refer to hollowing-out as the situation where the target firm is shut down following a merger with a domestic or foreign … when a cross-border merger with hollowing out is not profitable but it is socially desirable. …

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 …

We analyze a Bayesian merger game under two-sided asymmetric information about firm types. We show that the standard … prediction of the lemons market model-if any, only low-type firms are traded-is likely to be misleading: Merger returns, i.e. the … difference between pre- and post-merger profits, are not necessarily higher for low-type firms. This has two implications. First …

, we address three research questions: (i) Is the current development of analyzing industry with its recent merger activity … merger control in this industry, as well as a more active abuse control against already vertically-integrated media companies. …

pressure post-merger. We show that while optimal pricing is determined by the nature of end-users' side choices, their platform … choices are crucial for merger analysis. …

The seminal paper by Salant, Switzer and Reynolds (1983) showed that merger in a standard Cournot framework with linear … demand and linear costs is not profitable unless a large majority of the firms are involved in the merger. However, many … recurring to cost savings of merger. Firms interact with each other, with customers, suppliers, their owners, and with …

We set up a sequential merger game to study a firm's incentives to pass up on an opportunity to merge with another firm …. We find that such incentives may exist when there are efficiency gains from a merger, firms are of different sizes, there …