issues. We take the merger paradox from the standard oligopoly literature as a starting point and show that in the absence of … any cost-synergies of merger activities, firms do have an incentive to divest further instead of joining mergers. We then … endogenously and simultaneously requires both cost synergies and cost dissynergies. Endogenous merger size is then a function of …

actually reduce consumer surplus which opposes the use of an efficiency defense in merger control. …

restrictions. This calls for a "financial" efficiency defense in the merger law. We also show that cross-border M&As are not only …

There is broad concern that merger policy toward Big Tech has been too lenient. Big Tech typically operates in markets … merger policy promotes innovative entry by facilitating entry for buyout. I show that permissive merger policy can also … such improvements reduce the gains from merger. A second way is by facilitating incumbency for buyout, under which an …

This paper studies Tesoro's 2013 acquisition of British Petroleum's Los Angeles refinery. We present a merger …

assumption were held, a positive external effect of a proposed merger would represent a sufficient condition to allow the merger … this restrictive assumption and allow for unprofitable mergers to occur. This exerts a considerable impact on merger policy … effect does not represent a sufficient condition for the allowance of a merger any longer. Applying such a rule would cause a …

of these studies pool post-merger data to estimate the average price effect of a merger. Merger guidelines agree that … mergers should be approved if market dynamics, such as entry, eliminate negative welfare effects. However, pooled post-merger … data ignore key information about price dynamics and are unable to identify if post-merger prices eventually revert to pre-merger …

using three indicators to determine whether and how a merger affects the probability of collusion. An example of application … of this approach to a real-world case (the AT&T/T-Mobile merger) is provided …