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You searched for +publisher:"University of Manchester" +contributor:("GAO, NING N"). Showing records 1 – 2 of 2 total matches.

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University of Manchester

1. Peng, Ni. Market Power and Mergers.

Degree: 2015, University of Manchester

This thesis presents three essays on the motives for mergers and the determinants of U.S. horizontal merger antitrust case selection. These essays contribute to the debate on whether mergers increase social welfare and on the efficiency of antitrust intervention.The first essay explores the market power motive for horizontal mergers by examining the relation between the announcement wealth effects to merging firms and their reliant corporate customers. Large sample studies generally conclude that efficiency considerations drive horizontal mergers and find little market power, which implies a non-negative wealth effect relation between these two parties along the supply chain. When I examine the endogenous stock market reactions to merger announcements with instrumentation, however, my results overturn this inference: I find that greater abnormal returns to merging firms systematically relate to lower abnormal returns to reliant customers. This wealth transfer effect exists for deals in industries with little foreign competition but not for deals in industries with intense foreign competition. These results suggest that increased market power is a key driver of horizontal mergers.In the second essay, I investigate the determinants of U.S. antitrust invention by examining horizontal merger antitrust case selection in the U.S. manufacturing sector during 1980–2009. I find no evidence supporting the consumer protection claim of the government’s antitrust agencies. Instead, I find that the likelihood of antitrust intervention is negatively related to foreign import pressure. Hitting a market concentration hurdle criterion also predicts intervention. In addition, industry rivals seem able to exert pressure for antitrust intervention to avoid a competitive disadvantage. I identify two rival groups that account for the demand for antitrust regulation, local rivals and rivals producing less specialised products.The third essay examines the motives for related mergers from the perspective of product market similarity. Using Hoberg and Phillips’ (2014) text-based product similarity measure, I find that when an acquirer’s product is more similar to those of its rivals, a related merger results in a greater post-merger product price and lower market share for the combined firm. Moreover, for related mergers in more homogenous product markets, the stock market reactions to the merger announcement are higher for the combined firm and for product market rivals, but lower for reliant corporate customers. Overall, the evidence on both product market real performance and stock market reactions is consistent with the wealth transfer effect of related mergers, and suggests that the primary motive for firms to merge with product market competitors is to gain market power rather than to achieve efficiencies. Advisors/Committee Members: GAO, NING N, Gao, Ning, Strong, Norman.

Subjects/Keywords: M&A; Market Power; Antitrust Policy

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Peng, N. (2015). Market Power and Mergers. (Doctoral Dissertation). University of Manchester. Retrieved from http://www.manchester.ac.uk/escholar/uk-ac-man-scw:247587

Chicago Manual of Style (16th Edition):

Peng, Ni. “Market Power and Mergers.” 2015. Doctoral Dissertation, University of Manchester. Accessed December 10, 2019. http://www.manchester.ac.uk/escholar/uk-ac-man-scw:247587.

MLA Handbook (7th Edition):

Peng, Ni. “Market Power and Mergers.” 2015. Web. 10 Dec 2019.

Vancouver:

Peng N. Market Power and Mergers. [Internet] [Doctoral dissertation]. University of Manchester; 2015. [cited 2019 Dec 10]. Available from: http://www.manchester.ac.uk/escholar/uk-ac-man-scw:247587.

Council of Science Editors:

Peng N. Market Power and Mergers. [Doctoral Dissertation]. University of Manchester; 2015. Available from: http://www.manchester.ac.uk/escholar/uk-ac-man-scw:247587

2. Zhang, Huixin. Essays on the insider role of M and A advisors and the relationship between product similarity and corporate cash holdings.

