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발표자: Jackie M.L. Chan (Aarhus University, Denmark )

주제: Multiproduct Firms, Horizontal Mergers, and International Trade.

장소: 대우관 본관 3층 323호 (송하경홀)

날짜: 02월 20일 화요일 오전  10시 30분  ~ 오후 12시 00분

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교수님들의 많은 참석을 부탁드리며 대학원생들이 참여할 수 있도록 적극 권유해 주시면 감사하겠습니다.

Abstract

This paper investigates the impact of mergers on the product mix of multiproduct firms. We open the black box of post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. Using detailed Danish data, we establish empirically that the combined domestic product scope of the acquirer and target falls after a merger, and sales become more concentrated towards the core product. Moreover, the acquirer exports more products to more destinations that are costly to serve. To rationalize these findings, we develop a model of mergers between oligopolistic firms, highlighting merger-induced within-firm adjustments that promote international trade.