larger price increases than mergerrelated exits. Within the merger category, our analysis reveals significant price increases … on all affected routes immediately after the exit events. In the medium and long-run, however, realized 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 …

We analyze a Bayesian merger game under two-sided asymmetric information about firm types. We show that the standard … prediction of the lemons market model-if any, only low-type firms are traded-is likely to be misleading: Merger returns, i.e. the … difference between pre- and post-merger profits, are not necessarily higher for low-type firms. This has two implications. First …