Previous work on exit in declining industries has neglected mergers. We examine a simple model that predicts which declining industries experience horizontal mergers. Mergers are more likely if 1) market concentration is high; 2) the inverse demand curve is steep at high levels of output and...

Antitrust reform advocates view the acquisition of small innovative companies by large technology “platform” companies as a primary competitive problem in digital markets. To remedy this perceived problem, these advocates recommend restrictions on mergers and acquisitions including...