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 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 …

test a two-stage takeover model in which optimal toeholds centre on either zero or a positive threshold. Toehold bidding …

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 …

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 propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …