create value either by exploiting synergies or through fixed cost savings, the relative value of each approach being affected …

that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert …

We explain the empirical puzzle why mergers reduce profits, and raise share prices. If being an 'insider' is better …, since the risk of becoming an outsider is eliminated. We also show that mergers increasing consumers' prices, while …-competitive mergers. These results are derived in an endogenous-merger model, predicting the conditions under which mergers occur, the …

predicts the frequency of mergers and acquisitions to be negatively correlated with employment protection. These predictions …

This paper studies multi-agent optimal contracting with cost synergies. We model synergies as the extent to which … effort by one agent reduces his colleague's marginal cost of effort. An agent's pay and effort depend on the synergies he … exerts, the synergies his colleagues exert on him and, surprisingly, the synergies his colleagues exert on each other. It may …

This paper studies multi-agent optimal contracting with cost synergies. We model synergies as the extent to which … effort by one agent reduces his colleague's marginal cost of effort. An agent's pay and effort depend on the synergies he … exerts, the synergies his colleagues exert on him and, surprisingly, the synergies his colleagues exert on each other. It may …

synergies generated by a merger may vary substantially depending on the identity of the participating firms. The model … demonstrates that, under some circumstances, relatively inefficient mergers may take place. That is, a particular merger may … dendogenous likelihood of feasible mergers. …