A Retrospective Merger Analysis in the Long-Distance Bus Industry in France

Thierry Blayac and Patrice Bougette ()
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Patrice Bougette: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur

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Abstract: This study estimates the price effects of horizontal mergers in the French long-distance bus industry. We examine two mergers that followed the 2015 deregulation Act of the Macron Law. Using a unique and exhaustive database, we identify price effects by comparing bus routes affected by mergers to unaffected routes using difference-in-difference estimations with propensity score matching. We find that the two mergers following industry deregulation seem to be associated with price increases and no efficiency gains. Those price increases are diminishing over time.

Keywords: Long-distance bus industry; M&A; Deregulated industries; Consolidation; Macron Law; Difference-in-difference estimation; Ex-post analysis (search for similar items in EconPapers)
Date: 2018-06-25
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Published in Conference of the International Transportation Economics Association (ITEA), Jun 2018, Hong Kong, China

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01839981

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