References
Adelman, Morris A. (1959a) A&;P: A Study in Price-Cost Behavior and Public Policy. Cambridge: Harvard University Press.
Adelman, Morris A. (1959b) ‘Economic Aspects of the Bethlehem Opinion’ Virginia Law Review, 45, 684–696.
Agrawal, Anup, Jeffrey F. Jaffe, and Gershon N. Mandelker (1992) ‘The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly',Journal of Finance, 47, 1605–21.
Alchian, Armen A. (1950) ‘Uncertainty, Evolution, and Economic Theory’ Journal of Political Economy, 58, 211–221.
Asquith, Paul (1983) ‘Merger Bids, Uncertainty, and Stockholder Returns’ Journal of Financial Economics, 11, 51–83.
Asquith, Paul, Robert F. Bruner, and David W. Mullins, Jr. (1983) ‘The Gains to Bidding Firms from Merger’ Journal of Financial Economics, 11, 121–139.
Baldwin, John (1991) The Dynamics of the Competitive Process, mimeo, Queen's University.
Baldwin, John, and Paul Gorecki (1990) ‘Mergers Placed in the Context of Firm Turnover’ in Bureau of the Census, 1990 Annual Research Conference, Proceedings. Washington, D.C.: U.S. Department of Commerce, pp. 53–73.
Bittlingmayer, George (1982) ‘Decreasing Average Cost and Competition: A New Look at the Addyston Pipe Case’ Journal of Law and Economics, 25, 201–29.
Bittlingmayer, George (1985) ‘Did Antitrust Policy Cause the Great Merger Wave?’ Journal of Law and Economics, 28, 77–118.
Borg, J. R., M. O. Borg, and J. D. Leeth (1989) ‘The Success of Mergers in the 1920s: A Stock Market Appraisal of the Second Merger Wave’ International Journal of Industrial Organization 7, 117–31.
Bradley, Michael (1980) ‘Interfirm Tender Offers and the Market for Corporate Control’ Journal of Business, 53, 345–376.
Bradley, Michael, Anand Desai, and E. Han Kim (1983) ‘The Rationale Behind Interfirm Tender Offers: Information or Synergy?’ Journal of Financial Economics, 11, 183–206.
Breit, William and Kenneth G. Elzinga (1989) The Antitrust Casebook, 2nd ed. ForthWorth: Harcourt Brace Jovanovich.
Brozen, Yale (1982) Concentration, Mergers, and Public Policy. New York: MacMillan. Cable, J. R., J. P. R. Palfrey, and J. W. Runge (1980) ‘Federal Republic of Germany, 1964–1974’ in D. C. Mueller, ed., The Determinants and Effects of Mergers: An International Comarison. Cambridge, Mass.: Oelgeschlager, Gunn &; Hain, pp. 99-132.
Caves, Richard E., and David R. Barton (1990) Efficiency in U.S. Manufacturing Industries. Cambridge, Mass.: MIT Press.
Chandler, Alfred D., Jr. (1990) Scale and Scope. Cambridge: Harvard University Press.
Conn, R.L. (1976) ‘The Failing Firm/Industry Doctrines in Conglomerate Mergers’ Journal of Economics, 24, 181–187.
Cosh, Andrew, Alan Hughes, and Ajit Singh (1980) ‘The Causes and Effects of Takeovers in the United Kingdom: An Empirical Investigation for the Late 1960s at the Microeconomic Level’ in D. C. Mueller, ed., The Determinants and Effects of Mergers: An International Comparison. Cambridge, Mass.: Oelgeschlager, Gunn &; Hain, pp. 227–270.
Cosh, Andrew, Alan Hughes, M. S. Kumar, and Ajit Singh (1985) Institutional Investment Company Performance and Mergers: Empirical Evidence for the UK. London: Office of Fair Trading.
Department of Justice and Federal Trade Commission (1993) ‘Horizontal Merger Guidelines’Review of Industrial Organization, 8, 231–256.
