Horizontal acquisitions and buying power: A product market analysis

被引：83
|
作者：
Bhattacharyya, Sugato [2 ]
Nain, Amrita [1 ]
机构：
[1] McGill Univ, Fac Management, Montreal, PQ H3A 1G5, Canada
[2] Univ Michigan, Ross Sch Business, Ann Arbor, MI 48109 USA
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2011年 / 99卷 / 01期
关键词：
Takeovers; Mergers; Buying power; AIRLINE MERGERS; PRICE; SUPPLIER; IMPACT;
D O I：
10.1016/j.jfineco.2010.08.007
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Horizontal mergers exert price pressure on dependent suppliers and adversely affect their performance. Consistent with the theory of countervailing power, concentrated suppliers and those with greater barriers to entry experience larger price declines after consolidation downstream. Time-series results suggest that consolidation in dependent supplier industries follows mergers in main customer industries, indicating that consolidation activity travels up the supply chain. The findings are broadly consistent with pervasive beliefs in the business community about the buying power effects of horizontal mergers. (C) 2010 Elsevier B.V. All rights reserved.
引用
收藏
页码：97 / 115
页数：19
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