effects of M&As on firms' post-merger R&D investments and drug development capabilities across drug development phases. This … study builds on a novel database that enables us to evaluate the post-merger effect at the research project level and across … examine the direct and indirect merger effects on R&D capabilities across development phases. We find that M&As have a strong …

their innovation efforts post-merger while the outsiders to the merger respond by increasing their effort. A merger tends to … reduce overall innovation. Consumers are always worse off after a merger. Our model calls into question the applicability of … the "inverted-U" relationship between innovation and competition to a merger setting. …

This paper explores the effects of a European airline merger followed by a consolidation of two competing international … alliances. The exercise has been inspired by the Air France-KLM merger, which is expected to spur consolidation of the Northwest … through higher profits, the merger and alliance consolidation harm consumers while reducing overall social surplus. The reason …

Merger value is frequently evaluated in single market contexts without considering possible gains stemming from firms … multimarket firms create incremental value. We establish a simple theoretical model that determines merger value in a multimarket … firm environment. The model enables us to derive merger values as being independent of post-merger market shares, but …

We examine how a downstream merger affects input prices and, in turn, the profitability of a such a merger under … unions organising workers. If the input suppliers are plant-specific, we find that a merger is more profitable than in a … take part in a merger than being an outsider. For firm-specific input suppliers, on the other hand, results are reversed …

We modify the UPP test of Farrell and Shapiro (2010) to take into account the possibility that a merger weakens (or … eliminates) a vertical supply relationship. After deriving a general effect of the merger, we provide an example of simple …

compatibility and can engage in bundling. We consider the impact of merger on prices, investment and consumer surplus. We also …