Foundation and a grant from the Huntsman Center at the Wharton School. The opinions expressed are those of the authors and do not necessarily reflect the views of the research sponsors. The views expressed herein are those of the author(s) and not necessarily those of the National Bureau of Economic Research. ABSTRACT This paper examines the determinants of M&A activity in the pharmaceutical-bi...

Efficiency Gains from Mergers by Lars-Hendrik Röller, Johan Stennek and Frank Verboven The purpose of this discussion paper is to contribute to the analysis of two questions. Should a merger control system take into account efficiency gains from horizontal mergers, and balance these gains against the anti-competitive effects of mergers? If so, how should a system be designed to account for effi...

We present a large set of merger simulations of early-type disc galaxies with mass ratios of 1:1 and 3:1 and 10% of the total disc mass in gas. The internal orbital structure and the kinematic and photometric properties of the remnants are analysed in detail and compared to pure stellar mergers. In contrast to the collisionless case equal-mass mergers with gas do not result in very boxy remnant...

Financial services firms everywhere have undergone major changes over the last several decades. These firms include retail commercial banks, investment banks, insurance companies, mutual fund companies, securities brokers, and credit card companies. The decade of the nineties has witnessed a significant number of mergers among these firms worldwide. Some mergers were intended to achieve economi...

This paper develops a simple model to analyze the effects of mergers in complementary system markets when the merged firm is able to engage in bundling. In the short-run analysis, I analyze the impact of (mixed) bundling on pricing decisions for existing generations of products. The basic model is then extended to analyze industry dynamics where the implications of mergers for innovation incent...

We review recent progress in understanding the hydrodynamics of compact binary mergers using relativistic smoothed particle hydrodynamics (SPH) codes. Recent results are discussed for both double neutron stars and black hole – neutron star binaries. The gravitational wave signals from these mergers contain a lot of information about the masses and radii of the stars and the equation of state of...

This paper reports an experiment conducted to examine market performance and mergers in an asymmetric differentiated product oligopoly. We find that static Nash predictions organize mean market outcomes reasonably well. Markets on average respond to horizontal mergers with price increases as predicted and marginal cost synergies exert the predicted the power-mitigating price effects. Nash predi...

This study estimated the effect of mergers on health maintenance organization (HMO) premiums, using data on all operational non-Medicaid HMOs in the United States from 1985 to 1993. Two critical issues were examined: whether HMO mergers increase or decrease premiums; and whether the effects of mergers differ according to the degree of competition among HMOs in local markets. The only significan...