The Market for Corporate Assets: Who Engages in

Mergers and Are There Efficiency Gains?1

Voyslav Macksimovich, Gordon Phillips.
THE JOURNAL OF FINANCE, VOL. LVI, 6, DEC. 2001

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. , (Robert H. Smith School of Business, The
University of Maryland). NSF #SBR-9709427.
Judy Chevalier, John Graham, Peter MacKay, Steven Michael , Harold Mulherin, Rene
Stulz, Michael Vetsuypens, Duke, Illinois, NYU, National
Bureau of Economik Research, Stanford, University of Texas at Austin, University of Texas at Dallas,
Virginia Tech, Western Finance Association .
Sang Nguyen Center for Economic Studies
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0.026
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0.000
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(0.317)
(0.987)
(0.812)

0.642
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-0.022

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* TFP
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0.980
0.802
1.100
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0.345
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0.325
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0.710
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0.671
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(0.224)
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0.124
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*
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(0.450)

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45,959
259,065

225

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26

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( 5, 1)
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1,02%
0,99%

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0,88%
0,87%

0,88%
0,72%
0,77%

4,32%
4,11%

9,71%
9,52%

2,88%
2,71%

4,80%

4,13%

9,20%

4,08%
4,19%
10-

9,88%
9,59%

9,08%
9,04%
90-

-
( 4, 2)
10- ( )
90- (
)
1 ( 5, 2)
( 5, 4)

( 4, 1)

0,57%

0,85%

1,28%

9,20%
3,02%

9,71%
3,52%

4,09%
3,81%

3,64%

4,13%

4,58%

3,21%
3,15%

10-
-
90-

3,68%
3,59%

4,09%
4,02%

90-
-
10-

-
( 4, 2)
10- ( )
90- (
)
( 5, 2)
( 5, 4)

( 4, 1)
1 ( 5, 1)
( 5, 3)

1,48%
1,39%
1,32%

0,85%
0,88%
0,87%

0,48
0,51%
0,56%

4,82%
4,59%

3,71%%
3,52%%

2,50%%
2,38%

5,34%%

4,13%

2,80%

5,53%
4,67%

3,68%
3,59%

2,70%
2,88%

-
( 4, 2)
10- ( )
90- (
)
( 5, 2)
( 5, 4)

228

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229

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(
)

(TFP)b
TFP * -
( * 10 .)


-
(p-value)

>1

-1,833 (0,000)
0,723 (0,000)

-1,987 (0,000)*
0,716 (0,035)

-1,808 (0,000)*
0,743 (0,006)*

0,012 (0,000)*
-0,023 (0,041)**
0,181 (0,191)

0,013 (0,054)***
-0,018 (0,526)
0,070 (0,864)

2,500 (0,000)*

0,299 (0,186)

96,961
56,12
<1%

24,772
11,62
0,040

0,018 (0,002)*
-0,014 (0,549)
-0,568
(0,028)**
-0,145
(0,042)**
-0,223 (0,000)*
42,524
39,36
>1%

(pvalue)a
(0,644)
(0,952)
(0,519)
(0,600)
(0,615)
(0,166)

*,**,*** 0 1%, 5% 10% .

230

- ,
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(Total Factor Productivity - TFP) .

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, TFP ,
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232

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(p-value)

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>1

-2,381
-2,094
(0,000)*
(0,000)*
0,551
0,450
(0,044)**
(0,206)
0,007
(0,216)

-0,008
(0,318)

-2,122
(0,000)*
0,914
(0,001)*

-1,987
(0,000)*
0,817
(0,001)*

-0,006
(0,371)

-0,004
(0,512)

-0,048
(0,413)
0,618
(0,580)
4,330
(0,000)*

0,271
0,249
0,290
(0,004)*
(0,100)***
(0,000)*
0,884
0,062
-0,047
(0,643)
(0,549)
(0,412)
0,650
0,196
0,166
(0,105)
(0,091)***
(0,051)**
0,027
0,090
0,075
(0,000)*
(0,000)*
(0,000)*
77,713
24.774
40,152
40,498
21,33
99,85
141,37
144,31
>1%
<1%
<1%
<1%
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a
(Total Factor Productivity - TFP)
.

