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merger may affect the R&D efficiency of the merging firm due to increasing returns to scale in R&D. We show that mergers are … spillovers, we show that higher efficiency gains are needed to make the merger profitable …
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This paper proposes an explanation as to why some mergers fail, based on the interaction between the pre-merger … evidence. Our setup is a global game (integration process) in which players decide whether to participate (merger decision). We …
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Competition authorities have a growing interest in assessing the effects of partial ownership arrangements. We show that the effects of such agreements on competition and welfare depend on the intensity of competition in the market and on the firms' governance structure. When assessing the...
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