Слияние — путь к использованию рыночной власти или повышению эффективности? Анализ последствий трех горизонтальных слияний на российских высококонцентрированных рынках
The article is devoted to the assessment of the impact of three large-scale horizontal mergers — in the production of aluminum, in the production of cement and in the production of grain-oriented steel, — on the prices, which are quoted by the companies for the buyers. All mergers resulted in market structure close to monopoly in domestic market. Using differencein-difference estimation of price increase it was shown that in six out of nine products analyzed mergers influenced prices significantly. But only in two out of six cases statistical significant price increase is reported. We consider these results as an evidence, though indirect, that despite the serious competition concerns the most important effects of mergers are efficiency gains in contrast to monopolistic price increase.