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Sequential Cross-border Mergers in Models of Oligopoly

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  • ALBERTO SALVO

Abstract

Anti-competitive mergers may be held up when outside firms respond pro-competitively. I examine the profitability of cross-border mergers by embedding a class of oligopoly models-where mergers are anti-competitive and actions are strategic substitutes-in a sequential merger game, cast in a two-country setting. I find that cross-border mergers: (i) are held up only when 'international differences' are minimal; (ii) happen in clusters, not in isolation; and (iii) can be interdependent. I illustrate with two standard oligopolies. The 'bumpiness' of the world suggests that the hold-up problem is less pervasive in an open-economy context. Copyright (c) The London School of Economics and Political Science 2008.

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Bibliographic Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 77 (2010)
Issue (Month): 306 (04)
Pages: 352-383

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Handle: RePEc:bla:econom:v:77:y:2010:i:306:p:352-383

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Cited by:
  1. Nakamura, Yasuhiko, 2011. "Bargaining over managerial delegation contracts and merger incentives in an international oligopoly," Research in Economics, Elsevier, vol. 65(1), pages 47-61, March.

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