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Abstract
When corporations in the same industry merge, the horizontal merger occurs. Such mergers might bring about impacts to different stakeholders of the bidder firms, target firms and other participants in the industry. Therefore, I would like to examine whether the horizontal mergers could also bring positive impacts to the value of customers of the bidder firms in the United States during 2003 and 2015. I collected data for mergers and horizontal mergers announced during this period, and try to compare the two groups using DID and capture the impact brought about by horizontal mergers. It turns out that horizontal mergers will positively influence the value of downstream firms of bidders.