Dewey, Donald F. (1979) ‘Information, Entry and Welfare: The Case for Collusion’ American Economic Review, 69, 587–594.
Dewey, Donald F. (1996) ‘Merger PolicyGreatly Simplified: Building on Keyes’Review of Industrial Organization, 11, 395–400.
Dodd, Peter (1980) ‘Merger Proposals, Management Discretion and Stockholder Wealth’ Journal of Financial Economics, 8, 105–138.
Dodd, Peter, and Richard Ruback (1977) ‘Tender Offers and Stockholder Returns: An Empirical Analysis’ Journal of Financial Economics, 5, 351–374.
Dodds, J. C., and J. P. Quek (1985) ‘Effect of Mergers on the Share Price Movement of the Acquiring Firms: A UK Study’ Journal of Business Finance and Accounting, 12, 285–296.
Eckbo, B. E. (1986) ‘Mergers and the Market for Corporate Control: The Canadian Evidence’ Canadian Journal of Economics, 19, 236–260.
Ellert, J. C. (1976) ‘Mergers, Antitrust Law Enforcement and Stockholder Returns’ Journal of Finance, 31, 715–732.
Firth, Michael (1980) ‘Takeovers, Shareholder Returns, and the Theory of the Firm’ Quarterly Journal of Economics, 94, 315–347.
Franks, J. R., J. E. Broyles, and M. J. Hecht (1977) ‘An Industry Study of the Profitability of Mergers in the United Kingdom’ Journal of Finance, 32, 1513–1525.
Franks, Julian R., and Robert S. Harris (1989) ‘Shareholder Wealth Effects of Corporate Takeovers’, Journal of Financial Economics, 23, 225–249.
Franks, Julian, Robert Harris, and Sheridan Titman (1991) ‘The Postmerger Share-Price Performance of Acquiring Firms’, Journal of Financial Economics, 29, 81–96.
Geroski, Paul A. (1984) On the Relationship Between Aggregate Merger Activity and the Stock Market’ European Economic Review, 25, 223–233.
Golbe, Devra L., and Lawrence J. White (1993) ‘Catch aWave: The Time SeriesBehavior of Mergers’, Review of Economics and Statistics, 75, 493–499.
Goldberg, Lawrence G. (1973) ‘The Effect of Conglomerate Mergers on Competition’ Journal of Law and Economics, 16, 137–158.
Halpern, Paul J. (1973) ‘Empirical Estimates of the Amount and Distribution of Gains to Companies in Mergers’ Journal of Business, 46, 554–575.
Hannah, Leslie (1974) ‘Mergers in British Manufacturing Industry, 1880–1918’ Oxford Economic Papers, 26, 1–17.
Healy, Paul M., Krishna G. Palepu, and Richard S. Ruback (1992) ‘Does Corporate Performance Improve After Mergers?’ Journal of Financial Economics, 31, 135–175.
Hogarty, Thomas F. (1970) ‘The Profitability of Corporate Mergers’ Journal of Business, 43, 317–327.
Hubbard, R. Glenn, and Darius Palia (1995) ‘Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms’ Rand Journal of Economics, 26(4), 782–792.
Hughes, Alan, Dennis C. Mueller, and Ajit Singh (1980a) ‘Hypotheses About Mergers, in D. C. Mueller, ed., The Determinants and Effects of Mergers: An International Comparison.Cambridge, Mass.: Oelgeschlager, Gunn &; Hain, pp. 27–66.
Ikeda, Katsuhiko and Noriyuki Doi (1983) ‘The Performance of Merging Firms in Japanese Manufacturing Industry: 1964–75’ Journal of Industrial Economics, 31, 257–266.
Jenny, Frédéric and André-Paul Weber (1980) ‘France, 1962–72’ in D. C. Mueller, ed., The Determinants and Effects of Mergers: An International Comparison. Cambridge, Mass.: Oelgeschlager, Gunn &; Hain, pp. 133–162.
