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Post-Merger Product Repositioning: An Empirical Analysis

Enghin Atalay (), Alan Sorensen (), Christopher Sullivan and Wanjia Zhu
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Alan Sorensen: https://econ.wisc.edu/staff/sorensen-alan/

No 20-36, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: This paper investigates firms’ post-merger product repositioning. We compile information on conglomerate firms’ additions and removals of products for a sample of 61 mergers and acquisitions across a wide variety of consumer packaged goods markets. We find that mergers lead to a net reduction in the number of products offered by the merging firms, and the products that are dropped tend to be particularly dissimilar to the firms’ existing products. These results are consistent with theories of the firm that emphasize core competencies linked to particular segments of the product market.

Pages: 31
Date: 2020-09-16
New Economics Papers: this item is included in nep-com and nep-ind
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DOI: 10.21799/frbp.wp.2020.36

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