of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M … investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model …

The recent merger between US Airways and American Airlines was approved by federal and state antitrust authorities … anticompetitive effects from this merger. The economics literature offers many reasons why such stock-market event studies should not … unrelated to competitive harms, such as when a merger changes expectations that one or more rivals will be “in play” (i.e., a …