Cost Effects of Mergers and Deregulation in the U.S. Rail Industry
We attempt to disentangle the effects of deregulation on rail costs from those directly attributable to mergers and acquisitions, employing a translog variable cost function, based on an unbalanced panel data set of annual observations for major U.S. Class I railroads from 1974 to 1986. We find that...
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| Veröffentlicht in: | Journal of productivity analysis 1993-06, Vol.4 (1/2), p.127-144 |
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| container_title | Journal of productivity analysis |
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| creator | BERNDT, ERNST R. FRIEDLAENDER, ANN. F. CHIANG, JUDY SHAW-ER WANG VELLTURO, CHRISTOPHER A. |
| description | We attempt to disentangle the effects of deregulation on rail costs from those directly attributable to mergers and acquisitions, employing a translog variable cost function, based on an unbalanced panel data set of annual observations for major U.S. Class I railroads from 1974 to 1986. We find that both deregulation and mergers contributed significantly to cost savings. However, of the accumulated cost savings achieved by the six major firms involved in mergers postderegulation, we estimate that by 1986 about 91% of the reduction in accumulated costs is due to deregulation, and about 9% is directly due to mergers and acquisitions (which in turn were facilitated by regulatory reforms). |
| doi_str_mv | 10.1007/BF01073470 |
| format | Article |
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| ispartof | Journal of productivity analysis, 1993-06, Vol.4 (1/2), p.127-144 |
| issn | 0895-562X 1573-0441 |
| language | eng |
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| source | Jstor Complete Legacy; Springer Nature - Complete Springer Journals; Business Source Complete |
| subjects | Capital costs Coal Cost efficiency Cost estimates Cost functions Economic costs Rail industry Railway systems Traffic estimation Variable costs |
| title | Cost Effects of Mergers and Deregulation in the U.S. Rail Industry |
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