This paper introduces the Werden-Froeb Index (WFI) to assist in evaluating merger-specific efficiencies in horizontal … mergers. The index measures the weighted average reduction in marginal costs required to restore pre-merger equilibrium prices … and quantities after the (full or partial) merger is consummated. The WFI is well defined, objective and robust, and it …

paperanalyzes the efficiency effects of 52 horizontal bank mergersover the period 1994-1998, i.e. the period immediately … banking.The dynamic merger analysis indicates that the cost efficiencyof merging banks is positively affected by the merger …, while therelative degree of profit efficiency improves only marginally.We do not find any evidence that merging banks are …

of travel delays). Our results suggest that self-internalization with only two firms leads to a considerable efficiency …

that highlights this interaction. Theory points to an expected linkage between service sector competition and goods trade …