University of Illinois at Urbana-Champaign
Conglomerate Mergers and the Pursuit of Economies of Scope (Multiproduct, Q Ratio, Capm, Risk)
Abstract
dc:descriptionConglomerate mergers have been a puzzle to economists and financial analysts. Unlike horizontal and vertical mergers, it is difficult to explain conglomerate mergers as a simple pursuit of market power and/or economies of specialization. Further complicating the problem, empirical evidence indicates that while the acquired firm shareholders gain substantially, the acquiring firm shareholders just break even. This dissertation integrates the multiproduct theory of Baumol, Panzar, and Willig with the CAPM to build a theory of conglomerate mergers consistent with the neo-classical profit-maximizing axioms. The relationships among product market, capital market, and the market for corporate control are examined.
Degree
thesis:*- Name thesis:degree_name
- Ph.D.
- Level thesis:degree_level
- Dissertation
- Discipline thesis:degree_discipline
- Economics
- Grantor
- University of Illinois at Urbana-Champaign
- Year dc:date
- 2014
Author and committee
dc:creator, dc:contributor.*- Author dc:creator
-
- Chang, Philip Chia En
Subjects
dc:subject × 1Identifiers
dc:identifier.*- Identifier
- (UMI)AAI8521738
- OAI identifier oai:identifier
- oai:www.ideals.illinois.edu:2142/70758