Mergers and Market Share

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Abstract
The impact of mergers on the market shares of acquired companies is estimated using market share data for the 1000 largest companies of 1950 and 1972. Market shares are computed for conglomerate and horizontal acquisitions between 1950 and 1972. To control for other factors that might affect market shares, market shares of acquired firms are compared with those of a control sample of unacquired firms drawn from the same industries. Companies acquired in a conglomerate merger and companies joining in horizontal mergers are both found to experience substantial losses in market shares relative to control group companies following the mergers.
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