Restructuring and merger waves

Vasco Rodrigues*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)


Although merger waves are one of the most important market structures shaping forces, they have been the object of little theoretical investigation in industrial economics. This paper explains how the occurrence of industry merger waves is determined by the interplay between the synergy opportunities offered by mergers and the possibility to free-ride other firms ' mergers market power effects. This explanation arises in the context of a two-stage model in which mergers are endogenously determined before firms compete in the product 's market. The endogenous market structure can either be excessively or insufficiently concentrated from a total surplus perspective.
Original languageEnglish
Pages (from-to)355-369
Number of pages15
JournalInternational Journal of Economic Theory
Issue number4
Publication statusPublished - 1 Dec 2014


  • Antitrust policy
  • Endogenous mergers
  • Market structure
  • Merger waves


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