|
Variables: antitrust enforcement （X1） size of merger (X2) diversification of corporations（Y）
antitrust hypothesis1 from Stigler: tough X1 → Y antitrust hypothesis2: large X2 → high fraction of Y there should have been a relatively high fraction of diversification acquisitions among large mergers and a relatively low fraction among small mergers
Purpose of the paper: to make an empirical assessment of the antitrust hypothesis
Findings1: 与H2不同：diversification was no more common among large mergers than small mergers (large or small X2 → same Y) 与H1不同：Although none of these countries had legal restrictions on horizontal growth comparable to those in the United States, they also experienced diversification waves. (loose X1 → same Y)
Conclusion： antitrust played a minor role in the diversification movement. the primary cause of corporate diversification lies else where
Findings2: loose X1 → Y is a feature of most Western economies
Britain: 有反垄断的法律，但很少用，因为英国政府更想促使企业合并。→有利的合并政策环境下，英国仍出现了diversification merger wave (experienced a diversification merger wave) Canada: 也有相关的法律阻止那些减少竞争的垄断，但是除了特别大的垄断基本也不怎么判决为垄断→有利的垄断环境下，diversification had become the primary type of Canadian
horizontal merger: 同类并购→垄断，减少竞争减少多样化，focus on core business A merger occurring between companies in the same industry. diversification merger: 跨界并购 a company may use a merger to diversify its business operations by entering into new markets or offering new products or services.
| 
[复制链接]
京公网安备11010202008513号 京ICP证101109号 京ICP备12012021号
发表于 2022-9-5 17:30:29
