merger between regulated firms when cost synergies are uncertain before the merger and their realization becomes private … information of the merged firm. The optimal merger policy trades off potential cost savings against regulatory distortions from … market induces a more lenient merger policy. The regulated firms' diversification into a competitive segment of the market …

exact amount of cost efficiency/inefficiency that will result from the merger. Nevertheless, the key element of the model is … always have incentives to merge, irrespective of cost uncertainty, while a merger without role redistribution is ex ante … merger between leaders always enhances welfare if participants have incentives to merge, such that private and collective …

when taking merger decisions. In practice, firms and competition authorities cannot know exact future efficiency gains …, prior to merger consummation. This paper analyzes horizontal mergers when the output decision-making process is sequential … of "Merger Approval", the paper emphasizes the timing of regulatory intervention and distinguishes two different merger …

We discuss the design of an effective merger review policy for the 21st century. We argue that the practice of the past … establish that all mergers above certain thresholds are illegal unless the merging parties can prove that merger … outline which merger-related efficiencies can rebut the presumption. …

We compare the prevailing system of compulsory pre-merger notification with the Australian system of voluntary pre-merger …. Some of the theoretical predictions are supported by exploratory empirical tests using merger data from Australia. Overall …, our results suggest that voluntary merger notification may achieve objectives similar to those achieved by compulsory …