process R&D and on the product market. We examine how a merger affects the output, investment, and profits of firms, whether …We investigate the incentive and the welfare implications of a merger when heterogeneous oligopolists compete both in … firms have merger incentives, and, if so, whether such mergers are desirable from the viewpoint of social welfare. We also …

process R&D and on the product market. We examine how a merger affects the output, investment, and profits of firms, whether …We investigate the incentive and the welfare implications of a merger when heterogeneous oligopolists compete both in … firms have merger incentives, and, if so, whether such mergers are desirable from the viewpoint of social welfare. We also …

Government subsidies are often used to stimulate environment-friendly investment. We find that Chinese firms reduce … green investment as the uncertainty of subsidies rises. This effect is identified from weather-driven fluctuations in air … engage in less green R&D investment, patent applications, and research staff. Industries that are heavy emitters and those …