Abstract
The impact of a government economic policy is an extremely complex question, but obviously an important one for rational decision making by enforcement agencies and firms. Facts on the real productivity of mergers are slowly coming to light, gradually replacing a sizable folklore on the sources and magnitude of merger success.
Relating marketing, mergers, and the present value of the firm, this article summarizes merger-policy enforcement patterns, some evidence on profitability and scale, and the financial performance of mergers. With particular reference to large mergers, questions are raised as to the social costs and benefits of an even more stringent merger policy.
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