Static or Dynamic Efficiency: Horizontal Merger Effects in the Wireless Telecommunications Industry

被引：6
作者：
Grajek, M. [1 ]
Gugler, K. [2 ]
Kretschmer, T. [3 ,4 ]
Miscisin, I. [5 ]
机构：
[1] ESMT Berlin, Schlosspl 1, D-10178 Berlin, Germany
[2] WU Vienna Univ Econ & Business, Welthandelspl 1, A-1020 Vienna, Austria
[3] Ludwig Maximilians Univ Munchen, Munich Sch Management, Kaulbachstr 45, D-80539 Munich, Germany
[4] CEPR, London, England
[5] Univ Vienna, Oskar Morgenstern Pl 1, A-1090 Vienna, Austria
来源：
REVIEW OF INDUSTRIAL ORGANIZATION | 2019年 / 55卷 / 03期
关键词：
Telecom mergers; Static and dynamic efficiency; Difference-in-difference; M-AND-A; EMPIRICAL-ANALYSIS; MARKET; INNOVATION; ACQUISITIONS; INFRASTRUCTURE; PERFORMANCE; ACQUIRERS; IMPACT; ENTRY;
D O I：
10.1007/s11151-019-09723-4
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies five mergers in the European wireless telecommunication industry and analyzes their impact on prices and capital expenditures of both merging carriers and their rivals. We find substantial heterogeneity in the relationship between increases in concentration and carriers' prices. The specifics of each merger case clearly matter. Moreover, we find a positive correlation between the price and the investment effect; when the prices after a merger increase (decrease), the investments increase (decrease) too. Thus, we document a trade-off between static and dynamic efficiency of mergers.
引用
收藏
页码：375 / 402
页数：28
相关论文
共 45 条
12345