We analyze the effects of synergies from horizontal mergers on managerial incentives. In contrast to synergies … after a merger. We show that synergies suppress managerial incentives within the non-merging firms, whereas the effect on … defense in merger control. -- Managerial Incentives ; Horizontal Mergers ; Antitrust ; Productive Efficiency Gains ; Synergies …

agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly … leads to a countervailing incentive effect: The merged firm's principal may be induced to stifle managerial incentives in …

obtain high-powered incentives and, hence, a high personal income at the merger-management stage. …

incentives under limited commitment. It circumvents ratchet effects and facilitates the revelation of persistent private …

This paper examines the optimal provision of incentives for contract designers. A principal hires an agent to draft a …

. Collectively, our findings suggest that managerial incentives can motivate managers to abandon the novel “disclosure substitution …We examine the relation between managerial incentives and disclosure. Specifically, we examine how contracts that … explicitly evaluate managers relative to peer performance are associated with: (1) the transparency of mandatory disclosure; (2 …