Gudmundsson, Sveinn Vidar
[Verfasser:in]
;
Merkert, Rico
[Sonstige Person, Familie und Körperschaft];
Redondi, Renato
[Sonstige Person, Familie und Körperschaft]
Cost Functions and Determinants of Unit Cost Effects in Horizontal Airline M&As
Erschienen in:Forthcoming, Transportation Research A
Umfang:
1 Online-Ressource (37 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.2918879
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 1, 2017 erstellt
Beschreibung:
This paper analyses the unit cost effects of mergers and acquisitions (M&As) using linear, quadratic, and translog cost functions. In addition to a basic unit cost model we specify separate models for distress, profit, relative size, and cost difference, among the merging firms. We use a sample of 19 horizontal M&As in the international airline industry and data spanning from 1980-2012. Our models show that M&As do not affect unit costs in a significant way, unless the relative size difference of the merging firms is large, in which case we detect an increase in unit costs