relative to what is socially optimal. Moreover, prohibiting acquisitions may increase or decrease consumer surplus. The more …, the more likely is that consumers benefit (suffer) following an acquisition. These results are robust to acquisitions …

-on acquisitions. We ask whether such serial (buy-and-build) acquisition strategies deliver operating synergies, as expected from …

This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … initial acquisition triggers a wave of follow-on acquisitions, where the process of asset accumulation by the consolidator is … accelerated since the value of follow-on acquisitions is enhanced by the more concentrated industry structure. An initial …

expected target value, and uncertainty, determine value appropriation in acquisitions. …

dynamics of bank relationships after corporate acquisitions and the effects of changing banks on firm performance. Foreign …

We study mergers in a market where N firms sell a homogeneous good and consumers search sequentially to discover prices …. The main motivation for such an analysis is that mergers generally affect market prices and thereby, in a search … firms to merge and the welfare implications of mergers. When search costs are relatively small, mergers turn out not to be …

This paper studies mergers in markets where firms invest in a portfolio of research projects of different profitability … effect of mergers makes them consumer welfare improving. With constant elasticity of demand and constant marginal costs, a … demand. The portfolio effect of mergers may dominate the usual market power effects of mergers. …

. Event studies have been used as one method to acquire empirical insights into the competitive effects of mergers. However ….S. mergers between 1997 and 2017. I document that following a merger announcement, the most likely competitors experience on …