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Multi-Firm Mergers with Leaders and Followers
Gamal Atallah 서울대학교 경제연구소 2015 Seoul journal of economics Vol.28 No.4
This paper analyzes mergers involving several leaders and followers in Stackelberg models, with the merged entity acting as a leader. Adding a follower to a merger increases its profitability, and a merger between one leader and any number of followers is always profitable. When a merger involves two leaders, a sufficiently large proportion of followers is required for it to be profitable. A merger is less likely to be profitable when the number of participating leaders is intermediate and the number of participating followers is small. That is, merger profitability is monotonic in the number of followers but not in the number of leaders. All mergers involving leaders and followers are welfare-reducing. Overall, Stackelberg leadership partially alleviates the merger paradox.
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Gamal Atallah 서울대학교 경제연구소 2005 Seoul journal of economics Vol.18 No.4
This paper analyzes the interaction between R&D and merger profitability. The industry is composed of symmetric firms who undertake cost-reducing R&D and compete in output. A subgroup of firms merge, and all firms adjust their R&D investments to the new market structure. It is found that in most cases R&D has a negligible impact on merger profitability, and does not change the critical number of firms required to make a merger profitable. However, when firms are indifferent toward a merger in the absence of R&D, R&D has an effect on merger profitability. Noncooperative R&D makes such mergers profitable for low and high levels of spillovers, and unprofitable for intermediate levels of spillovers; moreover, the range of spillovers such that a merger is unprofitable due to R&D increases with concentration. Cooperative R&D without information sharing makes such mergers profitable for low spillovers, but unprofitable for high spillovers. Cooperative R&D with information sharing makes such mergers unprofitable.
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