that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert …It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue … merger announcement date. Further, we find that the stock reaction of rivals to merger events is not sensitive to merger …

effect of mergers on innovation and future price competition; and reviews the empirical literature on competition, mergers …A proposal for moving from price-centric to innovation-centric competition policy, reviewing theory and evidence on … economic incentives for innovation. Competition policy and antitrust enforcement have traditionally focused on prices rather …

This paper analyzes the effects of mergers and acquisitions on the markups of non-merging rival firms across a broad … set of industries. We exploit expert market definitions from the European Commission's merger decisions to identify … their markups after mergers relative to a matched control group. Consistent with increases in market power, the effects are …

considered by the competition authorities in evaluating the matter. The merger was prohibited by the Competition Tribunal, but … this decision was overturned by the Competition Appeal Court which approved the three-to-two merger subject to behavioural … constrain upward pricing pressure post-merger, closeness of competition in differentiated product markets, the economic analysis …

Study of the impact of mergers and acquisitions (M&As) on productivity and market power has been complicated by the … are robust to a range of approaches to address the endogeneity of firms' merger decisions …

account in merger policy. Although we can show in our study that in one third of all challenged mergers also innovation … mergers. Theoretical background is the still open question how negative effects of mergers on innovation should be taken into …In this empirical study all mergers that have been challenged by the U.S. antitrust agencies FTC and DOJ between 1995 …

This paper analyzes the effects of mergers on markups of non-merging rival firms in narrowly defined markets. Combining … data from the European Commission’s market assessments in merger decisions with production data, we use recent … the performance of almost 600 rival firms in close to 200 merger cases before and after the change in market structure …

ability to deal with uncertainties. However, mergers may also discourage innovation by reducing competition, increasing costs …Mergers lead to larger firms and a less competitive market structure, but their effects on innovation are not clear …. Mergers may improve innovation incentives by promoting economies of scope and scale, R\&D activities, and increasing the …

The impact of innovation on mergers has been a subject of debate in merger enforcements. Firms may decide to merge … on the drivers of mergers, but empirical evidence on innovation-induced changes of merger likelihood is limited. In this … because of increasing market share and expanding capacity. However, mergers may also be motivated by innovation since they …

account in merger policy. Although we can show in our study that in one third of all challenged mergers also innovation … mergers. Theoretical background is the still open question how negative effects of mergers on innovation should be taken into …In this empirical study all mergers that have been challenged by the U.S. antitrust agencies FTC and DOJ between 1995 …