assuming that both the pre- and post-merger competition games are super modular along with two minor technical conditions. We … show that, in the absence of cost synergies, post-merger equilibrium prices exceed their pre-merger levels. Moreover, the … post-merger equilibrium profit of the merged firms exceeds the aggregate of the pre-merger equilibrium profits of the …

a single theory – that the merger would create a dominant buyer (or group of buyers) that would exploit small, powerless … a comprehensive analysis of the role of buyer power in merger enforcement. It defines the types of buyer power … combinations that increase such power are beneficial, the article identifies ten situations in which a merger that augments …

The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons …. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused … growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes …