Using novel data from the pharmaceutical industry, we study product prices and innovation around mergers. Exploiting within‐deal variation in product market consolidation, we show that prices increase more for drugs in consolidating markets than for matched control drugs. Estimates indicate a 2% average price effect that persists for about one year. Price increases expand with acquirer‐target product similarity and are more pronounced within less competitive product markets with fewer players and no generic competition. Examination of trade‐offs reveals these deals generate significant shareholder value. They also spur labeling and other manufacturing‐related innovation, but not the development of new drugs

AFA Financial and Board Meeting Summaries: The AFA Board of Directors has voted to publish a Board Meeting Summary to increase transparency of AFA governance and decisions made by the Board. Recent Board Meeting Summaries as well as AFA Financial Statements are posted on the AFA website (www.afajof.org). We hope that this additional communication is informative and we welcome your feedback. Other Announcements: Please go to our website, www.afajof.org, for announcements regarding AFA news, meetings, conferences, and research support. Effective with the 2024 volume, members and individual subscribers to the Journal of Finance will begin migrating to online access. This is a proactive move towards reducing the environmental impact caused by the production and distribution of printed journal copies and will allow the journal to invest in further innovation, digital development and sustainability measures. Published articles will continue to be published on Wiley Online Library and disseminated quickly through the journal's broad network of indexing services. Articles will also continue to be discoverable through popular search engines such as Google

AFA Financial and Board Meeting Summaries: The AFA Board of Directors has voted to publish a Board Meeting Summary to increase transparency of AFA governance and decisions made by the Board. Recent Board Meeting Summaries as well as AFA Financial Statements are posted on the AFA website (www.afajof.org). We hope that this additional communication is informative and we welcome your feedback. Other Announcements: Please go to our website, www.afajof.org, for announcements regarding AFA news, meetings, conferences, and research support. Effective with the 2024 volume, members and individual subscribers to the Journal of Finance will begin migrating to online access. This is a proactive move towards reducing the environmental impact caused by the production and distribution of printed journal copies and will allow the journal to invest in further innovation, digital development and sustainability measures. Published articles will continue to be published on Wiley Online Library and disseminated quickly through the journal's broad network of indexing services. Articles will also continue to be discoverable through popular search engines such as Google

AFA Elections: The 2024 AFA elections will again take place online. All voting-eligible AFA members should receive an email in mid-October with a direct link to an individual ballot. If you do not receive this email or if you are unable to vote online please contact [email protected]. Please look at the biographical sketches on the ballot and then vote by the deadline. The AFA 2025 Annual Meeting will be held January 3–5, 2025 (Friday, Saturday, and Sunday) in San Francisco, California: ASSA Headquarters will be the Hilton San Francisco Union Square and the AFA hotel will be the San Francisco Marriott Marquis. Registration and Housing information will be available on the AEA website – attendees must go through the official housing company to get the convention rates. NOTE: Conference details are subject to change – please watch the ASSA website for the latest updates at https://www.aeaweb.org/conference/. AFA Financial and Board Meeting Summaries: The AFA Board of Directors has voted to publish a Board Meeting Summary to increase transparency of AFA governance and decisions made by the Board. Recent Board Meeting Summaries as well as AFA Financial Statements are posted on the AFA website (www.afajof.org). We hope that this additional communication is informative and we welcome your feedback. Other Announcements: Please go to our website, www.afajof.org, for announcements regarding AFA news, meetings, conferences, and research support. Effective with the 2024 volume, members and individual subscribers to the Journal of Finance will begin migrating to online access. This is a proactive move towards reducing the environmental impact caused by the production and distribution of printed journal copies and will allow the journal to invest in further innovation, digital development and sustainability measures. Published articles will continue to be published on Wiley Online Library and disseminated quickly through the journal's broad network of indexing services. Articles will also continue to be discoverable through popular search engines such as Google