We develop a model in which two firms that have proposed to merge are privately informed about merger …-specific efficiencies. This enables the firms to influence the merger control procedure by strategically revealing their information to an … on the merger control institution and, in particular, whether it involves an efficiency defense. We derive the optimal …

refer to hollowing-out as the situation where the target firm is shut down following a merger with a domestic or foreign … when a cross-border merger with hollowing out is not profitable but it is socially desirable. -- Economic models …

different markets. We focus on the interaction between the merger's effects on downstream efficiency and on buyer power in a … size discounts for the merged entity has no impact on consumer prices or on smaller retailers, unless the merger affects … “waterbed effects,” that is, each small retailer pays a higher average tariff if a buyer merger improves downstream efficiency …