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Horizontal Mergers in the Paper Industry / Martin Pesendorfer.
- Format:
- Book
- Author/Creator:
- Pesendorfer, Martin.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w6751.
- NBER working paper series no. w6751
- Language:
- English
- Subjects (All):
- Paper industry--United States.
- Paper industry.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1998.
- Cambridge, Massachusetts : National Bureau of Economic Research, 1998.
- Summary:
- This paper examines mergers and acquisitions in the US paper and paperboard industry. This industry experienced a wave of horizontal mergers during the mid 1980s. We study implications of mergers on consumers, rival firms, and welfare. The analysis is based on a model of investment decisions. We compare the equilibrium investment decisions prior to and after the merger wave. The evidence indicates that the efficiency of the majority of acquiring firms increases following an acquisition. Based on the parameter estimates, we calculate merger welfare effects. We find that total welfare increased by $583.5 million as a result of the mergers.
- Notes:
- Print version record
- October 1998.
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