We propose two nonparametric transition density-based speciÞcation tests for continuous-time diffusion models. In contrast to marginal density as used in the literature, transition density can capture the full dynamics of a diffusion process, and in particular, can distinguish processes with...

Efficiencies have yet not played a prominent role in American merger enforcement policy, although the federal antitrust agencies and the courts have recognized efficiencies as a factor in merger analysis that may tilt the balance in an otherwise anticompetitive transaction. A review of the...