Event Analysis of Air Carrier Mergers and Acquisitions
This paper offers an event analysis of nine airline mergers proposed in 1986, in an attempt to determine whether firms, if given the opportunity, will merge to gain market power. The Jaffe/Mandelker method of independent event draws is used as the event test. Abnormal returns experienced by competitors to those airlines announcing mergers support the merger for market power hypothesis, contradicting previous literature on horizontal mergers. Copyright 1990 by MIT Press.
Volume (Year): 72 (1990)
Issue (Month): 4 (November)
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