Consolidation on Aisle Five: Effects of Mergers in Consumer Packaged Goods
SSRN Electronic Journal
2021
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
We study the effects of the average merger in the consumer packaged goods industry, a sector making up over 10% of US GDP. Using an event-study design and linked retail scanner data from hundreds of consummated mergers, we find that mergers raise prices at the target by 0.9%. Under nested CES demand, we provide sufficient statistics to recover average consumer welfare effects as a function of effects on price, store and product availability, and firm exit. Accounting for availability and exit is quantitatively important. The decline in consumer welfare is equivalent to a 1.9-3.7% price increase at the target firm.
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