We show that the number of merger proposals (frequency-based deterrence) is a more appropriate indicator of underlying changes in merger policy than the relative anti-competitiveness of merger proposals (composition-based deterrence). This has strong implications for the empirical analysis of...

Introduction -- Mergers and merger policy in the U.S. : an overview -- Evaluating merger outcomes -- Guide to merger analysis using difference-in-differences (Daniel Greenfield) -- Merger retrospectives : two studies -- Mergers and product prices -- Merger policy and remedies -- Retrospective...