arbitrage. Furthermore, a merger can lead to an equilibrium in which only the "high-demand" market is served. This is more … likely (i) the lower consumers' transportation costs and (ii) the higher the concentration of the industry. Therefore, merger …

to the merger. We show that a PPO reduces the minimal synergy level necessary to make a merger beneficial for consumers …. It follows that an antitrust authority ignoring existing PPOs when evaluating merger proposals (which reflects the … current EU merger control regime) invites sneaky takeovers: Acquiring firms strategically use PPOs prior to a full merger …

We re-examine the common wisdom that cross-border mergers are the most effective merger strategy for firms facing … powerful unions. In contrast, we obtain a domestic merger outcome whenever firms are sufficiently heterogeneous (in terms of … productive efficiency and product differentiation). A domestic merger unfolds a "wage-unifying" effect which limits the union …

We analyze the efficiency defense in merger control. First, we show that the relationship between exogenous efficiency … find that merger proposals are largely aligned with a proper social welfare analysis which explicitly considers the without … merger counterfactual. We demonstrate that the merger specificity requirement does not help much to select socially desirable …