post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal … between differentiated varieties. After a merger, acquirers drop products from their consolidated domestic product portfolio … and reallocate assets towards core varieties. We further demonstrate that such merger-induced efficiency gains imply …

cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …

This study investigates the impact of firm-specific discount factors on merger formation and market performance. We … explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms …

We analyze the impact of a merger on firms' incentives to innovate. We show that the merging parties always decrease … 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 …

-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …