{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/71518"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/71518","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Risk, Returns to Scale and Monopoly Power in Horizontal Mergers: Theory and Evidence","abstract":"The purpose of this research is to provide a better understanding of the risk and return changes surrounding horizontal mergers. A multi-period model of the firm incorporating monopoly power and returns to scale is used to relate microeconomic variables to capital market variables. A new measure, combining the theoretical factors, is derived from simple accounting and financial management ratios. The empirical results indicate that changes in the new measure can be used to explain changes in the capital market variables. In particular, shareholders of firms which had increases in the new measure of market power benefited from positive abnormal performance after the merger whereas shareholders of firms which had decreases in the new measure had no abnormal performance after the merger.","abstract_html":"The purpose of this research is to provide a better understanding of the risk and return changes surrounding horizontal mergers. A multi-period model of the firm incorporating monopoly power and returns to scale is used to relate microeconomic variables to capital market variables. A new measure, combining the theoretical factors, is derived from simple accounting and financial management ratios. The empirical results indicate that changes in the new measure can be used to explain changes in the capital market variables. In particular, shareholders of firms which had increases in the new measure of market power benefited from positive abnormal performance after the merger whereas shareholders of firms which had decreases in the new measure had no abnormal performance after the merger.","abstract_has_math":false,"creators":["Fellows, Paul Gordon"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Finance","degree_department":null,"school":null,"contributors":[],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2014,"date_issued":"2014-12-16T18:34:49Z","date_published":"2014-12-16T18:34:49Z","updated_at":"2026-07-22T22:26:05Z","subjects":["Economics, Finance"],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["(UMI)AAI8521762"],"render_values":[{"text":"(UMI)AAI8521762","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/71518","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:creator","label":"Author","values":["Fellows, Paul Gordon"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2014-12-16T18:34:49Z","10000-01-01","1985"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Finance"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Economics, Finance"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/71518","(UMI)AAI8521762"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["The purpose of this research is to provide a better understanding of the risk and return changes surrounding horizontal mergers. A multi-period model of the firm incorporating monopoly power and returns to scale is used to relate microeconomic variables to capital market variables. A new measure, combining the theoretical factors, is derived from simple accounting and financial management ratios. The empirical results indicate that changes in the new measure can be used to explain changes in the capital market variables. In particular, shareholders of firms which had increases in the new measure of market power benefited from positive abnormal performance after the merger whereas shareholders of firms which had decreases in the new measure had no abnormal performance after the merger.","Made available in DSpace on 2014-12-16T18:34:49Z (GMT). No. of bitstreams: 1 8521762.pdf: 6295533 bytes, checksum: fe25dd3fd78f257bce86f29286e5adea (MD5) Previous issue date: 1985","Embargo set by: Seth Robbins for item 71684 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","U of I Only","186 p.","Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1985."]},{"key":"dc:title","label":"Title","values":["Risk, Returns to Scale and Monopoly Power in Horizontal Mergers: Theory and Evidence"]}]}],"canonical_facts":{"dc:creator":["Fellows, Paul Gordon"],"dc:date":["2014-12-16T18:34:49Z","10000-01-01","1985"],"dc:description":["The purpose of this research is to provide a better understanding of the risk and return changes surrounding horizontal mergers. A multi-period model of the firm incorporating monopoly power and returns to scale is used to relate microeconomic variables to capital market variables. A new measure, combining the theoretical factors, is derived from simple accounting and financial management ratios. The empirical results indicate that changes in the new measure can be used to explain changes in the capital market variables. In particular, shareholders of firms which had increases in the new measure of market power benefited from positive abnormal performance after the merger whereas shareholders of firms which had decreases in the new measure had no abnormal performance after the merger.","Made available in DSpace on 2014-12-16T18:34:49Z (GMT). No. of bitstreams: 1 8521762.pdf: 6295533 bytes, checksum: fe25dd3fd78f257bce86f29286e5adea (MD5) Previous issue date: 1985","Embargo set by: Seth Robbins for item 71684 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","U of I Only","186 p.","Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1985."],"dc:identifier":["http://hdl.handle.net/2142/71518","(UMI)AAI8521762"],"dc:subject":["Economics, Finance"],"dc:title":["Risk, Returns to Scale and Monopoly Power in Horizontal Mergers: Theory and Evidence"],"dc:type":["text"],"thesis:degree_discipline":["Finance"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:26:05Z"}