We study the competitive effects of five liquidations and six mergers in the domestic U.S.
airline industry between 1995 and 2010. Applying fixed effects regression models we find
that route exits due to liquidation lead to substantially larger price increases than mergerrelated
exits. Within the merger category, our analysis reveals significant price increases on
all affected routes immediately after the exit events. In the medium and long-run, however,
realized merger efficiencies and entry-inducing effects are found to be strong enough to drive
prices down to pre-exit levels.
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