Should competition authorities care about conglomerate mergers?

Mergers and acquisitions may change competition even when they do not affect market structure, a case known as con glomerate mergers. In this paper, we explore a wave of acqui sitions of higher education institutions by educational groups in Brazil, which allows us to disentangle the effects of con...

Descripción completa

Detalles Bibliográficos
Autores: Garcia, Carolina Policarpo, PAULO FURQUIM DE AZEVEDO
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2019
País:Brasil
Institución:Instituição de Ensino Superior e de Pesquisa (INSPER)
Repositorio:Repositório Institucional da INSPER
Idioma:inglés
OAI Identifier:oai:repositorio.insper.edu.br:11224/4082
Acceso en línea:https://repositorio.insper.edu.br/handle/11224/4082
https://doi.org/10.1016/j.ijindorg.2019.06.001
Access Level:acceso abierto
Palabra clave:Mergers and acquisitions
conglomerate mergers
multiunit firms
higher education
id BR_98a0489fdf8758d0f8e6e97eff76885f
oai_identifier_str oai:repositorio.insper.edu.br:11224/4082
network_acronym_str BR
network_name_str Brasil
repository_id_str
spelling Should competition authorities care about conglomerate mergers?Mergers and acquisitionsconglomerate mergersmultiunit firmshigher educationMergers and acquisitions may change competition even when they do not affect market structure, a case known as con glomerate mergers. In this paper, we explore a wave of acqui sitions of higher education institutions by educational groups in Brazil, which allows us to disentangle the effects of con glomerate mergers and of horizontal mergers on price, quan tity, and quality indicators. 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 num ber of freshmen and tuition fees, whereas for acquisitions that lead to horizontal concentration there is no increase in quan tity, just in prices. Also these effects are larger the smaller the market share of the acquired HEI. On the whole, our findings are consistent with the hypothesis that multiunit operations increase efficiency, but only conglomerate mergers tend to pass those gains on to consumers. Results also indicate that greater caution should be taken in market extension mergers when the acquired firm has a clear dominant position.Texto completoElsevier2022-08-23T00:31:50Z2022-08-23T00:31:50Z2019info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlep. 78-118Digitalapplication/pdfapplication/pdf1677187https://repositorio.insper.edu.br/handle/11224/4082https://doi.org/10.1016/j.ijindorg.2019.06.00166International Journal of Industrial OrganizationEstados UnidosO 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 EDITORinfo:eu-repo/semantics/openAccessengreponame:Repositório Institucional da INSPERinstname:Instituição de Ensino Superior e de Pesquisa (INSPER)instacron:INSPERGarcia, Carolina PolicarpoPAULO FURQUIM DE AZEVEDOGarcia, Carolina Policarpo2025-08-26T15:45:20Zoai:repositorio.insper.edu.br:11224/4082Biblioteca Digital de Teses e Dissertaçõeshttps://www.insper.edu.br/biblioteca-telles/PRIhttps://repositorio.insper.edu.br/oai/requestbiblioteca@insper.edu.br || conteudobiblioteca@insper.edu.bropendoar:2025-08-26T15:45:20Repositório Institucional da INSPER - Instituição de Ensino Superior e de Pesquisa (INSPER)false
dc.title.none.fl_str_mv Should competition authorities care about conglomerate mergers?
title Should competition authorities care about conglomerate mergers?
spellingShingle Should competition authorities care about conglomerate mergers?
Garcia, Carolina Policarpo
Mergers and acquisitions
conglomerate mergers
multiunit firms
higher education
title_short Should competition authorities care about conglomerate mergers?
title_full Should competition authorities care about conglomerate mergers?
title_fullStr Should competition authorities care about conglomerate mergers?
title_full_unstemmed Should competition authorities care about conglomerate mergers?
title_sort Should competition authorities care about conglomerate mergers?
dc.creator.none.fl_str_mv Garcia, Carolina Policarpo
PAULO FURQUIM DE AZEVEDO
Garcia, Carolina Policarpo
author Garcia, Carolina Policarpo
author_facet Garcia, Carolina Policarpo
PAULO FURQUIM DE AZEVEDO
author_role author
author2 PAULO FURQUIM DE AZEVEDO
author2_role author
dc.subject.por.fl_str_mv Mergers and acquisitions
conglomerate mergers
multiunit firms
higher education
topic Mergers and acquisitions
conglomerate mergers
multiunit firms
higher education
description Mergers and acquisitions may change competition even when they do not affect market structure, a case known as con glomerate mergers. In this paper, we explore a wave of acqui sitions of higher education institutions by educational groups in Brazil, which allows us to disentangle the effects of con glomerate mergers and of horizontal mergers on price, quan tity, and quality indicators. 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 num ber of freshmen and tuition fees, whereas for acquisitions that lead to horizontal concentration there is no increase in quan tity, just in prices. Also these effects are larger the smaller the market share of the acquired HEI. On the whole, our findings are consistent with the hypothesis that multiunit operations increase efficiency, but only conglomerate mergers tend to pass those gains on to consumers. Results also indicate that greater caution should be taken in market extension mergers when the acquired firm has a clear dominant position.
publishDate 2019
dc.date.none.fl_str_mv 2019
2022-08-23T00:31:50Z
2022-08-23T00:31:50Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv 1677187
https://repositorio.insper.edu.br/handle/11224/4082
https://doi.org/10.1016/j.ijindorg.2019.06.001
66
identifier_str_mv 1677187
66
url https://repositorio.insper.edu.br/handle/11224/4082
https://doi.org/10.1016/j.ijindorg.2019.06.001
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv International Journal of Industrial Organization
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv p. 78-118
Digital
application/pdf
application/pdf
dc.coverage.none.fl_str_mv Estados Unidos
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositório Institucional da INSPER
instname:Instituição de Ensino Superior e de Pesquisa (INSPER)
instacron:INSPER
instname_str Instituição de Ensino Superior e de Pesquisa (INSPER)
instacron_str INSPER
institution INSPER
reponame_str Repositório Institucional da INSPER
collection Repositório Institucional da INSPER
repository.name.fl_str_mv Repositório Institucional da INSPER - Instituição de Ensino Superior e de Pesquisa (INSPER)
repository.mail.fl_str_mv biblioteca@insper.edu.br || conteudobiblioteca@insper.edu.br
_version_ 1853673680701227008
score 15.81155

Similares en LA Referencia