流动性合并


Even when there are no operational synergies associated with a merger, financially distressed firms may be acquired by liquid firms in their industries: these “liquidity mergers” reallocate liquidity to firms that otherwise might be inefficiently terminated. Using a large sample of corporate mergers, researchers Heitor Almeida, Murillo Campello, and Dirk Hackbarth show that liquidity-driven acquisitions are more likely to occur in industries where assets are industry-specific but can be transferred across firms. Also, firms are more likely to use credit lines (relative to cash) when they operate in industries that experience more frequent liquidity mergers.