"The Effects of Horizontal Mergers and Acquisitions: Evidence from India"

本研究项目分析了国内和国际横向并购(M&A)对印度公司的效率、市场力量、产品多样性和其他结果的影响。在实证分析中，我们将使用丰富的公司级数据集，其中包含来自资产负债表和损益表的信息，以及长达25年(1989-2014)印度20,000多家制造公司在产品级的数量和销售价格信息。与以前的工作不同，本研究项目使用的数据集，结合计量经济学方法的最新进展，可以估计并购对整个制造业实体生产率的影响，并从加价的变化中单独确定这些影响。这些数据还可以研究并购对公司产品组合和产品属性变化的影响。本研究项目分为三个工作包。工作包1分析了并购的决定因素以及收购和目标公司的特点。在第二个工作包中，我们评估了并购对合并实体的整体以及对收购和目标公司的影响。并购对非并购竞争者的间接影响将在工作包3中进行分析。在计量经济学分析中，我们将在企业-产品层面估计生产函数，以回收实际生产率、加价、边际成本和产品质量的替代指标。我们将使用这些变量和其他结果来分析收购和目标公司在并购前后的表现。为了确定并购的因果效应，将使用差异估计器来比较并购事件前后并购公司和不同控制组的业绩。替代控制组将从倾向得分匹配和重新加权以及从撤回的并购交易中构建。作为另一种识别策略，我们将使用工具变量估计器。这些措施的基础是印度的投资自由化，取消了对几个行业的外国投资者的所有权上限和股权限制。

This research project analyses the effects of horizontal domestic and international mergers and acquisitions (M&As) on efficiency, market power, product variety, and other outcomes of Indian firms. For the empirical analysis, we will use a rich firm-level data set that contains information from balance sheet and profit and loss accounts as well as information on quantities and sales prices at the product-level for more than 20,000 manufacturing firms in India for up to 25 years (1989-2014). In contrast to previous work, the data set used in this research project, combined with recent advances in econometric methods, allows estimating the effects of M&As on physical productivity for the whole manufacturing sector and to identify these effects separately from changes in markups. The data also allows studying effects of M&As on changes in the product mix of firms and product attributes. This research project is divided into three work packages. Work package 1 analyses the determinants of M&As and the characteristics of acquiring and target firms. In the second work package, we estimate the effects of M&As on the merged entity as a whole and on acquiring and target firms separately. Indirect effects of M&As on non-merging competitors, firms in vertically related industries and with geographical proximity to merging firms will be analysed in work package 3. In the econometric analysis, we will estimate production functions at the firm-product level to recover physical productivity, markups, marginal costs and proxies for product quality. We will use these variables along with other outcomes to analyse the performance of acquiring and target firms before and after M&As. To identify causal effects of M&As, difference-in-difference estimators will be applied to compare the performance of merging firms around M&A events to various control groups. Alternative control groups will be constructed from propensity score matching and reweighting and from withdrawn M&A deals. As an alternative identification strategy, we will use instrumental variable estimators. These are based on an investment liberalization in India, which lifted ownership caps and equity restrictions for foreign investors in several industries.