Airport Concentration and Market Power: An Events Study Approach |
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Authors: | Hergott Matthew J |
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Institution: | 1. The Fuqua School of Business, Duke University, Towerview Drive, Durham, Nc, 27708, U.S.A
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Abstract: | This paper presents independent confirmation of the results obtained in recent studies that suggest mergers and acquisitions creating airline dominance at the airport level lead to market power. Using a different methodology – an events study for the 1986 merger of Northwest Orient Airlines and Republic Airlines – this paper confirms those results, indicating that concentration in the context of the sunk costs associated with the operation at a particular airport facility allows market power in the airline industry. |
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