Using projections disclosed by merging firms' insiders, we examine the impact of operating efficiencies in horizontal mergers on the stock market and operating performance of merging firms' product market rivals, corporate customers, and suppliers. We show that merger-related operating efficiencies affect the valuation and performance of merging firms' rivals, customers, and suppliers in ways consistent with the predictions of industrial organization theory. More broadly, our results underscore the importance of inter-firm strategic linkages for firms' valuation and performance.

中文翻译：

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横向兼并运营效率对竞争对手，客户和供应商的影响*

使用合并公司内部人披露的预测，我们研究了横向合并中运营效率对股票市场的影响以及合并公司产品市场竞争对手，公司客户和供应商的运营绩效。我们证明，与合并相关的运营效率会以与产业组织理论的预测相一致的方式影响合并公司的竞争对手，客户和供应商的估值和绩效。更广泛地说，我们的结果强调了公司间战略联系对于公司估值和绩效的重要性。