This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Efficiency Gains from Mergers Author info | Abstract | Publisher info | Download info | Related research | Statistics Roller, L.-H.
Stennek, J.
Verboven, F.
Additional information is available for the following
registered author(s):
The purpose of this report is to contribute to the analysis of two questions. Should a merger control system take into account efficiency gains from horizontal mergers, and balance these gains against the anti-competitive effects of mergers? If so, how should a system be designed to account for efficiency gains? The report is based on a report to the European Commission. To help answer the two questions we start with an extensive review of the relevant economic research, including both theoretical and empirical studies of mergers and merger control. Next, we review the current legal practice in seven OECD jurisdictions. Finally, we propose a merger control system, emphasising the central role of informational limitations.
To our knowledge, this item is not available for
download . To find whether it is available, there are three
options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page
whether it is in fact available.
3. Perform a search for a similarly titled item that would be
available.
Paper provided by Research Institute of Industrial Economics (IFN) in its series Research Institute of Industrial Economics Working Papers with number
543.
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Length: 134 pages
Date of creation: 2000Date of revision:
Handle: RePEc:fth:iniesr:543Contact details of provider: Postal: Research Institute of Industrial Economics (IFN) ; B.O. Box 55665, SE-102 15 Stockholm, Sweden Phone: +46 8 665 4500 Fax: +46 8 665 4599 Email: Web page: http://www.ifn.se/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Thomas Krichel).
Keywords: ACQUISITIONS ; MERGERS ; INFORMATION ; Other versions of this item:
Paper Lars-Hendrik Röller & Johan Stennek & Frank Verboven, 2000.
"Efficiency Gains from Mergers ,"
CIG Working Papers
FS IV 00-09, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
[Downloadable!] Röller, Lars-Hendrik & Stennek, Johan & Verboven, Frank, 2000.
"Efficiency Gains from Mergers ,"
Working Paper Series
543, Research Institute of Industrial Economics.
[Downloadable!] Find related papers by JEL classification: K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance L4 - Industrial Organization - - Antitrust Issues and Policies
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.:
Jensen, Michael C. & Ruback, Richard S., 1983.
"The market for corporate control : The scientific evidence ,"
Journal of Financial Economics ,
Elsevier, vol. 11(1-4), pages 5-50, April.
[Downloadable!] (restricted)
Salop, Steven C, 1987.
"Symposium on Mergers and Antitrust ,"
Journal of Economic Perspectives ,
American Economic Association, vol. 1(2), pages 3-12, Fall.
[Downloadable!] (restricted)
Reinganum, Jennifer F, 1983.
"Uncertain Innovation and the Persistence of Monopoly ,"
American Economic Review ,
American Economic Association, vol. 73(4), pages 741-48, September.
[Downloadable!] (restricted)
Other versions: Henry G. Manne, 1965.
"Mergers and the Market for Corporate Control ,"
Journal of Political Economy ,
University of Chicago Press, vol. 73, pages 351.
[Downloadable!] (restricted)
David Scharfstein, 1988.
"Product-Market Competition and Managerial Slack ,"
RAND Journal of Economics ,
The RAND Corporation, vol. 19(1), pages 147-155, Spring.
[Downloadable!] (restricted)
Bresnahan, Timothy F & Reiss, Peter C, 1990.
"Entry in Monopoly Markets ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 57(4), pages 531-53, October.
[Downloadable!] (restricted)
Bradley, Michael & Desai, Anand & Kim, E. Han, 1988.
"Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms ,"
Journal of Financial Economics ,
Elsevier, vol. 21(1), pages 3-40, May.
[Downloadable!] (restricted)
Barros, Pedro P. & Cabral, Luis, 1994.
"Merger policy in open economies ,"
European Economic Review ,
Elsevier, vol. 38(5), pages 1041-1055, May.
[Downloadable!] (restricted)
Coate, Malcolm B & McChesney, Fred S, 1992.
"Empirical Evidence on FTC Enforcement of the Merger Guidelines ,"
Economic Inquiry ,
Oxford University Press, vol. 30(2), pages 277-93, April.
Eckbo, B. Espen, 1983.
