information. We test whether markets fully incorporate this information using the empirical context of mergers. During the year … after merger announcement, the passage of time is informative about the probability that the merger will ultimately complete …

in the Horizontal Merger Guidelines. Through a model of enforcement, we find that agencies challenge mergers they expect …We document the effects of a comprehensive set of US retail mergers. On average, prices increase by 1.5% and quantities … decrease by 2.3%, with significant heterogeneity in outcomes across mergers. Price changes correlate with the screens codified …

traditional merger analysis. Neither subsequent entry nor follow-on mergers necessarily mitigate the problem … determined. Our main results characterize mergers whose synergies reduce consumer welfare by inducing rivals to exit. The … conditions under which such mergers arise are broad, regardless of whether we consider quantity competition among homogeneous …

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … reduce costs through either internal investment in building capital or through mergers. The model, which we solve … computationally, allows firms to invest or propose mergers according to the relative profitability of these strategies. An antitrust …

example, U.S. antitrust agencies lost several hospital merger challenges when evidence showed that a nontrivial fraction of … various mergers would generate. Two distinct methods of predicting the price increase are implemented and both indicate that … even in suburban areas with high outflows of consumers, some hospital mergers could lead to significant price increases …

mergers. We then simulate a representative set of U.S. mergers in order to evaluate merger review thresholds. Our main …While the labor market implications of mergers have been historically ignored as "out of market" effects, recent … exercise applies the DOJ and FTC's product market concentration thresholds to local labor markets. Assuming mergers generate …

We examine the relation between venture capital (VC) investments and mergers and acquisitions (M&A) activity around the … world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the … engage in more deals. We also explore the effects of country-level pro-takeover legislation passed internationally (positive …