firms because it lowers the probability they win the innovation contest for that project; however, the investment of a firm … appropriable, then a merger increases consumer welfare by reducing investment in the most profitable project and increasing … merger increases consumer welfare if the more profitable project corresponds to the market with the higher elasticity of …

firms because it lowers the probability they win the innovation contest for that project; however, the investment of a firm … appropriable, then a merger increases consumer welfare by reducing investment in the most profitable project and increasing … merger increases consumer welfare if the more profitable project corresponds to the market with the higher elasticity of …

firms because it lowers the probability they win the innovation contest for that project; however, the investment of a firm …

increases anticompetitive effects of a merger between portfolio companies. Instead we posit that this depends on the facts of … the case. The existence of common ownership might even mitigate post-merger unilateral effects if compared to the pre-merger … counterfactual. We test our hypothesis on price competition as well as on innovation competition. Eventually, we map our conclusions …