Anticompetitive mergers increase competitors' profits, since they reduce competition. Using a model of endogenous … mergers, we show that such mergers nevertheless may reduce the competitors' share-prices. Thus, event-studies can not detect … anti-competitive mergers. …

surprising intertemporal link: Merger incentives may be reduced by the prospect of additional profitable mergers in the future …. Merger control may help protect competition. Holdup and intertemporal links make policy design more difficult, however. Even …Anticompetitive mergers benefit competitors more than the merging firms. We show that such externalities reduce firms …

Innovation entsteht kein Produkt. Wie sich Unternehmer beim Hervorbringen von Innovationen verhalten, ist aber weitgehend … unbekannt – und damit auch, welches Verhalten sich positiv und welches sich negativ auf eine Innovation auswirkt. Ueber dieses …

The main section of the paper analyzes the principles and practice of competition policy for utilities under six … headings: price discrimination and cross-subsidy; oligopolistic behaviour; mergers and takeovers; vertical structure; network … access pricing; and historical entry barriers. The conclusion discusses proposals for the reform of competition policy for …

Markets with imperfect competition do not induce a cost-minimizing allocation of production between firms. The market …'s ability to rationalize production is even more limited if costs are private information to firms. Merger in such markets …

subscription prices in an environment of network competition with two-part tariffs and price discrimination. This result stands in …

This paper evaluates the welfare consequences of the failing firm doctrine in the EU and US merger laws. I combine an … cost inefficiencies, due to a "least danger to competition" (LDC) condition, which favors small, and thus inefficient …, firms. In particular, the LDC condition implies that small firms can preempt acquisitions that would lead to both higher …