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Abstract

We examine the question of adaptive firm conduct using longitudinal product-level data from three large horizontal mergers in the food manufacturing industry. Our model is grounded in a "poststructural" view of competition that we deduce from recent writings from the fields of strategy, organizational ecology, and industrial organization. Consistent with this model, we find that the influence of horizontal merger on product performance (i.e., rent) varies with the product niche, time, the specific firms that merged, and dominance of the product, and its market scope.

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