contribute, on average, 20% of the total merger value added. Moreover, we find that multimarket efficiency gains dominate …Merger value is frequently evaluated in single market contexts without considering possible gains stemming from firms … multimarket firms create incremental value. We establish a simple theoretical model that determines merger value in a multimarket …

merger that occurred by the end of 2015 (the BRF/MRP merger) had any discernable market-power or efficiency effects. To do … counterbalances the price increases induced by the merger. This implies that total consumers’ surplus may have grown as a consequence … of the merger. …

We investigate the competitive effects of the merger between Delta Air Lines and Northwest Airlines (2009) in the … increases of about 11 percent on overlapping routes and about 10 percent on routes which experienced a merger-induced switch of … the operating carrier. Over a longer period, however, our analysis reveals that both merger efficiencies and post-merger …

-level productivity. We also examine whether M&As increase efficiency through reallocation of production to more efficient plants or … are robust to a range of approaches to address the endogeneity of firms' merger decisions …