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Market Power Versus Efficiency Effects of Mergers and Research Joint
Ventures: Evidence from the Semiconductor Industry
The authors present evidence for the semiconductor industry that research joint ventures (RJVs) indeed represent viable alternatives to mergers. They present evidence that joint ventures, and in particular, RJVs, may achieve comparable efficiencies possibly without the anti-competitive (market power) effects of mergers.
Link
Available for purchase at: http://www.nber.org/papers/W10323