Nber Working Paper Series Winning by Losing: Evidence on the Long-run Effects of Mergers

at the AFA and EFA for valuable comments. We thank Zach Liscow for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.