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 …

Stock exchange mergers can lead to increased efficiency; however, increasing levels of concentration can potentially … exchanges' profitability in the post-merger period. The profitability of the merging exchanges in the post-merger period is …

A common practice in merger screening is to estimate and consider market shares and concentration. However, as stated … in the United States Department of Justice (“DOJ”) and Federal Trade Commission (“FTC”) Horizontal Merger Guidelines … merger.” For example, standard measures of market concentration do not account for cost efficiencies that may occur as the …

-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 …

-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 …

-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 …