<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2014000100227</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Sustentabilidad de las fusiones, asimetrías de información y estrategias de las empresas no fusionadas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Méndez Naya]]></surname>
<given-names><![CDATA[José]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad A Coruña Facultad de Economía y Empresas ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2014</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2014</year>
</pub-date>
<volume>81</volume>
<numero>321</numero>
<fpage>227</fpage>
<lpage>240</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2014000100227&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2014000100227&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2014000100227&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo de este artículo es el de analizar la rentabilidad de una fusión horizontal de empresas que compiten en cantidades, en el supuesto de que puede haber tanto asimetrías de información entre las diferentes empresas del mercado como que se pueden realizar pagos colaterales entre las mismas. En este contexto, se prueba que una fusión entre dos empresas seguidoras puede ser beneficiosa. Por otra parte, se prueba que el número mínimo de empresas necesario para garantizar la sustentabilidad de la fusión es menor si existen asimetrías informativas que en un contexto de información simétrica.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The purpose of this paper is to analyze firms horizontal mergers sustainability in a quantity competition setting assuming both asymmetric information and profits transfers among firms. In such a context it is proved that a merger between two follower firms could be sustainable. Furthermore, it is proved that the minimal number of firms needed in order to guarantee the merger sustainability is lower under asymmetric information than under symmetric information.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[fusiones]]></kwd>
<kwd lng="es"><![CDATA[información asimétrica]]></kwd>
<kwd lng="es"><![CDATA[Stackelberg]]></kwd>
</kwd-group>
</article-meta>
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