We compare the prevailing system of compulsory pre-merger notification with the Australian system of voluntary pre-merger notification. It is shown that, for a non-trivial set of parameter values, a perfect Bayesian equilibrium exists in mixed strategies in which the regulator investigates...

We study a voluntary pre-merger notification game under asymmetric information and characterize perfect Bayesian equilibria. In the separating equilibrium, only the mergers with low private benefits and low social welfare are notified, and subsequently settled into negotiated outcomes. All other...