| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14628 |
| DP14628 Global giants and local stars: How changes in brand ownership affect competition | |
| Vanessa Alviarez; Keith Head; Thierry Mayer | |
| 发表日期 | 2020-04-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Multinational acquisitions, unlike greenfield investments, can subtract from the number of active competitors. The outcomes for consumers depend on the change in markups and whether new owners implement significant quality or productivity improvements. We assess the consequences of multinational acquisitions in beer and spirits. Rather than confining the study to an individual country, we apply recent methods with minimal data requirements to conduct a worldwide evaluation. After correcting for severe limited mobility bias, owner fixed effects contribute very little to the performance of brands. On average, foreign ownership tends to raise costs and lower appeal. Using the estimated model, we simulate the consequences of counterfactual national merger regulation. The US beer price index would be 4--7\% higher had competition authorities not forced divestitures. On the other hand, up to 30\% savings could have been obtained in Latin America by emulating the pro-competition policies of the US and EU. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Oligopoly Markups Concentration Firm effects Brands frictions Mergers and acquisitions Multinationals Competition policy |
| URL | https://cepr.org/publications/dp14628 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543539 |
| 推荐引用方式 GB/T 7714 | Vanessa Alviarez,Keith Head,Thierry Mayer. DP14628 Global giants and local stars: How changes in brand ownership affect competition. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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