We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … computationally, allows firms to invest or propose mergers according to the relative profitability of these strategies. An antitrust … authority is able to block mergers at some cost. We examine the optimal policy when the antitrust authority can commit to a …

The challenge of effective merger enforcement is tremendous. U.S. antitrust agencies must, by statute, quickly forecast … empirical basis for antitrust enforcement, and provides guidance on the key measurement issues researchers confront in … estimating the price effects of mergers. We also describe how evidence from merger retrospectives can be used to evaluate the …

In this article, I explain the inadequacy of our current state of knowledge regarding the effectiveness of antitrust … the effectiveness of antitrust policy. There are two types of data one requires in order to perform such an analysis. One … is data on the relevant market pre and post merger. The second is data on the specific predictions of the government …

We study the importance of discretion in antitrust enforcement by analyzing the response of asset prices to the sudden … accession of Theodore Roosevelt to the presidency. During McKinley's term in office the largest wave of merger activity in … American history occurred, and his administration did not attempt to use antitrust laws to restrain any of those mergers. His …

In this paper we review issues relating to antitrust and competition in health care markets. The paper begins with a … brief review of antitrust legislation. We then discuss whether and how health care is different from other industries in … ways that might affect the optimality of competition. The paper then focuses on the main areas in which antitrust has been …

Antitrust authorities search public documents to discover anticompetitive mergers. Thus, investor disclosures may alert … disclosure thresholds stipulated by securities law. We find that releasing information to investors poses antitrust risk. Second …, we present a method for measuring undisclosed merger activity that relies on financial accounting reporting requirements …

-style takeover defences, such as poison pills and staggered boards, but allows voting caps and pyramiding in their stead. Various … investors and mandatory takeover bids …

paper, we use states' passage of anti-takeover legislation as a source of such independent variation. Passed in the 1980's …

The development of U.S. state takeover law in the past three decades has produced considerable and quite possibly … excessive protection for incumbent managers from hostile takeovers. Although the shortcomings of state takeover law have been … produce even worse takeover arrangements. This paper puts forward a novel form of federal intervention in the regulation of …