What can be Expected from Mergers After Deregulation? The Case of the Long-Distance Bus Industry in France.

IF 0.8 4区经济学 Q3 ECONOMICS Review of Industrial Organization Pub Date : 2023-01-01 DOI:10.1007/s11151-022-09878-7

Thierry Blayac, Patrice Bougette

引用次数: 1

Abstract

This study estimates the competitive effects of horizontal mergers in the French long-distance bus industry. We examine the two mergers that followed the 2015 Deregulation Act (the Macron Law); we use an exclusive and exhaustive dataset that covers eight consecutive quarters. We analyze the merger effects by comparing bus links that were affected by mergers with those that were unaffected; we use difference-in-differences estimations. We find that the two mergers are associated with price increases of about 13.5% immediately that then moderate to 5.3%; and with the frequency decreases from - 21.5 to - 25.7%; we observe no effects on load factors. These findings show evidence of short-run anticompetitive effects, while the mergers under study were not scrutinized by the French competition agency, as they were below the notification thresholds.

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放松管制后的合并能带来什么?以法国长途客车行业为例。

本研究估计了法国长途客车行业横向合并的竞争效应。我们研究了2015年放松管制法案(马克龙法)之后的两次合并;我们使用了一个独家的、详尽的数据集，涵盖了连续八个季度。我们通过比较受合并影响的公交线路与未受影响的公交线路来分析合并效应;我们使用差中差估计。我们发现，这两次合并与价格上涨有关，价格立即上涨约13.5%，然后放缓至5.3%;随着频率由- 21.5%降至- 25.7%;我们没有观察到对载客量的影响。这些发现显示了短期反竞争影响的证据，而所研究的合并没有受到法国竞争机构的审查，因为它们低于通知门槛。

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来源期刊

Review of Industrial Organization Multiple-

CiteScore

2.10

自引率

9.10%

发文量

期刊介绍： New Online Manuscript Submission System The Review of Industrial Organization publishes research papers on all aspects of industrial organization, broadly defined. A main focus is on competition and monopoly, in their many forms and processes and their effects on efficiency, innovation, and social conditions. Topics may range from the internal organization of enterprises to wide international comparisons. The Review is also increasing its interest in papers on public policies such as antitrust, regulation, deregulation, public enterprise, and privatization. Papers may deal with any economic sectors and any developed economies. The Review continues its primary interest in ideas that can be verified by econometric evidence, case studies, or other real conditions. But the Review also seeks papers that advance significant theories of industrial organization and policy. Papers using abstract techniques and econometric tests should present the methods and analysis in plain enough English so that non-specialist readers can evaluate the content. The Review welcomes submissions from any source, and the Editors will make every effort to have papers reviewed quickly and to give prompt decisions. The Editors will also seek to arrange symposia on specific topics, and they are open to proposals for grouped papers. They also welcome shorter notes and commentaries on topics of interest to the profession. Officially cited as: Rev Ind Organ

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