Event Analysis of Air Carrier Mergers and Acquisitions
分析1986年九起航空公司并购提案，用事件研究法检验企业是否通过并购获取市场势力。竞争对手的异常收益支持并购为市场势力假说，与先前横向并购文献结论相反。
This paper offers an event analysis of nine airline mergers proposed in 1986, in an attempt to determine whether firms, if given the opportunity, will merge to gain market power. The Jaffe/Mandelker method of independent event draws is used as the event test. Abnormal returns experienced by competitors to those airlines announcing mergers support the merger for market power hypothesis, contradicting previous literature on horizontal mergers. Copyright 1990 by MIT Press.