Cross‐Border Mergers and Market Segmentation
研究了在成本函数严格凸的情况下，跨境并购更可能发生在服务多个分割市场的行业，而非单一整合市场；并购导致一国价格上涨而另一国下降，消费者剩余总和可能增加但一国获益以另一国受损为代价。
This paper shows that cross‐border mergers are more likely to occur in industries which serve multiple segmented markets rather than a single integrated market, given that cost functions are strictly convex. The product price rises in the market where an acquisition is made but falls in the other, decreasing the acquisition price of other firms (in contrast to the results in the existing merger literature on integrated markets). Although the sum of consumer surplus across the countries may rise in response to a given acquisition, one of the countries gains at the expense of the other.