so should be part of merger gains. Using matched-control samples, I rule out that marketwide movements and firms’ ability … to time takeovers may drive these findings. Overall, the gains are larger than a traditional market model indicates, and …

product lines by adding or removing products of different qualities following a merger. Such mergers are materially different … consumer surplus, but only when the pre-merger industry structure satisfies certain observable features. Post-merger synergies … of how a merger affects consumers. A merger may benefit some outsiders but harm others …

in the post-merger integration required and in the control the acquirer has over the assets and activities combined by … the merger. Third, we consider how the synergy types interact, yielding co-synergies when they complement each other and …