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Antimerger policy in the United States: History and lessons

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  • Dennis Mueller

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  • Dennis Mueller, 1996. "Antimerger policy in the United States: History and lessons," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 23(3), pages 229-253, October.
  • Handle: RePEc:kap:empiri:v:23:y:1996:i:3:p:229-253
    DOI: 10.1007/BF00924972
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    References listed on IDEAS

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    1. B. Espen Eckbo, 1986. "Mergers and the Market for Corporate Control: The Canadian Evidence," Canadian Journal of Economics, Canadian Economics Association, vol. 19(2), pages 236-260, May.
    2. Franks, Julian & Harris, Robert & Titman, Sheridan, 1991. "The postmerger share-price performance of acquiring firms," Journal of Financial Economics, Elsevier, vol. 29(1), pages 81-96, March.
    3. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 110-110.
    4. Lev, Baruch & Mandelker, Gershon, 1972. "The Microeconomic Consequences of Corporate Mergers," The Journal of Business, University of Chicago Press, vol. 45(1), pages 85-104, January.
    5. Bittlingmayer, George, 1982. "Decreasing Average Cost and Competition: A New Look at the Addyston Pipe Case," Journal of Law and Economics, University of Chicago Press, vol. 25(2), pages 201-229, October.
    6. Scott,John T., 2005. "Purposive Diversification and Economic Performance," Cambridge Books, Cambridge University Press, number 9780521022583.
    7. Mueller, Dennis C., 1996. "Lessons from the United States's antitrust history," International Journal of Industrial Organization, Elsevier, vol. 14(4), pages 415-445, June.
    8. Salinger, Michael, 1992. "Standard Errors in Event Studies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(01), pages 39-53, March.
    9. Mueller,Dennis C. (ed.), 1990. "The Dynamics of Company Profits," Cambridge Books, Cambridge University Press, number 9780521383721.
    10. Goldberg, Lawrence G, 1973. "The Effect of Conglomerate Mergers on Competition," Journal of Law and Economics, University of Chicago Press, vol. 16(1), pages 137-158, April.
    11. Malatesta, Paul H., 1983. "The wealth effect of merger activity and the objective functions of merging firms," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 155-181, April.
    12. Geroski, P. A., 1984. "On the relationship between aggregate merger activity and the stock market," European Economic Review, Elsevier, vol. 25(2), pages 223-233, July.
    13. 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.
    14. Bittlingmayer, George, 1985. "Did Antitrust Policy Cause the Great Merger Wave?," Journal of Law and Economics, University of Chicago Press, vol. 28(1), pages 77-118, April.
    15. Mueller,Dennis C., 2009. "Profits in the Long Run," Cambridge Books, Cambridge University Press, number 9780521101592.
    16. Bradley, Michael, 1980. "Interfirm Tender Offers and the Market for Corporate Control," The Journal of Business, University of Chicago Press, vol. 53(4), pages 345-376, October.
    17. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
    18. Scott, John T, 1982. "Multimarket Contact and Economic Performance," The Review of Economics and Statistics, MIT Press, vol. 64(3), pages 368-375, August.
    19. Mueller, Dennis C, 1972. "A Life Cycle Theory of the Firm," Journal of Industrial Economics, Wiley Blackwell, vol. 20(3), pages 199-219, July.
    20. Bradley, Michael & Desai, Anand & Kim, E. Han, 1983. "The rationale behind interfirm tender offers : Information or synergy?," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 183-206, April.
    21. Franks, J R & Broyles, J E & Hecht, M J, 1977. "An Industry Study of the Profitability of Mergers in the United Kingdom," Journal of Finance, American Finance Association, vol. 32(5), pages 1513-1525, December.
    22. Piper, Thomas R & Weiss, Steven J, 1974. "The Profitability of Multibank Holding Company Acquisitions," Journal of Finance, American Finance Association, vol. 29(1), pages 163-174, March.
    23. Mueller, Dennis C., 1977. "The effects of conglomerate mergers : A survey of the empirical evidence," Journal of Banking & Finance, Elsevier, vol. 1(4), pages 315-347, December.
    24. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351-351.
    25. Melicher, Ronald W & Ledolter, Johannes & D'Antonio, Louis J, 1983. "A Time Series Analysis of Aggregate Merger Activity," The Review of Economics and Statistics, MIT Press, vol. 65(3), pages 423-430, August.
    26. Halpern, Paul J, 1973. "Empirical Estimates of the Amount and Distribution of Gains to Companies in Mergers," The Journal of Business, University of Chicago Press, vol. 46(4), pages 554-575, October.
    27. Frank R. Lichtenberg & Donald Siegel, 1987. "Productivity and Changes in Ownership of Manufactoring Plants," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(3, Specia), pages 643-684.
    28. Weston, J Fred & Mansinghka, Surendra K, 1971. "Tests of the Efficiency Performance of Conglomerate Firms," Journal of Finance, American Finance Association, vol. 26(4), pages 919-936, September.
    29. Mandelker, Gershon, 1974. "Risk and return: The case of merging firms," Journal of Financial Economics, Elsevier, vol. 1(4), pages 303-335, December.
    30. Kummer, Donald R & Hoffmeister, J Ronald, 1978. "Valuation Consequences of Cash Tender Offers," Journal of Finance, American Finance Association, vol. 33(2), pages 505-516, May.
    31. Agrawal, Anup & Jaffe, Jeffrey F & Mandelker, Gershon N, 1992. " The Post-merger Performance of Acquiring Firms: A Re-examination of an Anomaly," Journal of Finance, American Finance Association, vol. 47(4), pages 1605-1621, September.
    32. Dennis C. Mueller, 1969. "A Theory of Conglomerate Mergers," The Quarterly Journal of Economics, Oxford University Press, vol. 83(4), pages 643-659.
    33. Healy, Paul M. & Palepu, Krishna G. & Ruback, Richard S., 1992. "Does corporate performance improve after mergers?," Journal of Financial Economics, Elsevier, vol. 31(2), pages 135-175, April.
    34. Dodd, Peter & Ruback, Richard, 1977. "Tender offers and stockholder returns : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 5(3), pages 351-373, December.
    35. Asquith, Paul & Bruner, Robert F. & Mullins, David Jr., 1983. "The gains to bidding firms from merger," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 121-139, April.
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    Citations

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    Cited by:

    1. Cosnita-Langlais, Andreea & Tropeano, Jean-Philippe, 2013. "Fight cartels or control mergers? On the optimal allocation of enforcement efforts within competition policy," International Review of Law and Economics, Elsevier, vol. 34(C), pages 34-40.
    2. Marco Bellucci, 2010. "Fusioni ed acquisizioni: determinanti ed effetti in un confronto europeo," Quaderni del Dipartimento di Economia, Finanza e Statistica 80/2010, Università di Perugia, Dipartimento Economia.
    3. Luigi Benfratello, 1999. "Beyond Profitability: Effects Of Acquisitions On Technical Efficiency And Productivity In The Italian Pasta Industry," CERIS Working Paper 199914, Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY -NOW- Research Institute on Sustainable Economic Growth - Moncalieri (TO) ITALY.
    4. Luigi Benfratello, 1999. "Determinants And Effects Of Mergers And Acquisitions: An Analysis Based On The Notifications To Antitrust Authorities," CERIS Working Paper 199915, Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY -NOW- Research Institute on Sustainable Economic Growth - Moncalieri (TO) ITALY.

    More about this item

    Keywords

    Antimerger policy; United States; Europe; efficiency; L41; G34; L21;

    JEL classification:

    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

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