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|Title:||Risk, Returns to Scale and Monopoly Power in Horizontal Mergers: Theory and Evidence|
|Author(s):||Fellows, Paul Gordon|
|Department / Program:||Finance|
|Degree Granting Institution:||University of Illinois at Urbana-Champaign|
|Abstract:||The purpose of this research is to provide a better understanding of the risk and return changes surrounding horizontal mergers. A multi-period model of the firm incorporating monopoly power and returns to scale is used to relate microeconomic variables to capital market variables. A new measure, combining the theoretical factors, is derived from simple accounting and financial management ratios. The empirical results indicate that changes in the new measure can be used to explain changes in the capital market variables. In particular, shareholders of firms which had increases in the new measure of market power benefited from positive abnormal performance after the merger whereas shareholders of firms which had decreases in the new measure had no abnormal performance after the merger.|
Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1985.
|Date Available in IDEALS:||2014-12-16|