Are Retailing Mergers Anticompetitive an Event Study Analysis

By Hosken, Daniel

Description
Government Reference Publication

Excerpt
Abstract: We examine the abnormal returns of rival firms to determine whether four retailing mergers that occurred during the late 1980s reduced competition. We use the stock returns of retailers in geographic markets unaffected by the merger to control for the efficiency-signaling effect of the merger. Using this methodology, we find that rival firms experienced positive abnormal returns from May Company?s 1986 acquisition of Associated Dry Goods and American Stores? 1988 acquisition of Lucky Stores. These results offer some evidence that retailing mergers that lead to large increases in concentration in already concentrated markets may lessen competition and lead to higher product market prices.

Book Id: WPLBN0000161284
Format Type: PDF eBook
File Size: 63.29 KB.
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Full Text

Title:

Are Retailing Mergers Anticompetitive an Event Study Analysis

Author:

Hosken, Daniel

Volume:

Language:

English

Subject:

Trade, Import and export controls, Federal Trade Commission (U.S.)

Collection:

Federal Trade Commission

Subcollection:

Historic
Publication Date:

Publisher:

Government Printing Office

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