There is a growing concern that U.S. merger control may have been too lenient, but empirical evidence remains limited … reviewing the use and challenges of event studies in merger analysis, I use a novel application of Hoberg-Phillips (2010, 2016 ….S. mergers between 1997 and 2017. I document that following a merger announcement, the most likely competitors experience on …

, merger activity arose. This paper develops a tailored nonparametric model to dissect and distinguish the effects on … variables. We classify the merger economies into scale economies and increased incentives to fight inefficiencies. Although we … detect a significant efficiency enhancing effect of benchmarking, we find insignificant merger economies due to the absence …

We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …