When post-merger price effect becomes smoothed over time: A case of a gasoline market merger
利用双重差分法研究匈牙利汽油零售市场并购后的价格效应，发现并购合同生效后加价显著增加，且所有被收购加油站提供与收购方相同服务后价格进一步上涨，表明并购效应可能随时间延迟显现。
This paper provides empirical evidence using a difference-in-difference estimation strategy for the post-merger price effect caused by the acquisition of two branded chains for gasoline retail. On the one hand, mark-ups of the Hungarian retail gasoline market increased significantly after the takeover contract came into force. On the other hand, an additional price increase occurred after all of the acquired stations had offered the same services as the acquiring firm, even though implementing these changes might require a year after the takeover contract came into force. This suggests that further price effects may occur when the merger procedure requires a longer period. Moreover, the additional price increase suggests that examining product differentiation on the market is necessary to evaluate merger effects.