عنوان انگلیسی مقاله:

A horizontal merger in the iron ore industry: An event study approach

ترجمه عنوان مقاله: استفاده از روش رویدادپژوهی در مورد یکی از ادغام ­های افقی در صنعت سنگ آهن

رشته: مالی و حسابداری

سال انتشار: 2007

تعداد صفحات مقاله انگلیسی: 14 صفحه

منبع: ISI

نوع فایل: pdf

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Abstract

The purpose of this paper is to analyse the competitive and efficiency impacts of a large merger in the world iron ore industry, using an event study approach. This method builds on an analysis of stock market reactions of the merging firms as well as close rivals at the time of the merger announcement. The event study method allows for the possibility to assess both the motivations behind as well as the welfare effects of the merger. The event study results for the merger announcement of Rio Tinto and North Ltd. show that, according to the market reactions, the main motive behind the merger was either the market power or the efficiency hypothesis. When adjusting the analysis to include several information releases about the merger, the overall result indicates that efficiency improvements were the predominant motives behind the merger. Thus, the event study results suggest that there are positive welfare effects to expect and the European Commission’s decision to allow the merger is supported .

Keywords: Iron ore; Horizontal merger; Event study; Anti-competitive effects; Efficiency effects

 

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