Identification and Estimation of Intra-Firm and Industry Competition via Ownership Change
Identification and Estimation of Intra-Firm and Industry Competition via Ownership Change
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通过所有权变更识别和评估企业内部和行业竞争
DOI：
10.5282/ubm/epub.17233
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
Michel Christian
中科院分区：
文献类型：
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作者：
Michel Christian
本文提出并实证分析了差异化产品行业中并购企业的行业竞争和联合利润最大化程度。使用合并前和合并后的行业数据，我能够将合并公司的组织内定价考虑与行业定价考虑分开。这篇论文的见解揭示了理论文献中关于组织整合后果的长期辩论。此外，我还提出了一种新的方法来直接估计依赖于所有权变化和投入价格变化的行业行为。我使用了来自即食谷物行业的数据来应用我的框架，这些数据涵盖了1993年后纳贝斯科合并的情况。我的结果显示，在合并后的头两年，合并实体的联合利润最大化程度越来越高，最终导致联合利润几乎完全最大化。我发现，14.3%到25.6%的行业加价可以归因于合作行业行为，而其余的加价是由于多产品公司的产品差异化。
This paper proposes and empirically implements a framework for analyzing industry competition and the degree of joint profit maximization of merging firms in differentiated product industries. Using pre- and post-merger industry data, I am able to separate merging firms' intra-organizational pricing considerations from industry pricing considerations. The insights of the paper shed light on a long-standing debate in the theoretical literature about the consequences of organizational integration. Moreover, I propose a novel approach to directly estimate industry conduct that relies on ownership changes and input price variation. I apply my framework using data from the ready-to-eat cereal industry, covering the 1993 Post-Nabisco merger. My results show an increasing degree of joint profit maximization of the merged entities over the first two years after the merger, eventually leading to almost full maximization of joint profits. I find that between 14.3 and 25.6 percent of industry markups can be attributed to cooperative industry behavior, while the remaining markup is due to product differentiation of multi-product firms.
影响因子：
8.2
作者：
Volker Nocke;M. Whinston
通讯作者：
Volker Nocke;M. Whinston