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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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Industry Concentration and Welfare - On the Use of Stock Market Evidence from Horizontal Mergers
Fridolfsson, Sven-Olof; Stennek, Johan - C.E.P.R. Discussion Papers - 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/10005497962
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Why Event Studies Do Not Detect Anti-Competitive Mergers
Fridolfsson, Sven-Olof; Stennek, Johan - Institutet för Näringslivsforskning (IFN) - 2000
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
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Industry Concentration and Welfare - On the Use of Stock Market Evidence from Horizontal Mergers
Fridolfsson, Sven-Olof; Stennek, Johan - Institutet för Näringslivsforskning (IFN) - 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/10005645428
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Endogenous merger formation in asymmetric markets: A reformulation and welfare analysis
Neubecker, Leslie; Stadler, Manfred - Wirtschaftswissenschaftlichen Fakultät, … - 2003
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...
Persistent link: https://www.econbiz.de/10009151445
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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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Pre-emptive horizontal mergers: theory and evidence
Molnár, József - 2007
pursue value-decreasing mergers. It can be optimal to overpay for a target firm and decrease shareholder value if the loss is …
Persistent link: https://www.econbiz.de/10012148006
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Tacit Collusion, Cost Asymmetries, and Mergers
Vasconcelos, Helder - In: RAND Journal of Economics 36 (2005) 1, pp. 39-62
This article contributes to the analysis of tacit collusion in quantity-setting supergames involving cost-asymmetric firms. Asymmetry is dealt with by assuming that firms have a different share of a specific asset that affects marginal costs. The model extends optimal punishment schemes in the...
Persistent link: https://www.econbiz.de/10005357024
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Pre-emptive horizontal mergers: theory and evidence
Molnar, Jozsef - Suomen Pankki - 2007
pursue value-decreasing mergers. It can be optimal to overpay for a target firm and decrease shareholder value if the loss is …
Persistent link: https://www.econbiz.de/10005190742
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Entrepreneurial Innovations, Competition and Competition Policy
Norbäck, Pehr-Johan; Persson, Lars - Institutet för Näringslivsforskning (IFN) - 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/10005419538