2006–2010

Industry Concentration and Welfare: On the Use of Stock Market Evidence from Horizontal Mergers

Reprint No. 2010:23

Author(s): Sven-Olof Fridolfsson and Johan StennekYear: 2010 Title: Economica Volume (No.): 77 (308) Pages: 734–750
Online article (restrictions may apply)

There is diverging empirical evidence on the competitive effects of horizontal mergers: consumer prices (and thus presumably competitors’ profits) often rise while competitors’ share prices fall. Our model of endogenous mergers provides a possible reconciliation. It is demonstrated that anti-competitive mergers may reduce competitors’ share prices, if the merger announcement informs the market that the competitors lost a race to buy the target. Also the use of ‘first rumour’ as an event may create similar problems of interpretation. We also indicate how the event-study methodology may be adapted to identify competitive effects and thus the welfare consequences for consumers.

Reference:
Fridolfsson, Sven-Olof and Johan Stennek (2010), "Industry Concentration and Welfare: On the Use of Stock Market Evidence from Horizontal Mergers". Economica 77(308), 734–750.

Integrating Immigrants into the Nordic Labour Markets

An Overall Perspective

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Denmark, Finland, Norway and Sweden face similar problems of integrating large groups of immigrants, especially low-educated ones from outside the EU, into their labour markets. In this volume, edited by Lars Calmfors, IFN, and Nora Sánchez Gassen in cooperation with researchers from across the Nordic Region analyse how labour market integration of immigrants can be promoted.

About the book

Events

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To present ongoing research informal brown-bag seminars are held on Mondays at 11:30 am. This is an opportunity for IFN researchers to test ideas and results.

Academically oriented seminars are most of the time held on Wednesdays at 10 am. At these events researchers from IFN and other institutions present their research.

In addition, IFN organizes seminars open to the public. Topics for these are derived from the IFN research.