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Mergers and partial ownership

Foros, Øystein; Kind, Hans Jarle; Shaffer, Greg
Working paper
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URI
http://hdl.handle.net/11250/164001
Date
2010-12
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  • Discussion papers (FOR) [588]
Abstract
In this paper we compare the profitability of a merger between two

firms (one firm fully acquires another) and the profitability of a partial ownership

arrangement between the same two firms in which the acquiring firm obtains corporate control over the pricing decisions of the acquired firm. We find that joint profit

can be higher in the latter case because it may result in a greater dampening of

competition with respect to an outside competitor. We also derive comparative statics on the prices of the acquiring firm, the acquired firm, and the outside firm and

use them to explain puzzling features of the pay-TV markets in Norway and Sweden.
Publisher
Norwegian School of Economics and Business Administration. Department of Finance and Management Science
Series
Discussion paper
2010:15

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