자료유형 | 학위논문 |
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서명/저자사항 | Mergers, Aggregate Productivity, and Markups. |
개인저자 | Chen, Peter Chao-Wen. |
단체저자명 | The University of Chicago. Business. |
발행사항 | [S.l.]: The University of Chicago., 2019. |
발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
형태사항 | 52 p. |
기본자료 저록 | Dissertations Abstracts International 81-04A. Dissertation Abstract International |
ISBN | 9781088318423 |
학위논문주기 | Thesis (Ph.D.)--The University of Chicago, 2019. |
일반주기 |
Source: Dissertations Abstracts International, Volume: 81-04, Section: A.
Advisor: Neiman, Brent |
이용제한사항 | This item must not be sold to any third party vendors.This item must not be added to any third party search indexes. |
요약 | I study the aggregate impact of mergers on productivity and markups growth for a sample of 16 European economies. Instrumented with staggered antitrust policy changes and pre-determined firm-size distributions, a three-percentage-point increase in an industry's merger rate causes a one-percentage-point increase in annual productivity growth. The effect on an industry's markups growth is statistically indistinguishable from zero. I use deal-level data to explore the firm-level mechanism. Relative to peer firms, an acquired firm experiences faster Hicks-neutral productivity growth and rising market share, suggesting the quantitatively important channel is scale economies. Markups growth is also higher among acquired firms, but the impact is offset in the aggregate by decreases in peer-firm markups growth. |
일반주제명 | Finance. Economics. |
언어 | 영어 |
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