May Department Store's 1986 acquisition of AssociatedDry Goods substantially increased concentration amongdepartment stores in Denver and Southern California. When this acquisition was announced, department storechains with stores in these areas had higher abnormalreturns than other department store chains. Thisfinding suggests that this acquisition may havereduced competition among department stores sinceinvestors would have bid up the stock price of rivaldepartment stores if they believed that thisacquisition would lead to higher retail prices inDenver and Southern California.
Review of Industrial Organization – Springer Journals
Published: Oct 3, 2004
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