“…In addition to the analysis of the impact of the merger of top-tier jurisdictions in this framework, our work bridges a gap in the understanding of the di¤erence between mergers (Hoyt, 1991, Bucovetsky, 2008, Keen and Kotsogiannis, 2004) and coalitions of jurisdictions (Burbidge et al, 1997, Konrad andSchjelderup, 1999). A parallelism can also be made with the industrial organization literature on mergers of …rms, for which a great deal has been produced (e.g., Salant et al, 1983, Spengler, 1950, Gaudet and Van Long, 1996, Ordover et al, 1990 for some seminal papers).…”