an informative estimate of the causal effect of mergers in our sample. Existing measures of long-run abnormal returns …

We study mergers in a market where <I>N</I> firms sell a homogeneous good and consumers search sequentially to discover … prices. The main motivation for such an analysis is that mergers generally affect market prices and thereby, in a search … firms to merge and the welfare implications of mergers. When search costs are relatively small, mergers turn out not to be …