Using rival effects to identify synergies and improve merger typologies
Abstract: "The strategic management literature has found it difficult to differentiate between collusive and efficiency-based synergies in horizontal merger activity. We propose a schematic to classify mergers that yields more information on merger types and merger effects, and that can, moreover, distinguish between mergers characterized largely by collusion-based synergies and mergers characterized largely by efficiency-based synergies. Crucial to the proposed measurement procedure is that it encompasses the impact of merger events not only on merging firms - as is custom - but also on non-merging competitor firms (the rivals). Employing the event-study methodology with stock-market data on samples of large horizontal mergers drawn from the US and UK (an Anglo-Saxon sub-sample) and from the European continent, we demonstrate how the proposed schematic can better clarify the nature of merger activity." (author's abstract)
- Location
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Deutsche Nationalbibliothek Frankfurt am Main
- Extent
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Online-Ressource, 41 S.
- Language
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Englisch
- Notes
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Veröffentlichungsversion
- Bibliographic citation
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Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Märkte und Politik, Abteilung Wettbewerb und Innovation ; Bd. 2010-13
- Classification
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Wirtschaft
- Keyword
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Europäische Union
Fusion
Horizontale Konzentration
Synergie
Wettbewerb
Schätzung
:z Geschichte 1990-2002
Großbritannien
USA
- Event
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Veröffentlichung
- (where)
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Berlin
- (when)
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2010
- Creator
- Contributor
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Wissenschaftszentrum Berlin für Sozialforschung gGmbH
- URN
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urn:nbn:de:0168-ssoar-257933
- Rights
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Open Access unbekannt; Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.
- Last update
-
25.03.2025, 1:55 PM CET
Data provider
Deutsche Nationalbibliothek. If you have any questions about the object, please contact the data provider.
Associated
- Clougherty, Joseph A.
- Duso, Tomaso
- Wissenschaftszentrum Berlin für Sozialforschung gGmbH
Time of origin
- 2010
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