We analyze the efficiency defense in merger control. First, we show that the relationship between exogenous efficiency … find that merger proposals are largely aligned with a proper social welfare analysis which explicitly considers the without … merger counterfactual. We demonstrate that the merger specificity requirement does not help much to select socially desirable …

is an important enhancement of substantive merger appraisal, it should not be considered sufficient in itself for the … finding of a significant impediment to effective competition in terms of Article 2 of the EU Merger Regulation (EUMR). Rather … of any theory of harm …

We develop a model in which two firms that have proposed to merge are privately informed about merger …-specific efficiencies. This enables the firms to influence the merger control procedure by strategically revealing their information to an … on the merger control institution and, in particular, whether it involves an efficiency defense. We derive the optimal …

mergers. If this assumption held, a positive external effect of a proposed merger would represent a sufficient condition to … allow the merger. However, the empirical picture on mergers and acquisitions reveals a significant share of unprofitable … mergers and economic theory, moreover, demonstrates that privately unprofitable mergers can be the result of rational action …

post-merger R&D efforts (including lower expenditure). SIEIC is distinct from the mainstream unilateral effects theory of … applied in merger cases? This paper is divided into three sections. In Section I, the SIEIC theory of harm is described and … recently, the European Commission (“Commission”) used its powers under the EU Merger Regulation (“EUMR”) to impose remedies in …

procedures for merger control. We describe the main constituencies (both internal and external) involved in merger control in … both jurisdictions and discuss how a typical merger case would be handled under these procedures. At each stage, we … informal, the balance in the investigation and evaluation of the merger being provided by the credible threat of a court …

best anthem for artists, economic decision theory would not support that approach to merger policy.Predicting the impact of …This article analyzes my short proposal for reviewing and modifying merger consent decrees to permit additional relief … if the provisions of the initial consent merger are found to fail to preserve or restore competition in a reasonable …

Common ownership fundamentally upsets the well-settled merger enforcement ecosystem. Not only it challenges basic … principles informing merger policy such as the presumed profitability of mergers for the merging firms and the merger …-specificity of potential efficiencies but also it works against implementing tools and presumptions in merger practice such as …

. We structure our discussion around the fundamentals of merger analysis: market definition, competitive effects, entry …