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12 juillet 2021
- handle: 10670/1.rgj9ni
- hal: hal-03389199
- SCIENCESPO: 2441/6q707l4svn8k3bt630nhgdqgdu
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info:eu-repo/semantics/altIdentifier/hdl/2441/6q707l4svn8k3bt630nhgdqgdu
http://creativecommons.org/licenses/by-nd/ , info:eu-repo/semantics/OpenAccess
Mots-clés
multinationals oligopoly markups concentration firm effects brands frictions mergers and acquisitions competition policy F - International Economics/F.F1 - Trade/F.F1.F12 - Models of Trade with Imperfect Competition and Scale Economies • Fragmentation F - International Economics/F.F2 - International Factor Movements and International Business/F.F2.F23 - Multinational Firms • International Business F - International Economics/F.F6 - Economic Impacts of Globalization/F.F6.F61 - Microeconomic Impacts K - Law and Economics/K.K2 - Regulation and Business Law/K.K2.K21 - Antitrust Law L - Industrial Organization/L.L1 - Market Structure, Firm Strategy, and Market Performance/L.L1.L13 - Oligopoly and Other Imperfect MarketsSujets proches
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Vanessa Alviarez et al., « Global Giants and Local Stars: How Changes in Brand Ownership Affect Competition », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.rgj9ni
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Résumé
We assess the consequences for consumers in 76 countries of multinational acquisitions in beer and spirits. Outcomes depend on how changes in ownership affect markups versus efficiency. We find that owner fixed effects contribute very little to the performance of brands. On average, foreign ownership tends to raise costs and lower appeal. Using the estimated model, we simulate the consequences of counterfactual national merger regulation. The US beer price index would have been 4–7% higher without divestitures. Up to 30% savings could have been obtained in Latin America by emulating the pro-competition policies of the US and EU.