The competitive effects of mergers between asymmetric firms

被引：10

作者：

Thomas, CJ ^{[1
]}

机构：

[1] Univ Rochester, William E Simon Grad Sch Business Adm, Rochester, NY 14627 USA

来源：

INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION | 2004年 / 22卷 / 05期

关键词：

mergers; asymmetric firms; auctions;

D O I：

10.1016/j.ijindorg.2003.11.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper evaluates both efficiency increasing and efficiency decreasing mergers in a procurement setting in which firms differ in the likelihood that they have high production costs. Profitable efficiency increasing mergers often decrease the expected price, but profitable efficiency decreasing mergers always increase it. For a particular pair of firms, there may be no profitable mergers. If there are, then the most profitable merger may decrease efficiency. Consequently, merging firms that are able to choose their postmerger level of efficiency may profitably elect to decrease it. (C) 2004 Elsevier B.V. All rights reserved.

引用

页码：679 / 692

页数：14

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