We analyze the optimal policy of an antitrust authority towards horizontal mergers when merger proposals are endogenous … seeks to maximize expected consumer surplus involves discriminating between mergers based on a naive computation of the post-merger … Herfindahl index (over and above the apparent effect of the proposed merger on consumer surplus). We show that the antitrust …

merger targets between 1990 and 2009. We use different matching techniques to construct separate control groups for acquirers … R&D growth and intensity. We find that target firms substantially decrease their R&D efforts after a merger, while the R …

to the merger. We show that a PPO reduces the minimal synergy level necessary to make a merger beneficial for consumers …. It follows that an antitrust authority ignoring existing PPOs when evaluating merger proposals (which reflects the … current EU merger control regime) invites sneaky takeovers: Acquiring firms strategically use PPOs prior to a full merger …

length of time elapsed. These three factors and others are combined into a model to predict potential results of M&As. The … theory section is supported by data collected from six western M&As in East Germany where a total of 36 in-depth, open ended …, der wahrgenommene Grad der Akkulturation und die seit der Übernahme vergangene Zeit scheinen hierauf Einfluß zu haben. Es …

restrictions. This calls for a "financial" efficiency defense in the merger law. We also show that cross-border M&As are not only …