Arbeitspapier
Mergers and rivals' mark-ups: Evidence from European paper manufacturers
This paper investigates the effect of merger-driven market concentration on the markups of non-merging rival firms in Europe's paper manufacturing industry. Using a representative data set of 400 independently-owned companies spanning a ten-year period, we aim to disentangle the impact of full-scale mergers and acquisitions from that due to other concentration-increasing developments. We find a positive and statistically significant relationship between price-cost margins and overall industry consolidation, as captured by the Herfindahl-Hirschman and four-firm indexes. However, takeover-related market share amalgamation has a negative impact, albeit of more modest proportions. The latter result seems to be driven by vertical transactions, suggesting that input-side channels, much as product price competition, may explain non-merging firms' mark-up response.
- Sprache
-
Englisch
- Erschienen in
-
Series: HEI Working Paper ; No. 21/2007
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Antitrust Law
Production, Pricing, and Market Structure; Size Distribution of Firms
- Thema
-
Mergers and acquisitions
Concentration
Mark-up
Competition policy
Übernahme
Marktmacht
Mark-up Pricing
Konzentrationsindex
Wettbewerbspolitik
Papierindustrie
Europa
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Marinov, Rosen
- Ereignis
-
Veröffentlichung
- (wer)
-
Graduate Institute of International Studies
- (wo)
-
Geneva
- (wann)
-
2007
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Marinov, Rosen
- Graduate Institute of International Studies
Entstanden
- 2007
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