apply the framework to a Cournot model with cost synergies and a Bertrand model where acquisitions extend the product …

that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert …

collusion-based synergies and mergers characterized largely by efficiency-based synergies. Crucial to the proposed measurement …The strategy literature has found it difficult to differentiate between collusive and efficiencybased synergies in … horizontal merger activity. We propose a theoretically-backed methodological approach to classify mergers that yields more …

We explain the empirical puzzle why mergers reduce profits and raise share prices. If being an “insider” is better than … mergers occur, when they occur, and how the surplus is shared. …

This paper analyzes the effects of mergers around the world over the past 15 years. We utilize a large panel of data on … mergers to test several hypotheses about mergers. The effects of the mergers are examined by comparing the performance of the … that mergers on average do result in significant increases in profits, but reduce the sales of the merging firms …

-based synergies in horizontal merger activity. We propose a schematic to classify mergers that yields more information on merger types … and merger effects, and that can, moreover, distinguish between mergers characterized largely by collusion-based synergies … and mergers characterized largely by efficiency-based synergies. Crucial to the proposed measurement procedure is that it …

that it is beneficial to be a nonmerging rival firm to a large horizontal merger. Using a sample of mergers with expert …

) as advisors in mergers. However, this choice weakens any certification effect and creates a potential conflict of …