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| Author: | Pesendorfer, M. |
| Title: | Horizontal mergers in the paper industry |
| Journal: | RAND Journal of Economics
2003 : AUTUMN, VOL. 34:3, p. 495-515 |
| Index terms: | Mergers Paper and pulp industry USA |
| Language: | eng |
| Abstract: | Mergers and acquisitions are examined in the U.S. paper and paperboard industry, which experienced a wave of horizontal mergers the mid-1980s. It is described how the mergers affected investment decisions, costs and consumers, finding that merged companies lose market share and are more likely to scrap capacity subsequent to an acquisition. A cost function is estimated for individual companies based on an investment model, and it is found out that the efficiency of the majority of acquiring companies increases following an acquisition. |
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