| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15463 |
| DP15463 Vertical Integration and Foreclosure: Evidence from Production Network Data | |
| Johannes Boehm; Jan Sonntag | |
| 发表日期 | 2020-11-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper studies the prevalence of potential anticompetitive effects of vertical mergers using a novel dataset on U.S. and international buyer-seller relationships, and across a large range of industries. We find that relationships are more likely to break when suppliers vertically integrate with one of the buyers' competitors than when they vertically integrate with an unrelated firm. This relationship holds for both domestic and cross-border mergers, and for domestic and international relationships. It also holds when instrumenting mergers using exogenous downward pressure on the supplier's stock prices, suggesting that reverse causality is unlikely to explain the result. In contrast, the relationship vanishes when using rumored or announced but not completed integration events. Firms experience a substantial drop in sales when one of their suppliers integrates with one of their competitors. This sales drop is mitigated if the firm has alternative suppliers in place. These findings are consistent with anticompetitive effects of vertical mergers, such as vertical foreclosure, rising input costs for rivals, or self-foreclosure. |
| 主题 | Industrial Organization |
| 关键词 | Mergers and acquisitions Market foreclosure Vertical integration Production networks |
| URL | https://cepr.org/publications/dp15463 |
| 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/544460 |
| 推荐引用方式 GB/T 7714 | Johannes Boehm,Jan Sonntag. DP15463 Vertical Integration and Foreclosure: Evidence from Production Network Data. 2020. |
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