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Horizontal mergers in the paper industry

Pesendorfer, Martin (1998) Horizontal mergers in the paper industry. 6751. National Bureau for Economic Research, Cambridge, MA., USA.

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Abstract

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.

Item Type: Monograph (Working Paper)
Official URL: http://www.nber.org
Additional Information: © 1998 Martin Pesendorfer
Library of Congress subject classification: H Social Sciences > HD Industries. Land use. Labor
Sets: Collections > Economists Online
Departments > Economics
Research centres and groups > Suntory and Toyota International Centres for Economics and Related Disciplines (STICERD)
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 6751
Date Deposited: 04 Jun 2008 13:13
URL: http://eprints.lse.ac.uk/5338/

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