Jensen, Michael C., and Richard S. Ruback (1983) ‘The Market for Corporate Control’ Journal of Financial Economics, 11, 5–50.
Kang, Jun-Koo (1993) ‘The International Market for Corporate Control. Mergers and Acquisitions of U.S. Firms by Japanese Firms’ Journal of Financial Economics 34, 345–371.
Kaysen, Carl, and Donald F. Turner (1959) Antitrust Policy. Cambridge: Harvard University Press.
Kumar, M. S. (1985) ‘Growth, Acquisition Activity and Firm Size: Evidence from the United Kingdom’ Journal of Industrial Economics, XXXIII, 327–338.
Kummer, D., and R. Hoffmeister (1978) ‘Valuation Consequences of Cash Tender Offers’ Journal of Finance 33, 505–516.
Kumps, Anne-Marie, and Robert Wtterwulghe (1980) ‘Belgium, 1962–74’ in D. C. Mueller, ed., The Determinants and Effects of Mergers: An International Comparison. Cambridge, Mass.: Oelgeschlager, Gunn &; Hain, pp. 67–97.
Lang, Larry, Rene M. Stulz, and Ralph A. Walkling (1989) ‘Managerial Performance, Tobin's Q and the Gains from Successful Tender Offers’ Journal of Financial Economics, 24 137–154.
Langetieg, T. (1978) ‘An Application of a Three-Factor Performance Index toMeasure Stockholders Gains from Merger’ Journal of Financial Economics, 6, 365–384.
Leeth, John D., and J. Rody Borg (1994) ‘The Impact of Mergers on Acquiring Firm Shareholder Wealth: The 1905–1930 Experience’ Empirica, 21, 221–244.
Lev, B., and G. Mandelker (1972) ‘The MicroeconomicConsequences of CorporateMergers’Journal of Business, 45, 85–104.
Lichtenberg, Frank R. (1992) ‘Industrial De-Diversification and Its Consequences for Productivity’ Journal of Economic Behavior and Organization, 18, 427–438.
Lichtenberg, Frank R., and Donald Siegel (1987) ‘Productivity and Changes in Ownership of Manufacturing Plants’ Brookings Papers on Economic Activity, 643–673.
Lintner, John (1971) ‘Expectations, Mergers and Equilibrium in Purely Competitive Securities Markets’ American Economic Review, 61, 101–111.
Magenheim, Ellen, and Dennis C. Mueller (1988) ‘On Measuring the Effect ofMergers on Acquiring Firm Shareholders’ in Jack Coffee, Louis Lowenstein, and Susan Rose-Ackerman, eds.,Knights, Raiders and Targets. Oxford: Oxford University Press, pp. 171–193.
Malatesta, Paul H. (1983) ‘The Wealth Effect of Merger Activity and the Objective Functions of Merging Firms’ Journal of Financial Economics, 11, 155–181.
Mandelker, Gershon (1974) ‘Risk and Return: The Case of Merging Firms’ Journal of Financial Economics, 1, 303–335.
Manne, Henry G. (1965) ‘Mergers and the Market for Corporate Control’ Journal of Political Economy, 73, 110–120.
Markham, Jesse W. (1955) ‘Survey of the Evidence and Findings on Mergers’Business Concentration and Price Policy. New York: National Bureau of Economic Research, pp. 141–182.
Marris, Robin (1964) The Economic Theory of Managerial Capitalism. Glencoe: Free Press.
McDougall, Fred M., and Round, David K. (1986) The Determinants and Effects of Corporate Takeovers in Australia, 1970–1981. Victoria: Australian Institute of Management.
Meeks, Geoffrey (1977) Disappointing Marriage: A Study of the Gains From Merger. Cambridge, U.K.: Cambridge University Press.
Melicher, Ronald W., Johannes Ledolter, and Louis J. D'Antonio (1983) ‘A Time Series Analysis of Aggregate Merger Activity’ Review of Economics and Statistics, 65, 423–430.
