's stand-alone value and a component of the synergies that would be realized by the merger involving his firm. We characterize …, hence transfers can be made contingent on the new information accruing after the merger. Second, we study the case of … identify necessary and sufficient conditions for the implementability of efficient merger rules. In the second case, we show …

the period 1990-2002 to assess the effectiveness of European merger control. The basic idea is to relate announcement and … decision abnormal returns. Under a set of four maintained assumptions, merger control might be interpreted to be effective if … rents accruing due to the increased market power observed around the merger announcement are reversed by the antitrust …

This paper analyzes endogenous merger formation in oligopolistic markets where firms have different unit production … costs. We reformulate the merger model, introduced by Barros (1998), by employing the core as cooperative equilibrium … concept. We show that, depending on the size asymmetry in the pre-merger market, this alternative solution concept predicts a …

rather than exogenous merger theory. More surprisingly, our data suggests that fairness considerations also make profitable … profitable merger does not occur, because it is even more profitable for each firm to unilaterally stand as an outsider (Kamien …

We demonstrate a 'preemptive merger mechanism' which may explain the empirical puzzle why mergers reduce profits, and … raise share prices. A merger may confer strong negative externalilties on the firms outside the merger. If being an 'insider … pre-merger value of a merging firm is low, since it reflects the risk of becoming an outsider. These results are derived …

's ability to rationalize production is even more limited if costs are private information to firms. Merger in such markets …

The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons …. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused … growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes …

We consider a setting in which two potential merger partners each possess private information pertaining both to the … ex-post regret an unavoidable phenomenon in merger negotiations. To this end, we consider ex-post incentive compatible … mechanisms, which use both players' reports to determine whether or not a merger will take place and what each player will earn …