Budzinski, Oliver; Kretschmer, Jürgen-Peter - Institut for Miljø og Erhvervsøkonomi, Syddansk … - 2009
-fect increases welfare by reducing the costs of production (synergies). How-ever, demand-side effects of synergies are usually …) decrease in labour demand due to merger-specific synergies and derive welfare effects. We find that efficiency benefits from … horizontal mergers are substantially decreased, if involuntary unemployment exists. However, in full employment economies, demand …