merger wave. The evidence indicates that the efficiency of the majority of acquiring firms increases following an acquisition …. Based on the parameter estimates, we calculate merger welfare effects. We find that total welfare increased by $583 …

We show that the presence of a strategic tax policy increases the incentive for a horizontal merger compared to the … a horizontal merger that has been ignored in the existing literature. In contrast to the usual belief, we also show that … a horizontal merger may benefit the consumers and the society. …