Airline Mergers and Competition: An Integration of Stock and Product Price Effects
Airline Mergers and Competition: An Integration of Stock and Product Price Effects
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航空公司合并与竞争：股票与产品价格效应的整合
DOI：
10.1086/209689
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发表时间：
1996
期刊：
影响因子：
--
通讯作者：
Vijay Singal
中科院分区：
文献类型：
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作者：
Vijay Singal
虽然利用股票价格进行的研究否定了市场支配力在推动横向合并方面很重要的假设，但对机票价格的研究发现了与市场支配力在航空公司合并中起主导作用相一致的证据。作者通过从资本市场的角度研究同一组航空公司合并，整合了这两条研究路线。此外，他将股票市场的变化与产品市场的变化联系起来，提出了一个双重市场视角。作者的结论是，航空公司合并的结果都增加了市场力量和更有效的运作。这篇文章对反垄断政策有影响。版权所有1996年由芝加哥大学出版社。
While research using stock prices has rejected the hypothesis that market power is important in motivating horizontal mergers, studies of airfares find evidence consistent with a dominant role of market power in airline mergers. The author integrates the two lines of research by examining the same set of airline mergers from a capital market viewpoint. Further, he links changes in the stock market to changes in the product market, presenting a dual market perspective. The author concludes that airline mergers result in both increased market power and more efficient operations. The article has implications for antitrust policy. Copyright 1996 by University of Chicago Press.