What Determines Heterogeneous Merger Effects on Competitive Outcomes?*
研究了并购对竞争结果的异质性影响主要来自技术还是产品市场差异，发现企业并购前的效率水平和价格弹性是导致并购后效果差异的关键因素。
We examine whether heterogeneous merger effects predominantly stem from technological or product market heterogeneities. Using detailed firm and product‐specific information, we employ a heterogeneous merger effects model. Our results show that merging firms realize substantial heterogeneous post‐merger effects on competitive outcomes such as production or prices. Merger effects vary substantially across merging firms, depending on the firms' pre‐merger efficiency levels, price elasticities, and innovative activities. Firms' efficiency level and price elasticities prior to merging determine large post‐merger heterogeneities. The results show that product market attributes (differences in inefficiencies and price elasticities) cause larger post‐merger heterogeneities compared with technology market attributes.