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2015•The B E Journal of Economic Analysis & PolicyOpen access

Vertical or Horizontal: Endogenous Merger Waves in Vertically Related Industries

Zhiyong Yao, Wen Zhou

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Abstract

Abstract Endogenous merger waves are studied in vertically related industries where firms may engage in both vertical and horizontal mergers. It is shown that whether and how firms merge depends crucially on the balance between vertical and horizontal externalities, and the balance between upstream and downstream competition. Furthermore, firms may merge with or without any fundamental change in the underlying economic conditions.

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Abstract Endogenous merger waves are studied in vertically related industries where firms may engage in both vertical and horizontal mergers. It is shown that whether and how firms merge depends crucially on the balance between vertical and horizontal externalities, and the balance between upstream and downstream competition. Furthermore, firms may merge with or without any fundamental change in the underlying economic conditions.

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Available abstract

Abstract Endogenous merger waves are studied in vertically related industries where firms may engage in both vertical and horizontal mergers. It is shown that whether and how firms merge depends crucially on the balance between vertical and horizontal externalities, and the balance between upstream and downstream competition. Furthermore, firms may merge with or without any fundamental change in the underlying economic conditions.

Key concepts: Merge (version control), Horizontal and vertical, Vertical integration, Externality, Industrial organization, Upstream (networking), Economics, Merger guidelines

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