The Need to Measure the Effect of Merger Policy and how to Do it
Author : Dennis W. Carlton
Publisher :
Page : 26 pages
File Size : 48,92 MB
Release : 2007
Category : Antitrust law
ISBN :
Author : Dennis W. Carlton
Publisher :
Page : 26 pages
File Size : 48,92 MB
Release : 2007
Category : Antitrust law
ISBN :
Author : Dennis W. Carlton
Publisher : BiblioGov
Page : 22 pages
File Size : 14,62 MB
Release : 2013-06
Category :
ISBN : 9781289008581
In this article, I explain the inadequacy of our current state of knowledge regarding the effectiveness of antitrust policy towards mergers. I then discuss the types of data that one must collect in order to be able to perform an analysis of the effectiveness of antitrust policy. There are two types of data one requires in order to perform such an analysis. One is data on the relevant market pre and post merger. The second is data on the specific predictions of the government agencies about the market post-merger. A key point of this article is to stress how weak an analysis of only the first type of data is. The frequent call for retrospective studies typically envisions relying on just this type of data, but the limitations on the analysis are not well understood. As I explain below, retrospective studies that ask whether prices went up post merger are surprisingly poor guides for analyzing merger policy. It is only when the second type of data is combined with the first type that a reliable analysis of antitrust policy can be carried out. There is a need both to collect the necessary data and to analyze it correctly.
Author : Dennis W. Carlton
Publisher :
Page : 22 pages
File Size : 35,31 MB
Release : 2009
Category : Antitrust law
ISBN :
In this article, I explain the inadequacy of our current state of knowledge regarding the effectiveness of antitrust policy towards mergers. I then discuss the types of data that one must collect in order to be able to perform an analysis of the effectiveness of antitrust policy. There are two types of data one requires in order to perform such an analysis. One is data on the relevant market pre and post merger. The second is data on the specific predictions of the government agencies about the market post-merger. A key point of this article is to stress how weak an analysis of only the first type of data is. The frequent call for retrospective studies typically envisions relying on just this type of data, but the limitations on the analysis are not well understood. As I explain below, retrospective studies that ask whether prices went up post merger are surprisingly poor guides for analyzing merger policy. It is only when the second type of data is combined with the first type that a reliable analysis of antitrust policy can be carried out. There is a need both to collect the necessary data and to analyze it correctly.
Author :
Publisher :
Page : pages
File Size : 21,73 MB
Release : 2009
Category :
ISBN :
Author : John Kwoka
Publisher : MIT Press
Page : 283 pages
File Size : 10,9 MB
Release : 2015
Category : Business & Economics
ISBN : 0262028484
A comprehensive analysis of merger outcomes based on all empirical studies, with an assessment of the effectiveness of antitrust policy toward mergers. In recent decades, antitrust investigations and cases targeting mergers—including those involving Google, Ticketmaster, and much of the domestic airline industry—have reshaped industries and changed business practices profoundly. And yet there has been a relative dearth of detailed evaluations of the effects of mergers and the effectiveness of merger policy. In this book, John Kwoka, a noted authority on industrial organization, examines all reliable empirical studies of the effect of specific mergers and develops entirely new information about the policies and remedies of antitrust agencies regarding these mergers. Combined with data on outcomes, this policy information enables analysis of, and creates new insights into, mergers, merger policies, and the effectiveness of remedies in preventing anticompetitive outcomes. After an overview of mergers, merger policy, and a common approach to merger analysis, Kwoka offers a detailed analysis of the studied mergers, relevant policies, and chosen remedies. Kwoka finds, first and foremost, that most of the studied mergers resulted in competitive harm, usually in the form of higher product prices but also with respect to various non-price outcomes. Other important findings include the fact that joint ventures and code sharing arrangements do not result in such harm and that policies intended to remedy mergers—especially conduct remedies—are not generally effective in restraining price increases. The book's uniquely comprehensive analysis advances our understanding of merger decisions and policies, suggests policy improvements for competition agencies and remedies, and points the way to future research.
Author : Pedro Pita Barros
Publisher :
Page : 9 pages
File Size : 37,61 MB
Release : 2009
Category :
ISBN :
Abstract: "We show that the number of merger proposals (frequency-based deterrence) is a more appropriate indicator of underlying changes in merger policy than the relative anti-competitiveness of merger proposals (composition-based deterrence). This has strong implications for the empirical analysis of the deterrence effects of merger policy enforcement, and potential implications regarding how to reduce anti-competitive merger proposals." (author's abstract)
Author : Robert Bork
Publisher :
Page : 536 pages
File Size : 44,83 MB
Release : 2021-02-22
Category :
ISBN : 9781736089712
The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Author : Dennis C. Mueller
Publisher : Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain
Page : 392 pages
File Size : 25,95 MB
Release : 1980
Category : Business & Economics
ISBN :
Author : Joseph A. Clougherty
Publisher :
Page : 0 pages
File Size : 22,89 MB
Release : 2011
Category : Consolidation and merger of corporations
ISBN :
We estimate the deterrence effects of U.S. merger policy instruments with respect to the composition and frequency of future merger notifications. Data from the Annual Reports by the U.S. DOJ and FTC allow industry based measures over the 1986-1999 period of the conditional probabilities for eliciting investigations, challenges, prohibitions, court-wins and court-losses: deterrence variables akin to the traditional conditional probabilities from the economics of crime literature. We find the challenge-rate to robustly deter future horizontal (both relative and absolute) merger activity; the investigation-rate to slightly deter relative-horizontal merger activity; the court-loss-rate to moderately affect absolute-horizontal merger activity; and the prohibition-rate and court-win-rate to not significantly deter future horizontal mergers. Accordingly, the conditional probability of eliciting an antitrust challenge (i.e., remedies and prohibitions) involves the strongest deterrence effect from amongst the different merger policy instruments.
Author : Daniel Gore
Publisher : Cambridge University Press
Page : 559 pages
File Size : 48,89 MB
Release : 2013-04-25
Category : Business & Economics
ISBN : 1107007720
Provides a clear, concise and practical overview of the key economic techniques and evidence employed in European merger control.