Should competition authorities care about conglomerate mergers?

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dc.contributor.authorGarcia, Carolina Policarpo
dc.contributor.authorPAULO FURQUIM DE AZEVEDO
dc.coverage.cidadeBristolpt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorGarcia, Carolina Policarpo
dc.date.accessioned2022-10-08T00:40:36Z
dc.date.available2022-10-08T00:40:36Z
dc.date.issued2017
dc.description.notesTexto completopt_BR
dc.description.otherMergers and acquisitions may change competition even when they do not affect market structure, a case known as conglomerate mergers. Competition authorities for a long time have adopted an ambiguous view towards conglomerate mergers, in particular those that are product or market extension mergers (i.e. acquisitions of local firm by a multiunit company that sells the same product in different geographic markets). In this paper, we explore a wave of acquisitions of Higher Education Institutions by educational groups in Brazil, which allow us to disentangle the effects of conglomerate mergers and of horizontal mergers on price, quantity and quality. Our findings show that multiunit organizations are able to increase some quality indicators. As for the effect on price and quantity, results are different. For conglomerate mergers we estimated an increase in the number of freshmen and tuition fees, whereas for acquisitions that leads to horizontal concentration there is no increase in quantity, just in prices. On the whole, our findings are consistent with the hypothesis that multiunit operations increase efficiency, due to scale and scope economies, but that only conglomerate mergers tend to pass on those gains to consumers. We find, though, heterogeneous effects according to the educational group, which still give some leeway for competition authorities to care about conglomerate mergers.pt_BR
dc.format.extentp. 1-32pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issue1pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4170
dc.language.isoInglêspt_BR
dc.publisherWorld Economics Associationpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsmerger and acquisitionspt_BR
dc.subject.keywordsconglomerate mergerspt_BR
dc.subject.keywordsmultiunit firmspt_BR
dc.subject.keywordshigher educationpt_BR
dc.titleShould competition authorities care about conglomerate mergers?pt_BR
dc.typeconference paper
dspace.entity.typePublication
local.description.eventPublic Law Economics: Economic Regulation and Competition Policies - 2017pt_BR
local.identifier.sourceUrihttps://lawandeconomics2017.weaconferences.net/files/2017/05/WEA-LawAndEconomicsConference2017-PolicarpoFurquim.pdf
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeTrabalho de Eventopt_BR
relation.isAuthorOfPublication25ce9242-4c33-4eb0-8fd6-db1b8dc52452
relation.isAuthorOfPublication.latestForDiscovery25ce9242-4c33-4eb0-8fd6-db1b8dc52452
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