This paper investigates the long-term impact of domestic and international acquisitions,
initiated by Russian firms, on their operating performance. In general, acquisitions can be …

We propose a theory of mergers that combines managerial merger motives with an industry‐
level regime shift that may lead to value‐increasing merger opportunities. Anticipation of …

We introduce simple production economic models to estimate the potential gains from
mergers. We decompose the gains into technical efficiency, size (scale) and harmony (mix) …

We analyze the optimal dynamic policy of an antitrust authority toward horizontal mergers
when merger proposals are endogenous and occur over time. Approving a currently …

This paper proposes an approach to modeling endogenous merger formation, employing
ideas on coalition formation from cooperative game theory. The model constitutes a …

This paper proposes an explanation of merger waves based on the interaction between
competitive pressure and irreversibility of mergers in an uncertain environment. A set of …

We provide a possible explanation for the empirical puzzle that mergers often reduce profits,
but raise share prices. If being an “insider” is better than being an “outsider”, firms may …

Horizontal takeovers often occur in waves. A sequence of takeovers is obtained in a Cournot
setting with cost asymmetries. They are motivated by two different reasons:(1) a low …

This paper analyzes a sequential game where firms decide about outsourcing the
production of a non-specific input good to an imperfectly competitive input market. We apply …

We analyze how the presence of trade unions affects the pattern of mergers in an
international oligopoly and the welfare implications thereof. We find that wages for the …