233

 9. .

,
7 8.
10- 90- .
,
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1992 . ,
.
.

: -


-

10-

2,63%
3,21%
10-

2,33%
2,74%
10-
-
90-

2,83%
3,46%

2,55%
3,01%

2,55%
3,01%

2,55%
3,01%

90-

2,45%
2,77%
90-

2,75%
3,25%
90-
-
10-

2,26%
2,53%

: -


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- ( )

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- ( )

- ( )
- ( )

10-

1,85%
2,30%
2,92%
10-

1,93%
2,03%
2,76%
10-
-
90-

1,78%
2,22%
2,87%

2,13%
2,47%
3,27%

2,13%
2,47%
3,27%

2,13%
2,47%
3,27%

90-

2,56%
2,94%
3,95%
90-

2,17%
2,56%
3,37%
90-
-
10-

2,60%
3,04%
4,01%

234

 5.
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0,062
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444
580
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(0,027)
(0,021)
857
1,544
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0,107**
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1
(0,052)
(O,042)

275
382
:

0,127
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87
0,033
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122
-0,038
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126

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1

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>1

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0,087**
(0,041)
396
-0,017
(0,020)
1,278
-0,044
(0,049)
237

0,143***
(0,083)
89
-0,020
(0,025)
914
0,037
(0,067)
108

-0,020
(0,039)
420
-0,051***
(0,028)
723
0,053
(0,029)
677

-0,039
(0,043)
234
0,058
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401
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219

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(0,000)*
0,399
(0,000)*
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-0,003
(0,834)
0,123
(0,000)*
-0,009
(0,931)
-0,014
(0,894)
-0,032
(0,776)
0,119
(0,268)
-0,002
( 0,987)
-0,090
(0,400)
0,021
(0,883)
0,065
(0,620)
-0,034
(0,786)

0,000
(0,907)
-0,043
(0,676)
-0,119
(0,282)
omitted
-0,058
(0,572)
-0,165
(0,179)
-0,034
(0,750)
-0,045
(0,662)
-0,155
(0,131)

240

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(0,000)*

10,109

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( 0,011)
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( 0,016)
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(0,016)

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0,053*
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(0,019)

: (
)

0,020*
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(0,007)

0,056*
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0,004
(0,009)

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0,002
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TFP
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248

 1.
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.
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1
, (
1 726). 2 3
1978 . ,
,
,
,
.

,
(the Bureau of Economic Analysis).
1982 ,
(the
National Bureau of Economic Research). (p-value ).
:

(SIC 2911)
(SIC 2011)

0,013 (0,061)***
0,019 (0,587)
0,169 (0,009)*

0,108 (0,000)*
0,003 (0,972)
1,661 (0,000)*

0,044 (0,000)*
0,084 (0,124)
0,306 (0,001)*

0,674 (0,000)*
0,773 (0,000)*
-0,072 (0,600)
()2
0,074 (0,000)*
-0,001 (0,825)
0,009 (0,043)**
( )2
0,000 (0,631)*
0,075 (0,000)*
0,007 (0,411)
()2
0,020 (0,000)*
0,085 (0,000)*
-0,024 (0,039)**
*
-0,029 (0,000)*
-0,005 (0,640)
0,003 (0,856)

*
-0,110 (0,000)*
-0,005 (0,503)
-0,040 (0,003)*
*
0,044 (0,000)*
-0,144 (0,000)*
-0,000 (0,999)

3,352 (0,000)*
2,819 (0,000)*
-3,765 (0,000)*
R2
0,92
0,74
*,**,*** 1 0 1%, 5% 10%
. 2 3,
t-.

249


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252