"Horizontal mergers, collusion, and stockholder wealth ,"
Journal of Financial Economics ,
Elsevier, vol. 11(1-4), pages 241-273, April.
[Downloadable!] (restricted)
Fridolfsson S.O. & Stennek J., 1999.
"Why mergers reduce profits, and raise share prices: A theory of preemptive mergers ,"
Working Papers
1999018, University of Antwerp, Faculty of Applied Economics.
[Downloadable!]
Other versions:
Sven-Olof Fridolfsson & Johan Stennek, 2001.
"Why Mergers Reduce Profits and Raise Share Prices: A Theory of Preemptive Mergers ,"
CIG Working Papers
FS IV 01-26, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
[Downloadable!] Sven-Olof Fridolfsson & Johan Stennek, 2005.
"Why Mergers Reduce Profits And Raise Share Prices-A Theory Of Preemptive Mergers ,"
Journal of the European Economic Association ,
MIT Press, vol. 3(5), pages 1083-1104, 09.
[Downloadable!] (restricted) Cotterill, Ronald W, 1986.
"Market Power in the Retail Food Industry: Evidence from Vermont ,"
The Review of Economics and Statistics ,
MIT Press, vol. 68(3), pages 379-86, August.
[Downloadable!] (restricted)
Persson, L., 1999.
"The Auctioning of a Failing Firm ,"
Research Institute of Industrial Economics Working Papers
514, Research Institute of Industrial Economics (IFN).
Other versions: Jalal D. Akhavein & Allen N. Berger & David B. Humphrey, 1996.
"The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function ,"
Center for Financial Institutions Working Papers
96-03, Wharton School Center for Financial Institutions, University of Pennsylvania.
Other versions: Friedman, James W, 1971.
"A Non-cooperative Equilibrium for Supergames ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 38(113), pages 1-12, January.
[Downloadable!] (restricted)
Gal-Or, Esther, 1988.
"The Informational Advantages or Disadvantages of Horizontal Mergers ,"
International Economic Review ,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(4), pages 639-61, November.
[Downloadable!] (restricted)
Feenstra, Robert C., 1989.
"Symmetric pass-through of tariffs and exchange rates under imperfect competition: An empirical test ,"
Journal of International Economics ,
Elsevier, vol. 27(1-2), pages 25-45, August.
[Downloadable!] (restricted)
Other versions: Borenstein, Severin, 1990.
"Airline Mergers, Airport Dominance, and Market Power ,"
American Economic Review ,
American Economic Association, vol. 80(2), pages 400-404, May.
[Downloadable!] (restricted)
Brander, James A & Spencer, Barbara J, 1989.
"Moral Hazard and Limited Liability: Implications for the Theory of the Firm ,"
International Economic Review ,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(4), pages 833-49, November.
[Downloadable!] (restricted)
Gokhale, Jagadeesh & Groshen, Erica L & Neumark, David, 1995.
"Do Hostile Takeovers Reduce Extramarginal Wage Payments? ,"
The Review of Economics and Statistics ,
MIT Press, vol. 77(3), pages 470-85, August.
[Downloadable!] (restricted)
Other versions: Brian E. Becker, 1995.
"Union rents as a source of takeover gains among target shareholders ,"
Industrial and Labor Relations Review ,
ILR Review, ILR School, Cornell University, vol. 49(1), pages 3-19, October.
Houston, Joel F. & Ryngaert, Michael D., 1994.
"The overall gains from large bank mergers ,"
Journal of Banking & Finance ,
Elsevier, vol. 18(6), pages 1155-1176, December.
[Downloadable!] (restricted)
Cohen, Wesley M. & Levin, Richard C., 1989.
"Empirical studies of innovation and market structure ,"
Handbook of Industrial Organization ,
in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 18, pages 1059-1107
Elsevier.
[Downloadable!] (restricted)
Pinelopi Koujianou Goldberg & Michael M. Knetter, 1997.
"Goods Prices and Exchange Rates: What Have We Learned? ,"
Journal of Economic Literature ,
American Economic Association, vol. 35(3), pages 1243-1272, September.
