The accuracy and outcome of the market definition process can substantially alter the assessment of the Commission of a particular merger since the degree of competition in a market crucially depends on how the boundaries of the market in product and geographical terms determine the presence and...

Shareholder value creation from hedge fund activism occurs primarily by influencing takeover outcomes for targeted firms. Controlling for selection decisions, activist interventions substantially increase the probability of a takeover offer. Third-party bids for targets have higher returns,...

Digital platforms operate in multisided markets providing services through the internet to two or more distinct groups of users, between which there are indirect network effects. Direct network effects are frequently present within each group. Therefore, online platforms usually present both...

Documenting the US antitrust review process for M&As in detail, we unveil that regulatory costs and risks are significant and that mitigating these risks via lobbying by acquirers may benefit shareholders. Our results show that an adverse antitrust review outcome leads to a decline of 2.8...

Taxation inevitably gives rise to tax planning. In the era of globalization, multinationals in particular will (re-)organize their business so as to make an optimal use of international tax sheltering opportunities. In order to curb ‘aggressive' tax arbitrage, all developed jurisdictions rely...

We consider merger remedies of the U.S. Department of Justice's Antitrust Division and the U.S. Federal Trade Commission between 2008 and 2017. Traditionally one distinguishes between structural and behavioral remedies—and structural remedies are generally considered to be more effective and...