boundedly rational consumers or the reactions of firms to such behavior. Second and more fundamental is the efficiency challenge …, which surfaces where consumer bias weakens the causal link between competition and efficiency. For instance, consumers who … standard economic justification for antitrust law largely weathers the thorny efficiency and welfare challenges alike …

all bidders forecast, we document a higher likelihood of post-merger litigation and CEO turnover for bidders with a weak … forecasting reputation and for those that underperform post-merger …

Forecast improvements can be expected if the two partners involved in a brokerage merger pool information and expertise … improvements appear more pronounced in subsamples of stocks for which both of the pre-merger analysts were retained in the merged … brokerage. At the analyst-level, we find only weak evidence of forecast improvements after the merger. However, we find evidence …

This paper examines whether gains in bank megamergers occur due to efficiency improvements or the exercise of market … power using financial statement line item forecasts from Value Line to infer the effect of the merger on prices and … quantities. The average megamerger is associated with cost-efficiency improvements. In the cross-section, efficiency gains are …