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Restructuring and merger waves

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  • Vasco Rodrigues

Abstract

type="main" xml:lang="en"> Although merger waves are one of the most important market structures shaping forces, they have been the object of little theoretical investigation in industrial economics. This paper explains how the occurrence of industry merger waves is determined by the interplay between the synergy opportunities offered by mergers and the possibility to free-ride other firms ’ mergers market power effects. This explanation arises in the context of a two-stage model in which mergers are endogenously determined before firms compete in the product ’s market. The endogenous market structure can either be excessively or insufficiently concentrated from a total surplus perspective.

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  • Vasco Rodrigues, 2014. "Restructuring and merger waves," International Journal of Economic Theory, The International Society for Economic Theory, vol. 10(4), pages 355-369, December.
    • Handle: RePEc:bla:ijethy:v:10:y:2014:i:4:p:355-369
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    Cited by:

    1. Eileen Fumagalli & Tore Nilssen, 2019. "Sweetening the Pill: a Theory of Waiting to Merge," Journal of Industry, Competition and Trade, Springer, vol. 19(3), pages 351-388, September.

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