A start-up and an incumbent negotiate over an acquisition price under asymmetric
information about the start-up's ability to succeed in the market. The acquisition may result in …

This paper applies an intuitive approach based on stock market data to a unique dataset of
large concentrations during the period 1990–2002 to assess the effectiveness of European …

We evaluate the economic impact of the change in European merger legislation in 2004 and
propose a general framework focusing on four different policy dimensions: predictability …

We present a new welfare‐based framework for optimally choosing legal standards
(decision rules). We formalise the decision‐theoretic considerations widely discussed in the …

I develop and calibrate a game of startup innovation, incumbent acquisition and merger
review, with a focus on industries with uncertainty about the nature of the entrant …

Economists tend to see the market as a default option for social order and a role for
government only when markets fail. Developing a convincing analysis of the role of …

We estimate the deterrence effects of US merger policy instruments with respect to the
composition and frequency of future merger notifications. Data from the Annual Reports by …

Merger control on both sides of the Atlantic has been subject to an extensive and rigorous
modernisation during the last 10–15 years, injecting tools, theories and methods of modern …

In a framework where entrants must make sunk investment decisions with uncertain returns
and have private demand information, we show that the relationship between innovation …

We analyze evidence production in merger control as a delegation problem under an
inquisitorial and an adversarial competition policy system. Agents' incentives to produce …