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Title: The competitive effects of airline mergers and acquisitions : more capital market evidence
Authors: Gong, SXH 
Firth, M
Keywords: Airlines
Empirical methods
Market share
Mergers and acquisitions
Issue Date: 2006
Source: Journal of air transportation, 2006, v. 11, no. 1, p. 88-105 How to cite?
Journal: Journal of air transportation 
Abstract: This study investigates the stock market effects of airline mergers and acquisitions that took place in the U.S. during the period 1985-2001 on rival domestic airlines. We document significant positive price reactions for the target firms, insignificant reactions for the bidders, and marginally significant negative effects for a portfolio of rival firms on the day of the merger announcement. Our empirical evidence further suggests that the bidder's market share relative to that of the rival, the bidder's pre-merger market position, and the change in the bidder's market share post-merger are determinants of the magnitude of the rival's stock price reaction.
ISSN: 1544-6980
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