Arbeitspapier
Mergers, Aggregate Productivity, and Markups
I study the aggregate impact of mergers on productivity and markups growth for a sample of 16 European economies. Instrumented with staggered antitrust policy changes and predetermined firm-size distributions, a three-percentage-point increase in an industry's merger rate causes a one-percentage-point increase in annual productivity growth. The effect on an industry's markups growth is statistically indistinguishable from zero. I use deal-level data to explore the firm-level mechanism. Relative to peer firms, an acquired firm experiences faster Hicks-neutral productivity growth and rising market share, suggesting the quantitatively important channel is scale economies. Markups growth is also higher among acquired firms, but the impact is offset in the aggregate by decreases in peer-firm markups growth.
- Sprache
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Englisch
- Erschienen in
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Series: Working Paper ; No. 288
- Klassifikation
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Wirtschaft
- Ereignis
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Geistige Schöpfung
- (wer)
-
Chen, Peter
- Ereignis
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Veröffentlichung
- (wer)
-
University of Chicago Booth School of Business, Stigler Center for the Study of the Economy and the State
- (wo)
-
Chicago, IL
- (wann)
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2019
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Chen, Peter
- University of Chicago Booth School of Business, Stigler Center for the Study of the Economy and the State
Entstanden
- 2019
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