, depending on how after-merger valuations are created. In the first, single-aspect model, the valuation of the merged firm is the … maximum of the valuations of the two firms engaged in the merger. In the multi-aspect model, a bidder's valuation is the sum … merger creates incentives for bidders to shade their bids leading to lower revenue. In the second model, the non …

due diligence process. This is detrimental to the winner in the competition post-merger, leading to a lower bid ex … is always allocated to the least efficient buyer before the merger. This improves overall market efficiency and … intensifies competition post-merger, leading to a lower expected profit for the winner, hence a lower bid ex-ante. This paper …

Competition in some markets is a contest. This paper studies the merger incentives in such markets. Merger can be … profitable. The profitability depends on the post-merger contest st ructure, the discriminatory power of the contest and on the …