Degree: 2015, University of Manchester

This thesis presents three essays, with the first two focusing on the insider role of M and A advisors and the effectiveness of insider trading rule, while the third essay looks into the effects of product market competition on corporate cash holdings.The main hypothesis of the first and second essay is that the advisory banks that are privy to non-public deal information might have high motivation to exploit this privileged information by taking a position in a takeover target ahead of a deal and realise an excess return upon deal announcement. This motivation for and act of “insider trading” might be attenuated by the insider trading rules Rule10b5-1 and Rule10b5-2, which were released in 2000.The first essay examines the presence of acquiror advisors’ holdings in targets and their trading strategy on such holdings before deal announcement. Using an aggregate level of stake-holding in the target firm by a financial conglomerate/brands with which the advisor to the acquiror is affiliated, we find that advisory brands start to take and accumulate holdings in targets at least seven quarters before deal announcement through to announcement quarter. The stake-holding is significantly larger than that of a non-advisory brand group that is defined. We argue that these results imply the direct link between advisory holdings, advisor identity and the strong intentions of trading on private deal information. However, this tendency is markedly attenuated in the post-rule period after 2000. This change in advisory brand trading strategy on target stocks ahead of a deal with the passage of rules suggests a positive deterrence effect of the insider trading rule.In the second essay, we investigate the profitability of this trading strategy by advisory brands to acquirors taking stake in targets ahead of a deal. Results suggest that both the level and the build-up (increase) of an advisory stake between the last two quarters immediately preceding deal announcement are positively related to the target return. These results are consistent with the view that advisory brands trade on their privileged deal information by taking and increasing holdings in targets ahead of deals to profit from the increase in target share price. In our sub-period analysis, results suggest that all the coefficients become much smaller and insignificant for the post-rule period after 2000. This again indicates a strongly positive deterrent effect of regulation, which further confirms the conclusion of the first essay.The third essay is related to both the static and dynamic effect of product market competition on firm cash holdings. We find that the intensity of product market competition measured by product similarity from Hoberg and Phillips (2010, 2011) has a significant positive effect on firm cash holdings, after controlling for other measures including the Industry Herfindahl Index and industry fluidity. This suggests that firms in a more competitive industry reserve more cash as their war chest or preemptive tool against competitors. Further, Vector… Advisors/Committee Members: GAO, NING N, Collett, Nicholas.

Subjects/Keywords: M and A advisor; Insider trading; product market competition; corporate cash holdings

…x29; and s/he has given The University of Manchester certain rights to use such Copyright… …support of the Manchester Business School, University of Manchester. Special thanks go to my PhD… 

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Record DetailsSimilar RecordsGoogle PlusoneFacebookTwitterCiteULikeMendeleyreddit

APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Zhang, H. (2015). Essays on the insider role of M and A advisors and the relationship between product similarity and corporate cash holdings. (Doctoral Dissertation). University of Manchester. Retrieved from http://www.manchester.ac.uk/escholar/uk-ac-man-scw:262523

Chicago Manual of Style (16th Edition):

Zhang, Huixin. “Essays on the insider role of M and A advisors and the relationship between product similarity and corporate cash holdings.” 2015. Doctoral Dissertation, University of Manchester. Accessed December 10, 2019. http://www.manchester.ac.uk/escholar/uk-ac-man-scw:262523.

MLA Handbook (7th Edition):

Zhang, Huixin. “Essays on the insider role of M and A advisors and the relationship between product similarity and corporate cash holdings.” 2015. Web. 10 Dec 2019.

Vancouver:

Zhang H. Essays on the insider role of M and A advisors and the relationship between product similarity and corporate cash holdings. [Internet] [Doctoral dissertation]. University of Manchester; 2015. [cited 2019 Dec 10]. Available from: http://www.manchester.ac.uk/escholar/uk-ac-man-scw:262523.

Council of Science Editors:

Zhang H. Essays on the insider role of M and A advisors and the relationship between product similarity and corporate cash holdings. [Doctoral Dissertation]. University of Manchester; 2015. Available from: http://www.manchester.ac.uk/escholar/uk-ac-man-scw:262523

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