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 …

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 …