We modify the UPP test of Farrell and Shapiro (2010) to take into account the possibility that a merger weakens (or … eliminates) a vertical supply relationship. After deriving a general effect of the merger, we provide an example of simple … estimation strategy when only prices, costs and market shares are available as a snapshot …

Using a detailed and large data set on cross-border merger and acquisitions we discuss the relationship between theory … understand cross-border mergers and acquisitions. Although some models (notably Neary, 2003) explain a number of the …

The U.S. and EU Merger Guidelines strongly emphasize the relevance of the “ease of entry” argument in merger … evaluations. Up to now, very little is known empirically about how mergers affect entry and exit, and the resulting number of … firms in the markets. We empirically test this aspect of mergers using a comprehensive database that contains detailed firm …

This paper describes the trends in foreign bank ownership across the world and presents, for the first time, empirical …

claim by studying the effect of a national merger between two large Dutch supermarket chains on prices and on the depth as … merger's effects, controlling for selection on observables when defining our control group through a matching procedure. We … show that the local change in competitive conditions due to the merger did not affect individual products' prices but it …

We analyze the impact of a merger on firms' incentives to innovate. We show that the merging parties always decrease … their innovation efforts post-merger while the outsiders to the merger respond by increasing their effort. A merger tends to … reduce overall innovation. Consumers are always worse off after a merger. Our model calls into question the applicability of …

This study investigates the impact of firm-specific discount factors on merger formation and market performance. We … and apply a heterogeneous treatment effects model which accounts for firms' endogenous selection into mergers, as well as … the heterogeneous impact of mergers on the product market. Our study provides evidence that firms' discount factors …

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … benefits of staying employed until the planned retirement date. Using retirement age as an instrument for CEOs' private merger …