The Real Product Market Impact of Mergers
通过分析并购企业产品价格和质量数据，发现竞争对手合并后产品品质趋同、价格下降，但多元化并购不会降价，表明相关并购能提升运营效率。
ABSTRACT I document sources of value creation in mergers by analyzing novel data on the quality and price of goods sold by merging firms. When two competitors in a product market merge, their products converge in quality, and prices fall relative to the competition. These effects take two to three years to be fully realized and are stronger in mature industries. Prices do not fall, however, when the acquirer is diversifying into a new product market. This direct evidence of real changes induced by merger activity is consistent with consolidation by related merging firms to achieve operational efficiencies and lower costs.