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“…Some researchers have analyzed industries in isolation (Tremblay andTremblay 1988, Bacon, Shin andMurphy 1994). Bacon et.al.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Tremblay and Tremblay (1988) study the beer industry from 1950-1983. They account for the problem by estimating the probability of merger year by year.…”

Section: Literature Reviewmentioning

confidence: 99%

Complementarities and spillovers in mergers: an empirical investigation using patent data

Marco

Rausser

2011

Economics of Innovation and New Technology

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“…Several studies show that asset divestiture, i.e. the elimination of redundant activities and inefficient management practices, improves the performance of horizontal acquisitions (Anand and Singh, 1997;Tremblay and Tremblay, 1988). Economies of scale and scope are especially useful to predict the performance of horizontal acquisitions, since they are more likely to exist with overlapping businesses than with unrelated acquisitions (O'Shaughnessy and Flanagan, 1998).…”

Section: Post-acquisition Asset Divestiture and Costbased Synergiesmentioning

confidence: 99%

The long-term performance of horizontal acquisitions

1999

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This paper examines how value is created in horizontal mergers and acquisitions. More specifically, it examines the impact of post-acquisition asset divestiture and resource redeployment on the long-term performance of horizontal acquisitions. The data come from a detailed survey of acquiring firm managers and cover 253 horizontal mergers and acquisitions that were initiated by European and U.S. firms in manufacturing industries for the period 1988-1992. This study incorporates insights from the cost efficiency and resource-based theories to propose a model of the effects of asset divestiture and resource redeployment on long-term acquisition performance. Overall, our results show that both asset divestiture and resource redeployment can contribute to acquisition performance, with, however, a significant risk of damaging acquisition performance when the divested assets and redeployed resources are those of the target.

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“…These efficiency gains include operating synergies, diversification, financial synergies, and asset divestiture (Burgelman [4], Jensen and Ruback [13], Larsson and Finkelstein [15], and Tremblay and Tremblay [23]). The prospect of economies of scale is also an important motive for a horizontal acquisition (Capron [5]).…”

Section: Introductionmentioning

confidence: 99%

Horizontal Mergers, Firm Heterogeneity, and R&D Investments

2009

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract We investigate the incentive and the welfare implications of a merger when heterogeneous oligopolists compete both in process R&D and on the product market. We examine how a merger affects the output, investment, and profits of firms, whether firms have merger incentives, and, if so, whether such mergers are desirable from the viewpoint of social welfare. We also derive equilibrium configurations and explore their welfare properties. Terms of use: Documents in EconStor mayJEL classification: L41, L13, O32

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The Determinants of Horizontal Acquisitions: Evidence from the US Brewing Industry

Cited by 57 publications

References 19 publications

Complementarities and spillovers in mergers: an empirical investigation using patent data

Complementarities and spillovers in mergers: an empirical investigation using patent data

The long-term performance of horizontal acquisitions

Horizontal Mergers, Firm Heterogeneity, and R&D Investments

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