destruction affects risk, wealth, and prices. Overinvestment not only imposes excessive disruption risk on existing assets and … wealth). Because of hedging motives, wealth duration and uncertainty decrease systematic risk. If rent seeking and … competition are sufficiently high, a negative risk premium arises that resolves over time with learning. The model generates price …

Merger review in the United States has overlooked a significant competition harm: increasing risk. Mergers can increase … both direct and systemic risk. There is now persuasive evidence that negative shocks to a firm can harm the firm …, how we structure our markets can become a matter of life and death overnight. I argue that mergers that increase risk by …