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Anti- versus Pro-Competitive Mergers
Fridolfsson, Sven-Olof - 2007
In a framework where mergers are mutually excluding, I show that firms pursue anti- rather than (alternative) pro …-competitive mergers. Potential outsiders to anti-competitive mergers refrain from pursuing pro-competitive mergers if the positive … externalities from anti-competitive mergers are strong enough. Potential outsiders to pro-competitive mergers pursue anti …
Persistent link: https://www.econbiz.de/10010320066
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Industry Concentration and Welfare - On the Use of Stock Market Evidence from Horizontal Mergers
Fridolfsson, Sven-Olof; Stennek, Johan - 2006
There is diverging empirical evidence on the competitive effects of horizontal mergers: consumer prices (and thus … presumably competitors' profits) often rise while competitors' share prices fall. Our model of endogenous mergers provides a … possible reconciliation. It is demonstrated that anticompetitive mergers may reduce competitors' share prices, if the merger …
Persistent link: https://www.econbiz.de/10010320063
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Entrepreneurial Innovations, Competition and Competition Policy
Norbäck, Pehr-Johan; Persson, Lars - 2006
We show that, in the case when innovations are for sale, increased product market competition, captured by reduced product market profits, can increase the incentives for innovations. The reason is that the incentive to innovate depends on the acquisition price which, in turn, might increase...
Persistent link: https://www.econbiz.de/10010320042
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Buying to Sell: A Theory of Buyouts
Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2010
Private equity owned firms have more leverage, more intense compensation contracts, and higher productivity than comparable firms. We develop a theory of buyouts in oligopolistic markets that explains these facts. Private equity firms are more aggressive in inducing restructuring compared to...
Persistent link: https://www.econbiz.de/10010320382
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A theory of gazelle growth: Competition, venture capital finance and policy
Kaya, Mehmet Caglar; Persson, Lars - 2019
This paper proposes a theory of gazelle growth in which gazelles can either grow organically or by acquisitions. In the … that financial support for the organic growth of gazelles can increase gazelles' growth by acquisitions since incumbents …
Persistent link: https://www.econbiz.de/10012145516
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A Consumer Surplus Defense in Merger Control
Fridolfsson, Sven-Olof - 2007
that some welfare increasing mergers will be blocked. This is optimal, if the relevant alternative to the merger is another … enhance welfare even though it blocks some welfare increasing mergers when the relevant alternative is the status quo. …
Persistent link: https://www.econbiz.de/10010320142
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Anti- vs. Pro-Competitive Mergers
Fridolfsson, Sven-Olof - 2011
In a framework where mergers are mutually excluding, I show that firms pursue anti- rather than (alternative) pro …-competitive mergers. Potential outsiders to anti-competitive mergers refrain from pursuing pro-competitive mergers if the positive … externalities from anti-competitive mergers are strong enough. Potential outsiders to pro-competitive mergers pursue anti …
Persistent link: https://www.econbiz.de/10012714401
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Threatening to buy: Private equity buyouts and antitrust policy
Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2018
the threat of a PE acquisition can trigger incumbent mergers in an otherwise mergerstable industry. This can help …-enhancing - mergers now take place. We thus predict that merger waves among incumbents should follow the development of a local PE …
Persistent link: https://www.econbiz.de/10011917075
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Stock market impact of cross-border acquisitions in emerging markets
Norbäck, Pehr-Johan; Persson, Lars - 2019
Entry by multinational enterprises (MNEs) into emerging markets has increased substantially over the last decades. Many of these MNE entries have taken place in concentrated markets. To capture these features, we construct a strategic interaction model of MNE cross-border acquisition and...
Persistent link: https://www.econbiz.de/10012145492
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Effects of privatization on price and labor efficiency: The Swedish electricity distribution sector
Lundin, Erik - 2016
I examine the effects of privatization, in the form of acquisitions, in the Swedish electricity distribution sector. As … bordering networks that were separately operated by each municipality prior to the acquisitions, I examine to what extent the …
Persistent link: https://www.econbiz.de/10011917015