This article examines US airline mergers between 1993 and 2018 and studies their impact on the labor market. Our difference-in-differences estimates indicate a significant reduction in the merging airlines' long-term wage and fringe benefits following the mergers. The effect is particularly salient among large-scale mergers involving major airlines and low cost carriers. The results also suggest a negative short-term employment impact of mergers that varies by occupation types. Our findings are consistent with the impact of merger-induced monopsony power discussed in recent literature and offer important policy implications regarding how to account for employer monopsony power during mergers and acquisitions.

中文翻译：

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美国航空业的合并和劳动力市场结果

本文考察了 1993 年至 2018 年间美国航空公司的合并，并研究了它们对劳动力市场的影响。我们的差值估计表明合并后航空公司的长期工资和附加福利显着减少。这种影响在涉及主要航空公司和低成本航空公司的大规模合并中尤为突出。结果还表明，兼并对短期就业的负面影响因职业类型而异。我们的研究结果与近期文献中讨论的并购引发的垄断权力的影响一致，并提供了关于如何在并购过程中解释雇主垄断权力的重要政策含义。