's stand-alone value and a component of the synergies that would be realized by the merger involving his firm. We characterize …, hence transfers can be made contingent on the new information accruing after the merger. Second, we study the case of … identify necessary and sufficient conditions for the implementability of efficient merger rules. In the second case, we show …

We analyze the efficiency defense in merger control. First, we show that the relationship between exogenous efficiency … find that merger proposals are largely aligned with a proper social welfare analysis which explicitly considers the without … merger counterfactual. We demonstrate that the merger specificity requirement does not help much to select socially desirable …

consumers search for satisfactory deals. In the pre-merger symmetricequilibrium, the probability that a firm is the next one to … be visited by a consumer is equal acrossfirms not yet visited. However, in the short-run after a merger, because insiders …. This new merger paradox,which is more likely the higher the number of non-merging firms, can be overcome in the …

attention in the theory literature on trade and investment. This paper highlights how the international pattern of ownership of …' argument would suggest. It also shows how private and social incentives for M&A may differ for weak merger synergies, but …

's ability to rationalize production is even more limited if costs are private information to firms. Merger in such markets …