Merger externalities in oligopolistic markets

Klaus Gugler; Florian Szücs

doi:10.1016/j.ijindorg.2016.05.003

Merger externalities in oligopolistic markets

Klaus Gugler, Florian Szücs

Publikation: Wissenschaftliche Fachzeitschrift › Originalbeitrag in Fachzeitschrift › Begutachtung

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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.

Originalsprache	Englisch
Seiten (von - bis)	230 - 254
Fachzeitschrift	International Journal of Industrial Organization
Jahrgang	47
DOIs	https://doi.org/10.1016/j.ijindorg.2016.05.003
Publikationsstatus	Veröffentlicht - 2016

Zugriff auf Dokument

10.1016/j.ijindorg.2016.05.003Lizenz: Nicht angegeben

Gugler Sz cs 2016 Merger-externalities spillover IJIO rev2Akzeptiertes Autor*inn*enmanuskript, 228 KBLizenz: Sonstige

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Andere Dateien und Links

http://www.sciencedirect.com/science/article/pii/S0167718716300364

Zitat

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AB - 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.

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