the effects of trade liberalisation on the firm-level profit-enhancing effects of mergers, under an oligopolistic …. However, the effects of freer trade on profits of the exporting countries are ambiguous and depend on the net gains in profit … enhance the profits is inversely proportional to the number of firms in the country. With a freer trade, the profit effect of …

This paper studies the social value of closing price differentials in financial markets. We show that arbitrage gaps … (price differentials between markets) exactly correspond to the marginal social value of executing an arbitrage trade. We … further show that arbitrage gaps and measures of price impact are sufficient to compute the total social value from closing an …