A Retrospective Merger Analysis in the Long-Distance Bus Industry in France

Présentation de Thierry Blayac (Université de Montpellier)

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Thierry Blayac (Université de Montpellier), en collaboration avec Patrice Bougette (University Côte d’Azur, GREDEG)

Résumé :   This study estimates the price and efficiency effects of horizontal mergers in the French long-distance bus industry. We examine two mergers that followed the 2015 deregulation Act of the Macron Law. Using a unique and exhaustive database, we identify price and efficiency effects by comparing bus routes affected by mergers to  unaffected  routes  using  difference-in-difference  estimations  with  propensity  score  matching.  We  find  that  the  two  mergers  following  industry  deregulation  seem  to  be  associated with price increases and no efficiency gains.