[Downloadable!] (restricted)
Other versions: Bresnahan, Timothy F., 1989.
"Empirical studies of industries with market power ,"
Handbook of Industrial Organization ,
in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 17, pages 1011-1057
Elsevier.
[Downloadable!] (restricted)
James D. Reitzes & David T. Levy, 1995.
"Price Discrimination and Mergers ,"
Canadian Journal of Economics ,
Canadian Economics Association, vol. 28(2), pages 427-36, May.
[Downloadable!] (restricted)
DePrano, Michael E & Nugent, Jeffrey B, 1969.
"Economies as an Antitrust Defense: Comment ,"
American Economic Review ,
American Economic Association, vol. 59(5), pages 947-53, December.
[Downloadable!] (restricted)
Davidson, Carl & Deneckere, Raymond, 1984.
"Horizontal mergers and collusive behavior ,"
International Journal of Industrial Organization ,
Elsevier, vol. 2(2), pages 117-132, June.
[Downloadable!] (restricted)
Allen N. Berger & David B. Humphrey, 1992.
"Megamergers in banking and the use of cost efficiency as an antitrust defense ,"
Finance and Economics Discussion Series
203, Board of Governors of the Federal Reserve System (U.S.).
Lamm, R McFall, 1981.
"Prices and Concentration in the Food Retailing Industry ,"
Journal of Industrial Economics ,
Blackwell Publishing, vol. 30(1), pages 67-78, September.
[Downloadable!] (restricted)
Lichtenberg, Frank R., 1992.
"Industrial de-diversification and its consequences for productivity ,"
Journal of Economic Behavior & Organization ,
Elsevier, vol. 18(3), pages 427-438, August.
[Downloadable!] (restricted)
Other versions: Henry G. Manne, 1965.
"Mergers and the Market for Corporate Control ,"
Journal of Political Economy ,
University of Chicago Press, vol. 73, pages 110.
[Downloadable!] (restricted)
Morton I. Kamien & Israel Zang, 1988.
"The Limits of Monopolization Through Acquisition ,"
Discussion Papers
802, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
[Downloadable!]
Other versions:
Morton I. Kamien & Israel Zang, 1987.
"The Limits of Monopolization Through Acquisition ,"
Discussion Papers
754, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
[Downloadable!] Kamien, Morton I & Zang, Israel, 1990.
"The Limits of Monopolization through Acquisition ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 105(2), pages 465-99, May.
[Downloadable!] (restricted) Farrell, Joseph & Shapiro, Carl, 1990.
"Horizontal Mergers: An Equilibrium Analysis ,"
American Economic Review ,
American Economic Association, vol. 80(1), pages 107-26, March.
[Downloadable!] (restricted)
Other versions:
Joseph Farrell and Carl Shapiro., 1988.
"Horizontal Mergers: An Equilibrium Analysis ,"
Economics Working Papers
8880, University of California at Berkeley.
Farrell, J. & Shapiro, C., 1989.
"Horizontal Mergers: An Equilibrium Analysis ,"
Papers
e-89-3, Stanford - Hoover Institution.
Farrell, J. & Shapiro, C., 1988.
"Horizontal Mergers: An Equilibrium Analysis ,"
Papers
17, Princeton, Woodrow Wilson School - Discussion Paper.
Mark Bagnoli, Barton L. Lipman, 1988.
"Successful Takeovers without Exclusion ,"
Review of Financial Studies ,
Oxford University Press for Society for Financial Studies, vol. 1(1), pages 89-110.
[Downloadable!] (restricted)
Kim, E Han & Singal, Vijay, 1993.
"Mergers and Market Power: Evidence from the Airline Industry ,"
American Economic Review ,
American Economic Association, vol. 83(3), pages 549-69, June.
[Downloadable!] (restricted)
Feenstra, Robert C. & Gagnon, Joseph E. & Knetter, Michael M., 1996.
"Market share and exchange rate pass-through in world automobile trade ,"
Journal of International Economics ,
Elsevier, vol. 40(1-2), pages 187-207, February.
[Downloadable!] (restricted)
Other versions:
Robert C. Feenstra & Joseph E. Gagnon & Michael M. Knetter., 1993.
