{"license":"https://creativecommons.org/licenses/by/4.0/","dataset":"atlas","mode":"comparison","updatedThrough":"2026-08-15","guardrail":"A bilateral atlas route preserves a sequence of declared edges for navigation and audit. A direct edge, common neighbor, or multi-hop path does not make the endpoints equivalent, establish ownership or control, assign liability, define an antitrust market, make unlike measures comparable, or show causation.","filters":{"layer":"all","layerMatched":true,"left":"topic:merger-review","leftMatched":true,"right":"question:hsr-transactions","rightMatched":true,"view":"paths"},"summary":{"nodeCount":5478,"edgeCount":19193,"sourceCount":0,"profileCount":5433,"nodeKindCount":13,"layerCount":4,"directEdgeCount":1,"disconnected":false,"eligibleEdgeCount":19193,"ledgerEdgeCount":1,"leftNeighborCount":7,"pathLimitReached":false,"rightNeighborCount":2,"sharedNeighborCount":0,"shortestHopCount":1,"shortestPathCount":1},"endpoints":{"left":{"id":"topic:merger-review","kind":"topic","label":"Merger Review","shortLabel":"Merger Review","description":"How are notification volume, transaction mix, review intensity, official outcomes, and observed market structure changing without conflating process with effect?","href":"/research/topics/merger-review","metricLabel":"Publication memberships","metricValue":"3","detail":"AR-T06 / 2 issue programs / 5 evidence lanes","status":"institutional research topic","year":2026,"color":"#ea580c","searchText":"ar-t06 merger review mergers how are notification volume, transaction mix, review intensity, official outcomes, and observed market structure changing without conflating process with effect? keep federal filing, transaction-size, review-process, structural-screen, and official-record evidence in separate but connected lanes. notification counts, second request rates, concentration screens, complaints, settlements, and abandonments have different denominators and meanings. none alone establishes transaction effects or legal merit. transaction-level industry and size, thresholds, exemptions, agency allocation, review timing, outcomes, remedies, market shares, entry, price, quality, and capacity. merger researchers, oversight staff, journalists, and enforcement practitioners ar-sc-2026-01 the u.s. competition landscape ar-rb-2026-05 the federal merger review pipeline, 2016-2025 ar-ci-2026-07 reported hsr volume and the second request rate both moved lower in fy2025.","connectionCount":7},"right":{"id":"question:hsr-transactions","kind":"question","label":"How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?","shortLabel":"Hart-Scott-Rodino program...","description":"Reported HSR transactions moved from 2,031 in FY2024 to 2,006 in FY2025 (-25 transactions). The latest reported transaction volume is lower than the prior fiscal year. This is a program-activity comparison, not a finding about merger harm or enforcement effectiveness.","href":"/research/agenda/hsr-transactions","metricLabel":"Reported HSR transactions","metricValue":"2,006","detail":"Q46 / Filings / 2025","status":"decreased / verified","year":2025,"color":"#65a30d","searchText":"hsr-transactions how did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume? hart-scott-rodino program hsr-transactions reported hsr transactions merger program context place hsr notification volume beside filing mix, transaction size, thresholds, exemptions, and macroeconomic context. reported hsr transactions moved from 2,031 in fy2024 to 2,006 in fy2025 (-25 transactions). the latest reported transaction volume is lower than the prior fiscal year. this is a program-activity comparison, not a finding about merger harm or enforcement effectiveness. transaction-size distribution and filing composition for both fiscal years. threshold, exemption, reporting-rule, and early-termination changes across the interval. transaction outcome and industry-mix records that can separate volume from composition. macroeconomic and financing context reported alongside, without treating co-movement as causation.","connectionCount":2}},"shortestPaths":[{"id":"path:topic-question:merger-review:hsr-transactions","edges":[{"id":"topic-question:merger-review:hsr-transactions","type":"topic_question","layer":"research","from":"topic:merger-review","to":"question:hsr-transactions","label":"Declared agenda membership","detail":"Q46, How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?, is included by the exact domain or entity contract for Merger Review.","evidenceLabel":"Research topic agenda contract","sourceId":null,"sourceUrl":null,"confidenceLevel":"bounded","guardrail":"A topic-to-question link records one exact institutional agenda membership; it does not rank urgency, importance, evidence strength, or imply a shared finding."}],"hopCount":1,"nodes":[{"id":"topic:merger-review","kind":"topic","label":"Merger Review","shortLabel":"Merger Review","description":"How are notification volume, transaction mix, review intensity, official outcomes, and observed market structure changing without conflating process with effect?","href":"/research/topics/merger-review","metricLabel":"Publication memberships","metricValue":"3","detail":"AR-T06 / 2 issue programs / 5 evidence lanes","status":"institutional research topic","year":2026,"color":"#ea580c","searchText":"ar-t06 merger review mergers how are notification volume, transaction mix, review intensity, official outcomes, and observed market structure changing without conflating process with effect? keep federal filing, transaction-size, review-process, structural-screen, and official-record evidence in separate but connected lanes. notification counts, second request rates, concentration screens, complaints, settlements, and abandonments have different denominators and meanings. none alone establishes transaction effects or legal merit. transaction-level industry and size, thresholds, exemptions, agency allocation, review timing, outcomes, remedies, market shares, entry, price, quality, and capacity. merger researchers, oversight staff, journalists, and enforcement practitioners ar-sc-2026-01 the u.s. competition landscape ar-rb-2026-05 the federal merger review pipeline, 2016-2025 ar-ci-2026-07 reported hsr volume and the second request rate both moved lower in fy2025.","connectionCount":7},{"id":"question:hsr-transactions","kind":"question","label":"How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?","shortLabel":"Hart-Scott-Rodino program...","description":"Reported HSR transactions moved from 2,031 in FY2024 to 2,006 in FY2025 (-25 transactions). The latest reported transaction volume is lower than the prior fiscal year. This is a program-activity comparison, not a finding about merger harm or enforcement effectiveness.","href":"/research/agenda/hsr-transactions","metricLabel":"Reported HSR transactions","metricValue":"2,006","detail":"Q46 / Filings / 2025","status":"decreased / verified","year":2025,"color":"#65a30d","searchText":"hsr-transactions how did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume? hart-scott-rodino program hsr-transactions reported hsr transactions merger program context place hsr notification volume beside filing mix, transaction size, thresholds, exemptions, and macroeconomic context. reported hsr transactions moved from 2,031 in fy2024 to 2,006 in fy2025 (-25 transactions). the latest reported transaction volume is lower than the prior fiscal year. this is a program-activity comparison, not a finding about merger harm or enforcement effectiveness. transaction-size distribution and filing composition for both fiscal years. threshold, exemption, reporting-rule, and early-termination changes across the interval. transaction outcome and industry-mix records that can separate volume from composition. macroeconomic and financing context reported alongside, without treating co-movement as causation.","connectionCount":2}]}],"sharedNeighbors":[],"nodes":[{"id":"question:hsr-transactions","kind":"question","label":"How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?","shortLabel":"Hart-Scott-Rodino program...","description":"Reported HSR transactions moved from 2,031 in FY2024 to 2,006 in FY2025 (-25 transactions). The latest reported transaction volume is lower than the prior fiscal year. This is a program-activity comparison, not a finding about merger harm or enforcement effectiveness.","href":"/research/agenda/hsr-transactions","metricLabel":"Reported HSR transactions","metricValue":"2,006","detail":"Q46 / Filings / 2025","status":"decreased / verified","year":2025,"color":"#65a30d","searchText":"hsr-transactions how did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume? hart-scott-rodino program hsr-transactions reported hsr transactions merger program context place hsr notification volume beside filing mix, transaction size, thresholds, exemptions, and macroeconomic context. reported hsr transactions moved from 2,031 in fy2024 to 2,006 in fy2025 (-25 transactions). the latest reported transaction volume is lower than the prior fiscal year. this is a program-activity comparison, not a finding about merger harm or enforcement effectiveness. transaction-size distribution and filing composition for both fiscal years. threshold, exemption, reporting-rule, and early-termination changes across the interval. transaction outcome and industry-mix records that can separate volume from composition. macroeconomic and financing context reported alongside, without treating co-movement as causation.","connectionCount":2},{"id":"topic:merger-review","kind":"topic","label":"Merger Review","shortLabel":"Merger Review","description":"How are notification volume, transaction mix, review intensity, official outcomes, and observed market structure changing without conflating process with effect?","href":"/research/topics/merger-review","metricLabel":"Publication memberships","metricValue":"3","detail":"AR-T06 / 2 issue programs / 5 evidence lanes","status":"institutional research topic","year":2026,"color":"#ea580c","searchText":"ar-t06 merger review mergers how are notification volume, transaction mix, review intensity, official outcomes, and observed market structure changing without conflating process with effect? keep federal filing, transaction-size, review-process, structural-screen, and official-record evidence in separate but connected lanes. notification counts, second request rates, concentration screens, complaints, settlements, and abandonments have different denominators and meanings. none alone establishes transaction effects or legal merit. transaction-level industry and size, thresholds, exemptions, agency allocation, review timing, outcomes, remedies, market shares, entry, price, quality, and capacity. merger researchers, oversight staff, journalists, and enforcement practitioners ar-sc-2026-01 the u.s. competition landscape ar-rb-2026-05 the federal merger review pipeline, 2016-2025 ar-ci-2026-07 reported hsr volume and the second request rate both moved lower in fy2025.","connectionCount":7}],"rows":[{"id":"topic-question:merger-review:hsr-transactions","layer":"research","relationshipType":"topic_question","relationshipLabel":"Declared agenda membership","fromId":"topic:merger-review","fromKind":"topic","fromLabel":"Merger Review","fromHref":"/research/topics/merger-review","toId":"question:hsr-transactions","toKind":"question","toLabel":"How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?","toHref":"/research/agenda/hsr-transactions","evidenceLabel":"Research topic agenda contract","evidenceDetail":"Q46, How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?, is included by the exact domain or entity contract for Merger Review.","sourceId":null,"sourceUrl":null,"confidenceLevel":"bounded","indicatorId":null,"entityCode":null,"observationCount":null,"firstYear":null,"latestYear":null,"preferredView":null,"sourceIds":null,"guardrail":"A topic-to-question link records one exact institutional agenda membership; it does not rank urgency, importance, evidence strength, or imply a shared finding."}]}