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EnglishThe general conclusion of the empirical literature is that in-market consolidation generates adverse price changes, thereby harming consumers. Previous studies, however, look only at the short-run pricing impact of consolidation, ignoring all effects that take a longer time to materialize. Using a database that includes detailed information on the deposit rate paid by individual banks in local markets to different categories of depositors, we investigate for the first time the long-run pricing effects of M&As. We find strong evidence that, although in the short run consolidation generates adverse price changes, these are only a temporary phenomenon. In the long run efficiency gains dominate over the market power effect of mergers, leading to more favorable prices for consumers.
Focarelli, D., & Panetta, F. (2003). Are mergers beneficial to consumers? Evidence from the Italian market for bank deposits.
| Tipologia: | Altro | |
| Citazione: | Focarelli, D., & Panetta, F. (2003). Are mergers beneficial to consumers? Evidence from the Italian market for bank deposits. | |
| Lingua: | en | |
| Data di pubblicazione: | mar-2003 | |
| Titolo: | Are mergers beneficial to consumers? Evidence from the Italian market for bank deposits | |
| Autori: | Focarelli, Dario;Panetta, Fabio | |
| Autori: | ||
| Appare nelle tipologie: | 99 - Altro |
File in questo prodotto:
| File | Descrizione | Tipologia | Licenza | |
|---|---|---|---|---|
| SSRN-id286992.pdf | N/A | Open Access Visualizza/Apri | ||
| SSRN-id286992.pdf | N/A | Open Access Visualizza/Apri |
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