"Market share and exchange rate pass-through in world automobile trade ,"
International Finance Discussion Papers
446, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!] Robert C. Feenstra & Joseph E. Gagnon & Michael M. Knetter, 1993.
"Market Share and Exchange Rate Pass-Through in World Automobile Trade ,"
NBER Working Papers
4399, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Feenstra, R.C. & Gagnon, J.E. & Knetter, M.M., 1993.
"Market Share and Exchange Rate Pass-Through in World Automobile Trade ,"
Papers
93-14, California Davis - Institute of Governmental Affairs.
Berkovitch, Elazar & Narayanan, M. P., 1993.
"Motives for Takeovers: An Empirical Investigation ,"
Journal of Financial and Quantitative Analysis ,
Cambridge University Press, vol. 28(03), pages 347-362, September.
[Downloadable!]
Baker, Jonathan B. & Bresnahan, Timothy F., 1988.
"Estimating the residual demand curve facing a single firm ,"
International Journal of Industrial Organization ,
Elsevier, vol. 6(3), pages 283-300.
[Downloadable!] (restricted)
Compte, Olivier & Jenny, Frederic & Rey, Patrick, 2002.
"Capacity constraints, mergers and collusion ,"
European Economic Review ,
Elsevier, vol. 46(1), pages 1-29, January.
[Downloadable!] (restricted)
Besanko, David & Spulber, Daniel F, 1993.
"Contested Mergers and Equilibrium Antitrust Policy ,"
Journal of Law, Economics and Organization ,
Oxford University Press, vol. 9(1), pages 1-29, April.
Perry, Martin K., 1989.
"Vertical integration: Determinants and effects ,"
Handbook of Industrial Organization ,
in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 4, pages 183-255
Elsevier.
[Downloadable!] (restricted)
David Neumark & Steven A. Sharpe, 1994.
"Rents and quasi-rents in the wage structure: evidence from hostile takeovers ,"
Finance and Economics Discussion Series
94-6, Board of Governors of the Federal Reserve System (U.S.).
Marvel, Howard P, 1978.
"Competition and Price Levels in the Retail Gasoline Market ,"
The Review of Economics and Statistics ,
MIT Press, vol. 60(2), pages 252-58, May.
[Downloadable!] (restricted)
Gilbert, Richard J & Newbery, David M G, 1982.
"Preemptive Patenting and the Persistence of Monopoly ,"
American Economic Review ,
American Economic Association, vol. 72(3), pages 514-26, June.
[Downloadable!] (restricted)
Bresnahan, Timothy F & Reiss, Peter C, 1991.
"Entry and Competition in Concentrated Markets ,"
Journal of Political Economy ,
University of Chicago Press, vol. 99(5), pages 977-1009, October.
[Downloadable!] (restricted)
Other versions: Frank Verboven, 1996.
"International Price Discrimination in the European Car Market ,"
RAND Journal of Economics ,
The RAND Corporation, vol. 27(2), pages 240-268, Summer.
[Downloadable!] (restricted)
Raymond Deneckere & Carl Davidson, 1985.
"Incentives to Form Coalitions with Bertrand Competition ,"
RAND Journal of Economics ,
The RAND Corporation, vol. 16(4), pages 473-486, Winter.
[Downloadable!] (restricted)
Panzar, John C., 1989.
"Technological determinants of firm and industry structure ,"
Handbook of Industrial Organization ,
in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 1, pages 3-59
Elsevier.
[Downloadable!] (restricted)
Sanford J. Grossman & Oliver D. Hart, 1982.
"Corporate Financial Structure and Managerial Incentives ,"
NBER Chapters ,
in: The Economics of Information and Uncertainty, pages 107-140
National Bureau of Economic Research, Inc.
[Downloadable!]
Verboven, Frank, 1995.
"Corporate restructuring in a collusive oligopoly ,"
International Journal of Industrial Organization ,
Elsevier, vol. 13(3), pages 335-354, September.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.) This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page .
Access and
download statistics Did you know? All top Economics journals are listed on RePEc .
This page was last updated on 2009-11-20.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .