Merger activity in industry equilibrium

Détails

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ID Serval
serval:BIB_60793A466FBD
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
Merger activity in industry equilibrium
Périodique
Journal of Financial Economics
Auteur(s)
Dimopoulos T., Sacchetto S.
ISSN
0304-405X
Statut éditorial
Publié
Date de publication
10/2017
Volume
126
Numéro
1
Pages
200-226
Langue
anglais
Résumé
We quantify the impact of merger activity on productive efficiency. We develop and calibrate a dynamic industry-equilibrium model that features mergers, entry, and exit by heterogeneous firms. Mergers affect productivity directly through realized synergies, and indirectly through firms' incentives to enter or exit the industry. Merger activity increases average firm productivity by 4.8%, of which 4.1% reflects the accumulation of synergies, and 0.7% the interaction between merger options and firms' entry and exit decisions. We show that ignoring the implications of merger activity for public policies that promote entry can reverse the expected impact of these policies on productivity.
Mots-clé
Strategy and Management, Economics and Econometrics, Accounting, Finance
Web of science
Création de la notice
12/06/2013 16:03
Dernière modification de la notice
20/08/2019 15:17
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