This paper considers merger control in a common agency framework where firms and their competitors can influence the … attractive when mergers are large, when increasing the size of a merger greatly enhances industry profits, when there is little …

We construct a unique dataset of legislative reforms in merger control legislation that occurred in nineteen industrial … standard monopolistic hypothesis, we find that the strengthening of merger control decreases the stock prices of non …-financial firms. In contrast, we find that bank stock prices increase. Cross sectional regressions show that the discretion embedded …

In this paper, we analyse the scope for conflict between national merger control agencies that assert jurisdictions … simultaneously. We consider a positive model of merger control in which market definition and the analysis of dominance are both … explicitly specified. We find that conflict in international merger control is less likely to occur when economic integration is …

Exploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank … investors have similar effects. Moreover, bank mergers engineered to enhance bank stability appear to hurt the borrowers of the …

This Paper presents a model of takeover incentives in an oligopolistic industry, which, in contrast to previous … application is to compare takeover incentives in a differentiated Cournot and Bertrand oligopoly model with linear demand and … under Bertrand competition if products are substitutes. Moreover, as products become closer substitutes, a takeover becomes …

structural approach to infer acquirers’ gains from merging by interpreting a merger as an auction. Using nonparametric methods …

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement …

The optimal competition policy when licensing is an alternative to a merger, which has the intention of transferring a … of the US Horizontal Merger Guidelines. In contrast, when only one instrument is feasible, be it fixed fees or royalties …

the respective mono-tonicity properties. If the profit differential between post-merger and pre-merger profits satisfies … equilibria of merger games with simultaneous and sequential moves. The application of our framework to specific oligopoly models … illustrates that the introduction of two-sided asymmetric information may lead to considerable changes in the predicted merger …