Global Giants and Local Stars: How Changes in Brand Ownership Affect Competition

• 成果类型: Article
• 署名作者: Alviarez, Vanessa; Head, Keith; Mayer, Thierry
• 署名单位: Inter-American Development Bank; Institut d'Etudes Politiques Paris (Sciences Po); European Central Bank; Bank of France; Centre for Economic Policy Research - UK
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.20210244
• 发表日期: 2025
• 页码: 389-432
• 关键词: high wage workers; market power; TRADE; markups; price; mergers; rise; consolidation; Heterogeneity; IMPACT

摘要

Large beer and spirits makers expanded abroad mainly by acquiring local brands. Exploiting market share data in 76 countries and changes in brand ownership from 2007 to 2018, we estimate that owners matter little for brand performance, except via a negative consumer response to foreign ownership. Counterfactuals indicate that market power increases were large enough to yield higher profits for most mergers without relying on fixed-cost savings. Emulating procompetition policies used by the United States and European Union could have saved SouthAmerican consumers up to 18 percent. US beer prices would be 3-4 percent higher without DOJ-enforced divestitures. (JEL F23, G34, K21, L13, L25, L66)