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The expected influence of Russian and foreign mergers on competition in metal industry 1999–2011

Author

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  • Tsytsulina, Dina

    () (National Research University Higher School of Economics, Nizhniy Novgorod)

Abstract

In the article we analyze the mergers between Russian and foreign companies influence on competition in metal industry. Using the event study approach confirms the statement that Russian metal suppliers have more market power in domestic market than foreign companies in their markets. Thus mergers in Russia may indeed lead to more anticompetitive consequences, negatively influencing social welfare.

Suggested Citation

  • Tsytsulina, Dina, 2012. "The expected influence of Russian and foreign mergers on competition in metal industry 1999–2011," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 27(3), pages 70-85.
  • Handle: RePEc:ris:apltrx:0178
    as

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    File URL: http://pe.cemi.rssi.ru/pe_2012_3_70-85.pdf
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    References listed on IDEAS

    as
    1. Servaes, Henri, 1991. " Tobin's Q and the Gains from Takeovers," Journal of Finance, American Finance Association, vol. 46(1), pages 409-419, March.
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    3. Mulherin, J. Harold & Boone, Audra L., 2000. "Comparing acquisitions and divestitures," Journal of Corporate Finance, Elsevier, vol. 6(2), pages 117-139, July.
    4. Ruback, Richard S, 1983. " The Cities Service Takeover: A Case Study," Journal of Finance, American Finance Association, vol. 38(2), pages 319-330, May.
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    6. Warell, Linda, 2007. "A horizontal merger in the iron ore industry: An event study approach," Resources Policy, Elsevier, vol. 32(4), pages 191-204, December.
    7. Kaplan, Steven N & Weisbach, Michael S, 1992. " The Success of Acquisitions: Evidence from Divestitures," Journal of Finance, American Finance Association, vol. 47(1), pages 107-138, March.
    8. Maquieira, Carlos P. & Megginson, William L. & Nail, Lance, 1998. "Wealth creation versus wealth redistributions in pure stock-for-stock mergers," Journal of Financial Economics, Elsevier, vol. 48(1), pages 3-33, April.
    9. Eckbo, B. Espen & Thorburn, Karin S., 2000. "Gains to Bidder Firms Revisited: Domestic and Foreign Acquisitions in Canada," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 35(01), pages 1-25, March.
    10. 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.
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    More about this item

    Keywords

    mergers; competition; event study.;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General

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