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Collecting the most important results of about 80 empirical merger studies, this study condenses the bewildering spectrum of results to 18 stylized facts. Most important, no more than a quarter of the mergers increase consumer welfare; another quarter increase profits at the cost of consumers;...
The Tichy review needs to be placed in a broader conceptual framework. Declining transportation and communication costs have globalized markets. Technological changes including Internet developments have transformed industries and blurred industry boundaries. Such change forces have required...
Tichy's review of the evidence presents at best a very mixed picture of the “success” of mergers as a corporate strategy. However, care should be taken not to interpret this as a case for crudely prohibitive competition policy. A simple framework is developed to show that mergers anticipating...
This paper responds to Tichy's analysis of M&A activity and in particular to the lessons Tichy draws from his review. The paper focuses on a number of policy conclusions reached by Tichy, which I believe are in sharp contrast with the current “consensus” on the economic analysis of potentially...
Responding to the comments of Coscelli, Lyons and Weston, I argue: (1) The aim of my paper was not primarily to discuss recent competition policy, but to extract stylized facts and compare them to theory; (2) utilizing all empirical merger studies published in refereed journals, instead of only...
I present a model of optimal product-market competition policy when industries differ in the potential for quality-improving technological advance. In a two-period, model, a competition authority with limited resources administers a deterrence-based competition policy toward two industries. In...
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