Anmerkungen:
In: AEA Papers & Proceedings, Vol. 113, May 2023
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 11, 2023 erstellt
Beschreibung:
We provide new facts about the cross-section and evolution of mergers and acquisitions for U.S. public firms. Using a general equilibrium model with a hedonic demand system and data on institutional ownership, we document that mergers are increasingly concentrated among firm pairs with a high degree of product market interaction and a moderate-to-high degree of common ownership. We estimate how much mergers have raised aggregate corporate profits and reduced consumer surplus and quantify how the anti-competitive effects of mergers are affected by common ownership and shareholder value maximization motives