between increases in concentration and carriers' prices. The specifics of each merger case clearly matter. Moreover, we find a … positive correlation between the price and the investment effects; when the prices after merger increase (decrease), the …

mergers. If this assumption held, a positive external effect of a proposed merger would represent a sufficient condition to … allow the merger. However, the empirical picture on mergers and acquisitions reveals a significant share of unprofitable … mergers and economic theory, moreover, demonstrates that privately unprofitable mergers can be the result of rational action …

and decreases wholesale prices when downstream competition is not too strong. Examining whether the merger’s potential …We study upstream horizontal mergers and their potential efficiency gains. We show that an upstream horizontal merger …