The market concentration doctrine predicts that a horizontal merger is more likely to have collusive, anticompetitive … effects the greater the merger-induced change in industry concentration. Since a collusive, anticompetitive merger generates … doctrine that the merger-induced expected benefits to the product market rivals of the merging firms should be an increasing …

business cycles. (2) Most mergers occur when both the acquirer and the target economies are booming. (3) Merger booms have both …

to withhold merger gains that would have been passed to the downstream under perfect competition and prevents customers …

Using acquirer’s risk-factor disclosure in merger filings, we study the risks faced by acquirers in mergers and … acquisitions and how these risks are associated with important merger outcomes. We first establish the validity of acquirer’s risk … diverging relations with acquirer’s post-merger outcomes such as post-merger integration problem and volatility and level of …

Our work provides refined tests of the existence and source of merger gains in a neglected industry: utilities. While …