We develop a model in which two firms that have proposed to merge are privately informed about merger …-specific efficiencies. This enables the firms to influence the merger control procedure by strategically revealing their information to an … on the merger control institution and, in particular, whether it involves an efficiency defense. We derive the optimal …

The 1997 Merger Guidelines appeared to significantly expand the role of efficiency considerations in merger analysis … than reform policy. By combining an existing review of Federal Trade Commission merger studies after the 1997 reform, with … a new review of merger studies from the five years prior to the revision, it is possible to shed some light on this …

analyze mergers with this goal in mind. Doing so challenges the fundamental underpinnings of Williamsonian merger analysis … economic efficiency, nor to address any social or political factor. Rather, the overriding intent behind the merger laws was to … prevent prices to purchasers from rising due to mergers (a wealth transfer concern). This is the first article to show how to …

products mergers. We revisit this debate to clarify the issues and place them in context. We consider the choice among analytic … tools at three stages of a merger assessment - initial screening, ultimate decision, and courtroom presentation. In doing so …, we explain how the proper analytic tool for a particular merger depends on the competitive process in which the merging …

The 2010 Merger Guidelines define an improved road-map for merger analysis. Evidence is elevated to a position of … standard Guidelines' methodology.We recognize that the revisions significantly improve the transparency of merger policy, but …

Merger enforcement today relies on settlements more than litigation to resolve anti-competitive concerns. The impact of …, even when mergers are not welfare-reducing. This article uses decision theory to throw light on this controversy. The goal … of this article is to formulate and analyze agency merger enforcement and settlement commitment policies in the face of …

The recently issued revision of the U.S. Horizontal Merger Guidelines, like its predecessors and mirrored by similar … guidelines throughout the world, devotes substantial attention to the market definition process and the implications of market … increased openness toward more direct, economically based methods of predicting the competitive effects of mergers. This article …

The paper studies the effects of the Pfizer and Pharmacia (2003) merger on competition in the Swiss pharmaceutical … market and compares the assessment of the Swiss Competition Commission (COMCO) with the post-merger market developments. We … find that the merger has had a miniscule impact on the Swiss pharmaceutical market. This has primarily to do with the fact …