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 …

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 …

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 …

guidelines reflect a substantial consensus on the appropriate template for merger assessment. Nevertheless, official protocols …

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

We investigate the impact of changes in states' anti-takeover legislation on executive compensation. We find both pay … which reduced takeover fears allow CEO's to skim more. We compute lower bounds on the relative risk aversion coefficients … increased pay for performance offsets some of the incentive reduction caused by lower takeover threats …

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 …

This is a survey of the economic principles that underlie antitrust law and how those principles relate to competition … central features of antitrust policy. Our objective is to foster the improvement of legal regimes and also to identify topics …

In this paper, we develop a novel theory of cross-border mergers and acquisitions. Firms can choose between different … modes of foreign market access: exporting, greenfield FDI, and cross-border M&A. Our theory is based on three key ideas …. Third, capabilities are traded in a merger market. We address two questions: (1) what are the characteristics of firms that …

The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and … acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the …, bidder shareholders react increasingly negatively as the offer price is pulled upward toward that price. Merger waves occur …