Anticompetitive mergers increase competitors' profits, since they reduce competition. Using a model of endogenous … mergers, we show that such mergers nevertheless may reduce the competitors' share-prices. Thus, event-studies can not detect … anti-competitive mergers. …

account efficiency gains from horizontal mergers, and balance these gains against the anti-competitive effects of mergers? If … theoretical and empirical studies of mergers and merger control. Next, we review the current legal practice in seven OECD …

Anticompetitive mergers benefit competitors more than the merging firms. We show that such externalities reduce firms … surprising intertemporal link: Merger incentives may be reduced by the prospect of additional profitable mergers in the future … reasonable policies may be worse than not controlling mergers at all. …

We demonstrate a "preemptive merger mechanism" which may explain the empirical puzzle why mergers reduce profits, and … in a model of endogenous mergers which predicts the conditions under which a merger occurs, when it occurs, and how the …

This paper studies the interaction between the incentives for predation and mergers. I show that the incentive for …-riding problem associated with mergers, and second, destructive predation helps firms avoid the bidding competition. It is also shown … stronger, since it allows mergers but limits the bidding competition. …

Mergers and acquisitions (M&A) is the dominant form of Foreign Direct Investment (FDI), but has received but scarce …" argument would suggest. It also shows how private and social incentives for M&A may differ for weak merger synergies, but … converge when synergies are stronger. …

This report studies the importance of efficiency gains from horizontal mergers. A general theme throughout this report …

This paper proposes an approach for prediction the pattern of mergers when different mergers are feasible. It … that in concentrated markets, mergers are conductive to market structures with large industry profits, and thus points to a … conflict between private and social incentives. It is shown how mergers may be undertaken in order to preempt other possible …