We analyze the effects of synergies from horizontal mergers in a Cournot oligopoly where principals provide their … agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly … order to reduce her agency costs. Whenever this incentive effect dominates the well-known direct synergy effect, synergies …

The objective of this paper is to discuss the use of modern frontier efficiency analysis to analyze firm performance in … research to incorporate the frontier efficiency approach. The chapter also serves as a guide for those who are already … conducting frontier efficiency analysis but are seeking guidance in using the methodology or defining inputs and outputs. We …

A non-parametric approach is used to examine the effects of globalization and deregulation on the efficiency and … efficient than small banks for most efficiency indices in both years. However, despite globalization, deregulation, and the … gains in technology and productivity, there was a decrease in overall efficiency for both large and small banks in 2003 …

, we find that the operating efficiency of the acquirers decreases around the acquisition, and up to three years after …-price return is not significantly associated with acquirer’s operating efficiency post-acquisition. Therefore, investors should be … merger efficiency gains. …

transparency) is positively associated with firm-level operational efficiency and access to external financing. Several cross … better-developed capital markets that facilitate capital allocation and production efficiency. Additional analyses using the …

productivity. The results show that bank loans and director ownership had negative impact on the efficiency of firms; however … ; efficiency ; manufacturing ; GMM …

defense in merger control. -- Managerial Incentives ; Horizontal Mergers ; Antitrust ; Productive Efficiency Gains ; Synergies …We analyze the effects of synergies from horizontal mergers on managerial incentives. In contrast to synergies …, efficiency gains resulting from managerial effort are not merger specific, i.e., they may be realized by all firms before and …

We analyse the effects of investment decisions and firms internal organisation on the efficiency and stability of …. We show that often stable mergers do not lead to more e.ciency and may even lead to efficiency losses. These mergers lead … to lower total welfare, suggesting that a regulator should be careful in assuming that possible efficiency gains of a …