We study the effects of mergers in the Australian petroleum industry during 1980-1994. The effect on the profitability … decrease in profitability for all firms. Thus, the results are not consistent with the view that mergers have acted primarily …

We examine the profitability of cross-ownership in an oligopolistic industry where firms compete as Cournot rivals. We … profitable beyond that participation ratio. This result may be called a cross-ownership paradox, analogous to the merger paradox … over to the case of non-renewable resource industries. The profitability of a symmetric cross-ownership can be positive …