Merger externalities in oligopolistic markets

• Autores: Klaus Gugler, Florian Szücs
• Localización: International journal of industrial organization, ISSN 0167-7187, Vol. 47, Nº. 0, 2016, págs. 230-254
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • Abstract We evaluate the external effects of 183 large mergers at the market level by assessing the impact on the main competitors of the merging firms. Using synthetic control groups and difference in difference estimation, we find that the return on assets of rival firms increases significantly after a merger. The size of the effect varies strongly with market characteristics and the intensity of competition.