theory and evidence, has been critical to effective merger enforcement. We suggest some ways to strengthen it further … merger, with proponents of the merger then permitted to rebut by providing evidence that the merger will not have the feared ….One critical assumption in this burden shifting framework is that the goal of merger policy is to protect consumers against high …

evidence that the merger-review regime is failing to perform its core procompetitive function. Industry concentration and the … aggressive antitrust interventions have critiqued the substantive merger-review standard, arguing that it is too friendly to … merging firms. This Article traces the problem to a different source: the merger-review process itself. The growing length of …

When should the government challenge a merger that might increase market power but also generate efficiency gains? The …. Congress, however, wanted the courts to stop any merger significantly likely to raise prices. Substantially likely efficiency … dominant belief has been that the government and courts should evaluate these mergers solely in terms of economic efficiency …

that in absence of any penalty on cartel, a firm always prefers a cartel to merger, when the latter does not involve any … efficiency gains. In particular we show that when there is perfect competition among the competitive fringe, firms do not have … concentration among the competitive fringe lowers the profitability of merger as compared to cartel. We then discuss the impact of …

considerable impact on merger policy conclusions: while several insights of the original FSF are corroborated (f.i. efficiency … 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 …

We study upstream horizontal mergers and their potential efficiency gains. We show that an upstream horizontal merger … can give rise to two efficiency-enhancing effects when firms trade through two-part tariffs. It increases R&D investments … and decreases wholesale prices when downstream competition is not too strong. Examining whether the merger's potential …