Global Giants and Local Stars: How Changes in Brand Ownership Affect Competition
利用76国市场数据和2007-2018年品牌所有权变化，发现所有者对品牌表现影响不大，但消费者对外国所有权有负面反应；模拟显示合并带来的市场力量提升足以提高利润，而美国与欧盟的竞争政策可为南美消费者节省高达18%的开支。
Large beer and spirits makers expanded abroad mainly by acquiring local brands. Exploiting market share data in 76 countries and changes in brand ownership from 2007 to 2018, we estimate that owners matter little for brand performance, except via a negative consumer response to foreign ownership. Counterfactuals indicate that market power increases were large enough to yield higher profits for most mergers without relying on fixed-cost savings. Emulating procompetition policies used by the United States and European Union could have saved South American consumers up to 18 percent. US beer prices would be 3–4 percent higher without DOJ-enforced divestitures.