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Title

Mergers, Investment Decisions and Internal Organisation

AuthorsBanal-Estañol, Albert; Macho-Stadler, Inés; Seldeslachts, Jo
KeywordsHorizontal Mergers
Investments
Efficiency gains
Internal Conflict
Issue Date23-Apr-2003
SeriesUFAE and IAE Working Papers
569.03
AbstractWe analyse the effects of investment decisions and firms' internal organisation on the efficiency and stability of horizontal mergers. In our framework economies of scale are endogenous and there might be internal conflict within merged firms. We show that often stable mergers do not lead to more efficiency and may even lead to efficiency losses. These mergers lead to lower total welfare, suggesting that a regulator should be careful in assuming that possible efficiency gains of a merger will be effiectively realised. Moreover, the paper offers a possible explanation for merger failures.
URIhttp://hdl.handle.net/10261/1831
Appears in Collections:(IAE) Informes y documentos de trabajo
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