interaction between firms in a general equilibrium setting). In terms of economic importance, the dominant merger wave variable is … a positive global-all effect, indicating that M&A waves are an economy-wide, global phenomenon. Country-specific merger …

consequences of non-participation of the USA in the global coalition, and the associated distributional impacts world-wide. …

primary effects of a merger. Our main result is that the level of search costs are crucial in determining the incentives of … profitable for the merging firms. If search costs are relatively high instead, a merger causes a fall in average price and this … triggers search. As a result, non-shoppers who didn’t find it worthwhile to search in the pre-merger situation, start searching …

consumers search for satisfactory deals. In the pre-merger symmetricequilibrium, the probability that a firm is the next one to … be visited by a consumer is equal acrossfirms not yet visited. However, in the short-run after a merger, because insiders …. This new merger paradox,which is more likely the higher the number of non-merging firms, can be overcome in the …

, depending on how after-merger valuations are created. In the first, single-aspect model, the valuation of the merged firm is the … maximum of the valuations of the two firms engaged in the merger. In the multi-aspect model, a bidder's valuation is the sum … merger creates incentives for bidders to shade their bids leading to lower revenue. In the second model, the non …