sábado, novembro 19, 2016

A lógica do século XX

"Our study looks at all U.S. manufacturing plants from 1997 through 2007, an important and diverse sector of the U.S. economy where we can get detailed data on plant operations and that is responsible for about a quarter of all U.S. M&A deals.
On average, we find that mergers do not have a discernible effect on productivity and efficiency. Specifically, we do not find evidence for plant-level productivity changes, nor do we find evidence for the consolidation of administrative activities that is often cited as a way in which mergers yield lower costs through economies of scale. We also don’t find evidence that merged firms are more likely to close down less-efficient plants. By contrast, we find substantial average increases in the amount that firms mark up prices over cost following a merger, ranging from 15% to over 50%, depending on the control group we use."
Trechos retirados de "Mergers May Be Profitable, but Are They Good for the Economy?"