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Anticompetitive mergers increase competitors' profits, since they reduce competition. Using a model of endogenous mergers, we show that such mergers nevertheless may reduce the competitors' share-prices. Thus, event-studies can not detect anti-competitive mergers. 
Persistent link: https://www.econbiz.de/10005645370
endogenous rather than exogenous merger theory. More surprisingly, our data suggests that fairness (or relative performance … profitable merger does not occur, because it is even more profitable for each firm to unilaterally stand as an outsider (Stigler …
Persistent link: https://www.econbiz.de/10005789098
This work is focused on identifying a circular pull production control system (PPCS) and make emphasis on the presence of a stability attribute. It is an introductory paper to an extended study of macroeconomic financial stability in a physically open but systemic closed system. Previous work...
Persistent link: https://www.econbiz.de/10005126234
This paper analyzes endogenous merger formation in oligopolistic markets where firms have different unit production … costs. We reformulate the merger model, introduced by Barros (1998), by employing the core as cooperative equilibrium … concept. We show that, depending on the size asymmetry in the pre-merger market, this alternative solution concept predicts a …
Persistent link: https://www.econbiz.de/10009151445
We analyze the optimal policy of an antitrust authority towards horizontal mergers when merger proposals are endogenous … pre-merger market share. The optimal policy is a response to a bias in firms' proposal incentives: firms always propose a … larger merger when it is better for consumers than a smaller one, but sometimes will propose the larger one even when it is …
Persistent link: https://www.econbiz.de/10010633564
- Network analysis techniques are used for investigating the probable effects of a change in the regulation that aims to prevent the anticompetitive effects of the crossed presence of the same administrators in the boards of directors of competing firms, known as interlocking directorates (ID)....
Persistent link: https://www.econbiz.de/10010714052
markets most affected by the merger to markets where concentration changed much less or not at all. We estimate price …
Persistent link: https://www.econbiz.de/10010604125
strategic behaviour in the product market. If firms compete in quantities, consolidation makes firms more aggressive due to …
Persistent link: https://www.econbiz.de/10005114318
generalizes the traditional IO approach, employing ideas on coalition-formation from cooperative gave theory. The model suggests …
Persistent link: https://www.econbiz.de/10005670123
. These results are derived in an endogenous-merger model, predicting the conditions under which mergers occur, the time of … merger, and the split of surplus …
Persistent link: https://www.econbiz.de/10012743188