2012年6月
Uncertainty and Horizontal Mergers
JOURNAL OF INSTITUTIONAL AND THEORETICAL ECONOMICS-ZEITSCHRIFT FUR DIE GESAMTE STAATSWISSENSCHAFT
- 巻
- 168
- 号
- 2
- 開始ページ
- 252
- 終了ページ
- 265
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.1628/093245612800933951
- 出版者・発行元
- J C B MOHR
We examine the effect of uncertainty on horizontal mergers, considering that firms must decide whether to merge before observing the realized cost of the merged firm. The existing literature clarifies that merging firms facing cost uncertainty decide to merge if expected efficiency gains or informational advantages are positive. We show that even in the absence of uncertain efficiency gains or losses in expected terms, as the variance of uncertainty grows, horizontal mergers generate larger expected profits than before the merger and improve consumer surplus and welfare in expected terms. Our findings suggest that increased uncertainty itself provides an incentive for firms to merge. (JEL: D43, L13, L22)
- リンク情報
- ID情報
-
- DOI : 10.1628/093245612800933951
- ISSN : 0932-4569
- Web of Science ID : WOS:000305872900004