The Effects of Horizontal Mergers on Competition: The Case of the Northern Securities Company
通过研究1901年北证券公司并购案，探讨横向并购的竞争效应，发现此前基于竞争对手股价反应的研究未能识别反竞争效应，并提出了两种替代解释。
Several recent articles have studied the competitive effects of horizontal mergers by examining rival firms' stock price reactions to the merger announcement and subsequent antitrust challenge. These articles have consistently failed to find any evidence of anticompetitive effects. This article considers two alternative explanations for the previous findings, and it sheds some new light on the issue by presenting a case study of the merger that resulted in the formation of the Northern Securities Company in 1901.