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The Competitive Effects of Mergers: Stock Market Evidence from the U.S. Steel Dissolution Suit

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Author Info
George L. Mullin
Joseph C. Mullin
Wallace P. Mullin
Abstract

We apply and extend the Eckbo-Stillman event-study methodology to investigate the competitive effects of the U.S. Steel consolidation. In contrast to previous event studies, we examine the stock market reactions of downstream firms, thereby enabling us to estimate the net effect of a merger or antitrust action on product market prices. Specifically, we examine the stock market reactions of U.S. Steel, major steel industry rivals, and downstream customers to events from the unsuccessful dissolution suits begun in 1911 and decided in 1920. The pattern of reactions implies that the dissolution of U.S. Steel would have lowered steel prices and raised output.

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File URL: http://links.jstor.org/sici?sici=0741-6261%28199522%2926%3A2%3C314%3ATCEOMS%3E2.0.CO%3B2-S&origin=repec
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Publisher Info
Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 26 (1995)
Issue (Month): 2 (Summer)
Pages: 314-330
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Handle: RePEc:rje:randje:v:26:y:1995:i:summer:p:314-330

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  1. Tomaso Duso & Klaus Gugler & Burcin Yurtoglu, 2006. "EU Merger Remedies: A Preliminary Empirical Assessment," Discussion Papers 81, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
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  2. Marín Uribe, Pedro Luis, 2001. "Exclusive Contracts and Market Power: Evidence from Ocean Shipping," CEPR Discussion Papers 2828, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. Adelina Gschwandtner & Jesus Crespo Cuaresma, 2008. "Explaining the persistence of profits: A time-varying approach," Vienna Economics Papers 0806, University of Vienna, Department of Economics. [Downloadable!]
  4. Nihat Aktas & Eric de Bodt & Laurent Liagre, 2006. "Le décollage d'EADS:le point de vue des marchés financiers," Revue Finance Contrôle Stratégie, Editions Economica, vol. 9(1), pages 5-34, March. [Downloadable!]
  5. Tomaso Duso & Klaus Gugler & Burçin Yurtoglu, 2006. "How Effective is European Merger Control?," CIG Working Papers SP II 2006-12, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
    Other versions:
    • Tomaso Duso & Klaus Gugler & Burcin Yurtoglu, 2006. "How Effective is European Merger Control?," Discussion Papers 153, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
  6. Marín Uribe, Pedro Luis & Sicotte, Richard, 2003. "Does the Separation of Regulatory Powers Reduce the Threat of Capture? Evidence from the US Maritime Bureaucracy," CEPR Discussion Papers 4093, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  7. Chongwoo, Choe & Shekhar, Chander, 2009. "Compulsory or Voluntary Pre-merger Notification? Theory and Some Evidence," MPRA Paper 13450, University Library of Munich, Germany. [Downloadable!]
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