acquirer firm to learn the merger synergies with the target firm in advance. The realization of a synergy is uncertain ex ante …, so that a direct merger exhibits a downside risk not only for the merging candidates but also for consumers. We show that … initial minority share, becomes an insider, and learns the merger synergy. We show how this feature of PPOs affects a firm …

differential merger outcomes are caused mostly by firms' technology or product market attributes. Furthermore, empirical merger …. We allow the merger responses to vary across firms, even after controlling for regressors, and apply a random …

and trade costs under which a merger policy designed to benefit domestic consumers is too tough or too lenient from the … present levels of trade costs merger policy is too tough in the vast majority of sectors. We also quantify the resulting … externalities and study the impact of different regimes of coordinating merger policies at varying levels of trade costs. …

predicts that a merger is more likely to be profitable in an innovation intensive industry. For a high degree of firm … heterogeneity, a merger reduces innovation of both the merged entity and non-merging competitors in an industry with high R … consistent with many predictions of the theoretical model. Our main result is that after a merger, patenting and R&D of the …

We analyze evidence production in merger control as a delegation problem under an inquisitorial and an adversarial … inquisitorial system, allowing ex ante for a compromising remedy reduces incentives when compared with the case in which the merger … creates larger incentives when the conflict of interest between the involved parties is large. We relate our results to merger …

We analyze the effects of structural remedies on merger activity in a Cournot oligopoly when the Antitrust Agency (AA …) cannot observe a proposed merger's efficiency type. Provided the AA follows a consumer surplus standard, an efficient merger …

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 … merger policy conclusions: while several insights of the original analysis are corroborated (f.i. efficiency defence), a …

and trade costs under which a merger policy designed to benefit domestic consumers is too tough or too lenient from the … present levels of trade costs merger policy is too tough in the vast majority of sectors. We also quantify the resulting … externalities and study the impact of different regimes of coordinating merger policies at varying levels of trade costs. …

We estimate the deterrence effects of European Commission (EC) merger policy instruments over the 1990-2009 period. Our … remedies, and preventions – phase-1 remedies lead to fewer merger notifications in subsequent years. Furthermore, the …

The duration of merger proceedings held by competition authorities is an important determinant of the efficiency of the … entire merger control process. We use a dataset of 2953 Phase I and 92 Phase II investigations completed by the European … also provide evidence that the significant increase in average duration identified after the 2004 merger regulation reform …