国际货币基金组织：基于搜索的并购理论（英文版）

We develop a search-based theory of mergers and acquisitions with heterogeneous firms and endogenous search complementarities. We use this model to understand how merger incentives and the firm size distribution interact. In equilibrium, search costs and entry rates determine search intensities and shape the distribution of market power. We derive the law of motion of the firm size distribution, provide closed-form solutions, and solve for endogenous search efforts. Finally, we derive the agg