Are Larger Merger Synergies Bad News for Consumers? Endogenous Post‐Merger Internal Organization
研究了企业合并后内部组织（多部门或传统整合）如何影响消费者福利，发现高协同效应不一定带来高消费者剩余，反垄断机构应关注合并后的组织形式。
Abstract In this paper, we endogenize the post‐merger internal organization of firms, considering two alternative structures: multidivisional, in which separate divisions are kept, and traditional, with cost synergies. We analyze when each structure occurs in equilibrium and how it affects welfare. We show that higher synergies do not necessarily lead to higher consumer surplus: firms can opt for a merger type that does not increase consumer surplus as much as the one that would occur with lower synergies. This highlights the importance of antitrust authorities basing their decisions not just on the magnitude of eventual synergies but also on the post‐merger organizational form.