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On the Possibility of an Unsuccessful Merger : Implications from Stock Market and Retail Scanner Data
http://hdl.handle.net/2237/26925
http://hdl.handle.net/2237/269254c61d386-ce04-411d-9ebc-606c10fb2f4e
名前 / ファイル | ライセンス | アクション |
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E17-4.pdf (256.7 kB)
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Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
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公開日 | 2017-08-29 | |||||
タイトル | ||||||
タイトル | On the Possibility of an Unsuccessful Merger : Implications from Stock Market and Retail Scanner Data | |||||
言語 | en | |||||
著者 |
Adachi, Takanori
× Adachi, Takanori |
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アクセス権 | ||||||
アクセス権 | open access | |||||
アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | Mergers | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | Vertical Integration | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | Event Study Analysis | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | Difference-in-Differences Estimation | |||||
抄録 | ||||||
内容記述 | Industrial economists and competition policymakers have traditionally assumed that a horizontal or vertical merger raises involved parties' joint profits, whereas whether consumers benefit or lose should be judged on a case-by-case basis. However, if a completed merger is not as successful as expected, its observed effects on the retail market may not necessarily be a result of the integrated firm's anti-competitive conduct. How can one assess whether a merger has achieved its initial objectives? This paper proposes to use two different data sources to empirically argue the possibility of such an unsuccessful merger. First, I use stock market data to provide an event study analysis, and compare PepsiCo's vertical integraton of two of the its chain bottlers (February 2010) and Coca-Cola's acquistion of its biggest bottler (October 2010). I argue that the stock market may not have perceived Coca-Cola's vertical merger as promising as PepsiCo's vertical merger. Furthermore, the former may have been perceived as helping Dr Pepper Snapple rather than Coca-Cola itself. Secondly, I use retail scanner data to present evidence, based on a difference-in-differences estimation, which shows that Coca-Cola's retail prices rose by 5% after its vertical merger, suggesting that internal conficts may have been passed through to its final prices. | |||||
言語 | en | |||||
内容記述タイプ | Abstract | |||||
出版者 | ||||||
言語 | ja | |||||
出版者 | 名古屋大学大学院経済学研究科附属国際経済政策研究センター | |||||
言語 | ||||||
言語 | eng | |||||
資源タイプ | ||||||
資源 | http://purl.org/coar/resource_type/c_6501 | |||||
タイプ | departmental bulletin paper | |||||
出版タイプ | ||||||
出版タイプ | VoR | |||||
出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
書誌情報 |
en : Economic Research Center Discussion Paper 号 E17-4, 発行日 2017-07 |
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著者版フラグ | ||||||
値 | publisher | |||||
シリーズ | ||||||
関連名称 | E-Series;E17-4 | |||||
URI | ||||||
識別子 | http://hdl.handle.net/2237/26925 | |||||
識別子タイプ | HDL |