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Research Institute of Industrial Economics (IFN) Working Paper Series

No 542:
Why Event Studies Do Not Detect Anti-Competitive Mergers

Sven-Olof Fridolfsson () and Johan Stennek

Abstract: Anticompetitive mergers increase competitors' profits, since they reduce competition. Using a model of endogenous mergers, we show that such mergers nevertheless may reduce the competitors' share-prices. Thus, event-studies can not detect anti-competitive mergers. 

Keywords: Mergers & Acquisitions; Event Studies; Antitrust; Coalition Formation; (follow links to similar papers)

JEL-Codes: G14; G34; L12; L41; (follow links to similar papers)

8 pages, December 14, 2000

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