Mueller, Dennis C. (1969) ‘A Theory of Conglomerate Mergers’ Quarterly Journal of Economics, 83, 643–659.
Mueller, Dennis C. (1972) ‘A Life Cycle Theory of the Firm’ Journal of Industrial Economics, 20, 199–219.
Mueller, Dennis C. (1977) ‘The Effects of Conglomerate Mergers: A Survey of the Empirical Evidence’ Journal of Banking and Finance, 1, 315–347.
Mueller, Dennis C. (1980a) The Determinants and Effects of Mergers: An International Comparison. Cambridge, Mass.: Oelgeschlager, Gunn &; Hain.
Mueller, Dennis C. (1980b) ‘The United States, 1962–1972’ in D. C. Mueller, ed., The Determinants and Effects of Mergers: An International Comparison. Cambridge, Mass.: Oelgeschlager, Gunn &; Hain, pp. 271–298.
Mueller, Dennis C. (1980c) ‘A Cross-National Comparison of the Results’ in D. C. Mueller, ed., The Determinants and Effects of Mergers: An International Comparison. Cambridge, Mass.: Oelgeschlager, Gunn &; Hain, pp. 299–314.
Mueller, Dennis C. (1985) ‘Mergers and Market Share’ Review of Economics and Statistics, 67, 259–267.
Mueller, Dennis C. (1986) Profits in the Long Run. Cambridge: Cambridge University Press.
Mueller, DennisC. (1987) TheCorporation: Growth,Diversification, and Mergers. London: Harwood Academic Publishers, 1987.
Mueller, Dennis C. (1988) ‘The Effects of Mergers’ in Terry Calvani and John Siegfried, eds., Economic Analysis and Antitrust Law. Boston: Little, Brown, and Co., pp. 303–321.
Mueller, Dennis C. (1990) The Dynamics of Company Profits. Cambridge: Cambridge University Press.
Mueller, Dennis C. (1992) ‘Mergers’ The New Palgrave Dictionary of Money and Finance. London: Macmillan.
Mueller, Dennis C. (1993) ‘U.S.Merger Policy and the 1992 Merger Guidelines’Review of Industrial Organization, 8, 151–162.
Mueller, Dennis C. (1995) ‘Mergers: Theory and Evidence’ in G. Mussatti, ed., Mergers, Markets, and Public Policy. Dordrecht: Kluwer Academic Publishers.
Mueller, Dennis C. (1996) ‘Lessons from the United States'sAntitrustHistory’ International Journal of Industrial Organization, 14, 415–445.
Nicholls, William H. (1949) ‘The Tobacco Case of 1946’ American Economic Review, 39, 284–296, reprinted inR.B.Heflebower andG.W. Stocking, eds. (1958)Readings in IndustrialOrganization and Public Policy. Homewood: Irwin, pp. 105–117.
Nelson, Ralph L. (1959) ‘Merger Movements in American Industry, 1895–1956’ Princeton: Princeton University Press.
Peer, Henk (1980) ‘The Netherlands, 1962–1973’ in D. C. Mueller, ed.,The Determinants and Effects of Mergers: An International Comparison. Cambridge, Mass.: Oelgeschlager, Gunn &; Hain, pp. 163–191.
Piper, T. F., and S. J. Weiss (1974) ‘The Profitability of Multibank Holding Company Acquisitions’ Journal of Finance, 29, 163–174.
Ravenscraft, David J., and F. M. Scherer (1987) ‘Mergers and Managerial Performance’ in John C. Coffee, Jr., Louis Lowenstein, and Susan Rose-Ackerman, eds., Takeovers and Contests for Corporate Control. Oxford: Oxford University Press.
Rhoades, Stephen A. (1987) ‘The Operating Performances of Acquired Firms in Banking’ in R. L. Wills, J. A. Caswell, and J. D. Culbertson, eds., Issues After a Century of Federal Competition Policy. Lexington, Mass.: Lexington Books, 1987, pp. 277–292.
