Arbeitspapier
Mergers, Investment Decisions and Internal Organisation
We analyse the effects of investment decisions and firms' internal organisation on the efficiency and stability of horizontal mergers. In our framework economies of scale are endogenous and there might be internal conflict within merged firms. We show that often stable mergers do not lead to more e.ciency and may even lead to efficiency losses. These mergers lead to lower total welfare, suggesting that a regulator should be careful in assuming that possible efficiency gains of a merger will be effectively realised. Moreover, the paper offers a possible explanation for merger failures.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 944
- Klassifikation
-
Wirtschaft
- Thema
-
horizontal mergers
investment
efficiency gains
internal conflict
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Banal-Estañol, Albert
Macho-Stadler, Ines
Seldeslachts, Jo
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2003
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Banal-Estañol, Albert
- Macho-Stadler, Ines
- Seldeslachts, Jo
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2003
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