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Competition And Merger Activity In The U.S. Telecommunications Industry

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  • Kevin Okoeguale
  • Robert Loveland

Abstract

In this article we examine the U.S. telecommunications industry during a period of rapid deregulation to determine the effects of a deregulatory shock on industry competition and merger activity. We show that merger activity exhibits a clear wave†like pattern, regardless of the listing status of the participants. Increased competition and IPO activity following deregulation increased cash†flow volatility and probability of exit while the introduction of new technology increased dispersion of economic efficiency across the industry. These changes resulted in a significant increase in merger activity. Competition also played an important role in shaping “who buys whom?â€

Suggested Citation

  • Kevin Okoeguale & Robert Loveland, 2018. "Competition And Merger Activity In The U.S. Telecommunications Industry," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 41(1), pages 33-65, March.
    • Handle: RePEc:bla:jfnres:v:41:y:2018:i:1:p:33-65
    DOI: 10.1111/jfir.12138
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    Cited by:

    1. Loveland, Robert & Mulherin, J. Harold & Okoeguale, Kevin, 2021. "Deregulation, listing and delisting," Journal of Corporate Finance, Elsevier, vol. 69(C).
    2. Sumit K. Majumdar & Rabih Moussawi & Ulku Yaylacicegi, 2019. "Mergers and Wages in Digital Networks: a Public Interest Perspective," Journal of Industry, Competition and Trade, Springer, vol. 19(4), pages 583-615, December.

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