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| Author: | Polasky, S. Mason, C. |
| Title: | On the welfare effects of mergers: short run vs. long run |
| Journal: | Quarterly Review of Economics and Finance
1998 : SPRING, VOL. 38:1, p. 1-24 |
| Index terms: | ECONOMICS FINANCE MERGERS |
| Language: | eng |
| Abstract: | The authors use a two-period model to analyze the short run and long run profitability and welfare consequences of horizontal mergers, where the equilibrium responses to a merger can differ over time. Although firms can anticipate the merger, they can only adjust their capacity in the long run. The authors find a greater range of profitable mergers than in static models. For a merger to raise welfare, it is sufficient that the short run welfare effects are positive and necessary that the long run effects are positive. |
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