{"id":"https://openalex.org/W2541111700","doi":"https://doi.org/10.1111/apce.12125","title":"HORIZONTAL MERGERS WITH CAPITAL ADJUSTMENT: WORKERS' COOPERATIVES AND THE MERGER PARADOX","display_name":"HORIZONTAL MERGERS WITH CAPITAL ADJUSTMENT: WORKERS' COOPERATIVES AND THE MERGER PARADOX","publication_year":2016,"publication_date":"2016-02-22","ids":{"openalex":"https://openalex.org/W2541111700","doi":"https://doi.org/10.1111/apce.12125","mag":"2541111700"},"language":"en","primary_location":{"id":"doi:10.1111/apce.12125","doi":"https://doi.org/10.1111/apce.12125","is_oa":false,"landing_page_url":"https://doi.org/10.1111/apce.12125","pdf_url":null,"source":{"id":"https://openalex.org/S4394735553","display_name":"Annals of Public and Cooperative Economics","issn_l":"1370-4788","issn":["1370-4788","1467-8292"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Annals of Public and Cooperative Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://hdl.handle.net/11585/567621","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5064715129","display_name":"Flavio Delbono","orcid":"https://orcid.org/0000-0001-9030-4048","observed_orcids":["https://orcid.org/0000-0001-9030-4048"]},"institutions":[{"id":"https://openalex.org/I9360294","display_name":"University of Bologna","ror":"https://ror.org/01111rn36","country_code":"IT","type":"education","lineage":["https://openalex.org/I9360294"]}],"countries":["IT"],"is_corresponding":true,"raw_author_name":"Flavio DELBONO","raw_affiliation_strings":["University of Bologna Italy","University of Bologna, Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Bologna Italy","institution_ids":["https://openalex.org/I9360294"]},{"raw_affiliation_string":"University of Bologna, Italy","institution_ids":["https://openalex.org/I9360294"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5042353616","display_name":"Luca Lambertini","orcid":"https://orcid.org/0000-0001-6353-4753","observed_orcids":["https://orcid.org/0000-0001-6353-4753"]},"institutions":[{"id":"https://openalex.org/I9360294","display_name":"University of Bologna","ror":"https://ror.org/01111rn36","country_code":"IT","type":"education","lineage":["https://openalex.org/I9360294"]}],"countries":["IT"],"is_corresponding":false,"raw_author_name":"Luca LAMBERTINI","raw_affiliation_strings":["University of Bologna Italy","University of Bologna, Italy"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Bologna Italy","institution_ids":["https://openalex.org/I9360294"]},{"raw_affiliation_string":"University of Bologna, Italy","institution_ids":["https://openalex.org/I9360294"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5064715129"],"corresponding_institution_ids":["https://openalex.org/I9360294"],"apc_list":{"value":3240,"currency":"USD","value_usd":3240},"apc_paid":null,"fwci":1.2814,"has_fulltext":false,"cited_by_count":4,"citation_normalized_percentile":{"value":0.88004742,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":94},"biblio":{"volume":"87","issue":"4","first_page":"529","last_page":"539"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11043","display_name":"Merger and Competition Analysis","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11043","display_name":"Merger and Competition Analysis","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12121","display_name":"Cooperative Studies and Economics","score":0.007600000128149986,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13402","display_name":"Business Strategy and Innovation","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/horizontal-mergers","display_name":"horizontal mergers","score":0.9810000061988831},{"id":"https://openalex.org/keywords/worker-cooperatives","display_name":"worker cooperatives","score":0.8769999742507935},{"id":"https://openalex.org/keywords/merger-paradox","display_name":"merger paradox","score":0.9470000267028809},{"id":"https://openalex.org/keywords/capital-adjustment","display_name":"capital adjustment","score":0.8980000019073486},{"id":"https://openalex.org/keywords/merger-incentives","display_name":"merger incentives","score":0.5180000066757202},{"id":"https://openalex.org/keywords/oligopoly","display_name":"oligopoly","score":0.8309999704360962},{"id":"https://openalex.org/keywords/market-size","display_name":"market size","score":0.5139999985694885},{"id":"https://openalex.org/keywords/merger-efficiency","display_name":"merger efficiency","score":0.6499999761581421},{"id":"https://openalex.org/keywords/monopoly","display_name":"monopoly","score":0.5400000214576721}],"concepts":[{"id":"https://openalex.org/C121398111","wikidata":"https://www.wikidata.org/wiki/Q103639","display_name":"Oligopoly","level":3,"score":0.7346409559249878},{"id":"https://openalex.org/C2781127519","wikidata":"https://www.wikidata.org/wiki/Q43637","display_name":"Monopoly","level":2,"score":0.6482976078987122},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.6377169489860535},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.5944098234176636},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.5213038325309753},{"id":"https://openalex.org/C182365436","wikidata":"https://www.wikidata.org/wiki/Q50701","display_name":"Variable (mathematics)","level":2,"score":0.5118109583854675},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4905811846256256},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.4680126905441284},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.44247204065322876},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4395492970943451},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.3953600823879242},{"id":"https://openalex.org/C145236788","wikidata":"https://www.wikidata.org/wiki/Q28161","display_name":"Labour economics","level":1,"score":0.34240639209747314},{"id":"https://openalex.org/C16520705","wikidata":"https://www.wikidata.org/wiki/Q601799","display_name":"Cournot competition","level":2,"score":0.1922852098941803},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C134306372","wikidata":"https://www.wikidata.org/wiki/Q7754","display_name":"Mathematical analysis","level":1,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1111/apce.12125","doi":"https://doi.org/10.1111/apce.12125","is_oa":false,"landing_page_url":"https://doi.org/10.1111/apce.12125","pdf_url":null,"source":{"id":"https://openalex.org/S4394735553","display_name":"Annals of Public and Cooperative Economics","issn_l":"1370-4788","issn":["1370-4788","1467-8292"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Annals of Public and Cooperative Economics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:bol:bodewp:wp962","doi":null,"is_oa":false,"landing_page_url":"http://amsacta.unibo.it/4073/1/WP962.pdf","pdf_url":"http://amsacta.unibo.it/4073/1/WP962.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.719.9846","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.719.9846","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www2.dse.unibo.it/wp/WP962.pdf","raw_type":"text"},{"id":"mag:3122276330","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/paper/bolbodewp/wp962.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:cris.unibo.it:11585/567621","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/11585/567621","pdf_url":null,"source":{"id":"https://openalex.org/S4306402579","display_name":"Archivio istituzionale della ricerca (Alma Mater Studiorum Universit\u00e0 di Bologna)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210117483","host_organization_name":"Istituto di Ematologia di Bologna","host_organization_lineage":["https://openalex.org/I4210117483"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"pmh:oai:cris.unibo.it:11585/567621","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/11585/567621","pdf_url":null,"source":{"id":"https://openalex.org/S4306402579","display_name":"Archivio istituzionale della ricerca (Alma Mater Studiorum Universit\u00e0 di Bologna)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210117483","host_organization_name":"Istituto di Ematologia di Bologna","host_organization_lineage":["https://openalex.org/I4210117483"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"info:eu-repo/semantics/article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.6452000141143799}],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.6399999856948853}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":15,"referenced_works":["https://openalex.org/W181334911","https://openalex.org/W1526586875","https://openalex.org/W1607620689","https://openalex.org/W1935452409","https://openalex.org/W1987121507","https://openalex.org/W2012466875","https://openalex.org/W2087308246","https://openalex.org/W2115279414","https://openalex.org/W2130353298","https://openalex.org/W2158720059","https://openalex.org/W2408495078","https://openalex.org/W3121341788","https://openalex.org/W4210258193","https://openalex.org/W6714146246","https://openalex.org/W7054869690"],"related_works":["https://openalex.org/W1870109339","https://openalex.org/W2332121779","https://openalex.org/W1585825761","https://openalex.org/W2355343262","https://openalex.org/W2991407321","https://openalex.org/W2361455805","https://openalex.org/W2370585628","https://openalex.org/W4235036556","https://openalex.org/W4213111599","https://openalex.org/W2136726436"],"abstract_inverted_index":{"ABSTRACT":[0],"We":[1,19],"study":[2],"the":[3,11,16,41,70],"incentives":[4],"towards":[5],"horizontal":[6,42],"merger":[7,46,73],"among":[8],"firms":[9],"when":[10],"amount":[12],"of":[13,72],"capital":[14],"is":[15,65],"strategic":[17],"variable.":[18],"focus":[20],"on":[21],"workers'":[22],"cooperatives,":[23],"but":[24],"our":[25],"conclusions":[26],"apply":[27],"also":[28],"to":[29,74],"employment\u2010constrained":[30],"profit":[31],"maximizers.":[32],"Within":[33],"a":[34],"simple":[35],"oligopoly":[36],"model,":[37],"we":[38],"prove":[39],"that":[40],"merger,":[43],"for":[44,52,57],"any":[45],"size,":[47],"is:":[48],"(i)":[49],"privately":[50],"efficient":[51,61],"insiders":[53],"as":[54,56],"well":[55],"outsiders;":[58],"(ii)":[59],"socially":[60],"if":[62],"market":[63],"size":[64],"large":[66],"enough,":[67],"even":[68],"in":[69],"case":[71],"monopoly.":[75]},"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2017,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2025-10-10T00:00:00"}