This study examines how antitrust law adoptions affect horizontal merger and acquisition (M&A) outcomes. Using the …-day cumulative abnormal returns surrounding horizontal merger announcements. A decrease in deal value, target book assets, and … treatment effects does not nullify our results. Overall, antitrust policies seem to deter post-merger monopolistic gains …

-competitive effects that may result from mergers and acquisitions. In order to appropriately consider efficiency claims in the merger … evaluation, competition authorities generally establish certain criteria. Among the criteria considered, there are merger …-specificity and the productive or allocative nature of claimed (anticipated) efficiencies. The merger-specificity test is often …