Thus, the evidence does not suport the view that mergers are in general successful from the standpoint of incrading prfitability. on the other hand, there is accumulating evidence that merging fims grow faster than non-mering firms. This was clearly the case in Newbould's , Utton's and cosh et al. 's studies for the UK and also in Reid's study for the US. It may be the case, for instance, that firms that merger do so for reasons that aare specific to them and that do not apply to other firms in the industry and that their proditability performace would have been even worse than it rurned out to be had they not merged.
Willamson has proposed a model in which the welfare losses arising form any increased mpnopoly power due to a merger are compared with any gains arising form greater efficiency due to the merger.
cowling and Mueller have arfuedthat the welfare losses assoceated with monopoly power are hich. "...There are one or two cases wher we have siin an efficiency gain which has followed from the merger, these cases being where superior manage ent has gainned control over mare resources."
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