Department of Business Administration2024-11-0920210165-176510.1016/j.econlet.2021.1101142-s2.0-85117615218http://dx.doi.org/10.1016/j.econlet.2021.110114https://hdl.handle.net/20.500.14288/7078This study shows that mergers' price effects can vary seasonally. I document countercyclical price increases due to the Coors and Miller merger, which is consistent with models of coordinated pricing that predict lower equilibrium prices during high-demand states. (c) 2021 Elsevier B.V. All rights reserved.EconomicsJournal Article1873-73747104767000113256