Critical Loss v. Diversion Analysis: Another Attempt at Consensus

In our paper Critical Loss vs. Diversion Analysis: Clearing up the Confusion, we tried to bridge the gap between the merger analysts that prefer to begin the market definition exercise with firm level relationships (e.g., the Lerner Index) in conjunction with diversion ratios and those of us that prefer to start at the group or market level and to apply natural experiment and other evidence within the Critical Loss construct.  In our article, we devel