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Excess Returns in Electric Utility Mergers during Transition to Competition

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  • Berry, S Keith
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    Abstract

    A standard event methodology is used to evaluate recent electric utility mergers as the industry moves to competitive generation markets. Statistically significant effects were focused on the day before the announcement and the day of the announcement, and were fairly small, although statistically significant. Shareholders perceive very little merger benefits occurring in a highly competitive generation sector. Markets reacted more positively to the gas/electric mergers, indicating stockholder appreciation for opportunities for scope economies. U.S. acquirers suffered no significant wealth losses in mergers with British and Australian utilities. Copyright 2000 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Regulatory Economics.

    Volume (Year): 18 (2000)
    Issue (Month): 2 (September)
    Pages: 175-88

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    Handle: RePEc:kap:regeco:v:18:y:2000:i:2:p:175-88

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    Web page: http://www.springerlink.com/link.asp?id=100298

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    Cited by:
    1. Carlo Scarpa & Giacomo Calzolari, 2009. "On Regulation and Competition: Pros and Cons of a Diversified Monopolist," Working Papers 2009.55, Fondazione Eni Enrico Mattei.
    2. Nogata, Daisuke & Uchida, Konari & Goto, Naohisa, 2011. "Is corporate governance important for regulated firms' shareholders?: Evidence from Japanese mergers and acquisitions," Journal of Economics and Business, Elsevier, vol. 63(1), pages 46-68, January.
    3. Calzolari, Giacomo & Scarpa, Carlo, 2007. "Regulating a Multi-Utility Firm," CEPR Discussion Papers 6238, C.E.P.R. Discussion Papers.
    4. Kwoka, John & Pollitt, Michael, 2010. "Do mergers improve efficiency? Evidence from restructuring the US electric power sector," International Journal of Industrial Organization, Elsevier, vol. 28(6), pages 645-656, November.

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