Roll, Richard (1986) ‘The Hubris Hypothesis of Corporate Takeovers’ Journal of Business, 59, 197–216.
Ryden, Bengt, and Jan-Olof Edberg (1980) ‘Large Mergers in Sweden, 1962–1976’ in D. C. Mueller, ed., The Determinants and Effects of Mergers: An International Comparison. Cambridge, Mass.: Oelgeschlager, Gunn &; Hain, 193–226.
Salinger, Michael (1992) ‘Standard Errors in Event Studies’ Journal of Financial Quantitative Analysis, 27, 39–53.
Scherer, F. M., and David Ross (1990) Industrial Market Structure and Economic Performance, 3rd ed. Boston: Houghton Mifflin.
Scherer, F. M. (1993) ‘Merger in the Petroleum Industry: The Mobil-Marathon Case (1981)’ in J. E. Kwoka and L. J. White, The Antitrust Revolution, 2nd ed. New York: Harper Collins, pp. 20–45.
Scott, John T. (1982) ‘Multimarket Contact and Economic Performance’ Review of Economics and Statistics, 64, 368–375.
Scott, John T. (1993) Purposive Diversification and Economic Performance. Cambridge: Cambridge University Press.
Shepherd, William G. (1997) The Economics of Industrial Organization, 4th ed. Upper Saddle River, N.J.: Prentice Hall.
Singh, Ajit (1971) Take-Overs: Their Relevance to the Stock Market and the Theory of the Firm. Cambridge: Cambridge University Press.
Smith, Richard L., and Joo-Hyun Kim (1994) The Combined Effects of Free Cash Flow and Financial Slack on Bidder and Target Stock Returns, Journal of Business, 67, 281–310.
Stelzer, Irwin M. (1986) Selected Antitrust Cases: Landmark Decisions, 7th ed. Homewood: Irwin.
Stewart, John F., and Sang-Kwon Kim (1993) ‘Mergers and Social Welfare in U.S. Manufacturing 1985–86’ Southern Economic Journal, 59, 701–720.
Stigler, George J. (1950) Monopoly and Oligopoly by Merger’ American Economic Review, 40, 23–34.
Tilly, Richard (1982) ‘Mergers, External Growth, and Finance in the Development of Large-Scale Enterprise in Germany, 1880–1913’ Journal of Economic History, 42, 629–658.
Varaiya, Nikhil P. (1986) ‘The Returns to Bidding Firms and the Gains From Corporate Takeovers: A Reexamination’ in A. Chen, ed., Research in Finance, 6, 149–178.
Weston, J. Fred (1970) ‘The Nature and Significance of Conglomerate Firms’ St. John's Law Review, 44, Spring 1970, special edition, pp. 66–80.
Weston, J. Fred, and S. K. Mansinghka (1971) ‘Tests of the Efficiency Performance of Conglomerate Firms’ Journal of Finance, 26, 919–936.
Williamson, Oliver E. (1968) ‘Economies as an Anti-Trust Defense: The Welfare Trade-Offs’ American Economic Review, 58, 18–36 (rptd. with correction in C. K. Rowley, ed., Readings in Industrial Economics. London: Macmillan).
Williamson, Oliver E. (1970) Corporate Control and Business Behavior: An Inquiry Into the Effects of Organization Form on Enterprise Behavior. Englewood Cliffs, NJ: Prentice-Hall.
Zweifel, Peter, and Roger Zäch (1995) ‘A Plea in Favor of a New Anti-Cartel Law in Switzerland’ World Competition, 18, 31–36.
Author information
Authors and Affiliations
Rights and permissions
About this article
Cite this article
Mueller, D.C. Merger Policy in the United States: A Reconsideration. Review of Industrial Organization 12, 655–685 (1997). https://doi.org/10.1023/A:1007797626160
Issue Date:
DOI: https://doi.org/10.1023/A:1007797626160