We provide new facts about the cross-section and evolution of mergers and acquisitions for U.S. public firms. Using a general equilibrium model with a hedonic demand system and data on institutional ownership, we document that mergers are increasingly concentrated among firm pairs with a high...

This paper defines conglomerate mergers, setting out the reasons why firms engage in them and lays out the classical theories of harm associated with tying and bundling. It also describes how these theories have been adapted to digital markets, highlighting some of the key efficiencies stemming...