IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04929057.html
   My bibliography  Save this paper

M&A advisory and the merger review process

Author

Listed:
  • Michele Bisceglia

    (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UniBg - Università degli Studi di Bergamo = University of Bergamo)

  • Salvatore Piccolo

    (UniBg - Università degli Studi di Bergamo = University of Bergamo, Compass Lexecon, CSEF - Centre of Studies in Economics and Finance - UNISA - Università degli Studi di Salerno = University of Salerno)

  • Emanuele Tarantino

    (LUISS - Libera Università Internazionale degli Studi Sociali Guido Carli [Roma], EIEF - Einaudi Institute for Economics and Finance - Einaudi Institute for Economics and Finance, CEPR - Center for Economic Policy Research)

Abstract

Two firms propose a merger to the antitrust authority. They are uninformed about the efficiencies generated by the merger, but can hire an expert to gather information on their behalf. The authority is also uninformed about the merger's efficiencies, but can run a costly internal investigation to learn them. We analyze the effect of the disclosure of the expert's contract on consumer welfare, and show that consumers are not necessarily better off with disclosure. This possibility result hinges on a free-riding problem between expert and authority in the information acquisition game, and is more relevant in highly competitive industries.

Suggested Citation

  • Michele Bisceglia & Salvatore Piccolo & Emanuele Tarantino, 2023. "M&A advisory and the merger review process," Post-Print hal-04929057, HAL.
    • Handle: RePEc:hal:journl:hal-04929057
    DOI: 10.1016/j.ijindorg.2023.102919
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-04929057. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.