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Author: Steven C. Salop Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This comment responds to the request by the Federal Trade Commission and the Department of Justice's Antitrust Division for public comment on the draft 2020 Vertical Merger Guidelines. In this comment, we show that there is an inherent loss of an indirect competitor and competition when a vertical merger raises input foreclosure concerns. We also show that it then is possible to calculate an effective increase in the HHI measure of concentration for the downstream market. We refer to this “proxy” measure as the “dHHI.” We derive the dHHI measure by comparing the pricing incentives and associated upward pricing pressure (“UPP”) involved in two alternative types of acquisitions: (i) vertical mergers that raise unilateral input foreclosure concerns (and the associated vertical GUPPI measures), and (ii) horizontal acquisitions of partial ownership interests among competitors that raise unilateral effects concerns (and the associated modified GUPPI and modified HHI measures).
Author: Steven C. Salop Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This comment responds to the request by the Federal Trade Commission and the Department of Justice's Antitrust Division for public comment on the draft 2020 Vertical Merger Guidelines. In this comment, we show that there is an inherent loss of an indirect competitor and competition when a vertical merger raises input foreclosure concerns. We also show that it then is possible to calculate an effective increase in the HHI measure of concentration for the downstream market. We refer to this “proxy” measure as the “dHHI.” We derive the dHHI measure by comparing the pricing incentives and associated upward pricing pressure (“UPP”) involved in two alternative types of acquisitions: (i) vertical mergers that raise unilateral input foreclosure concerns (and the associated vertical GUPPI measures), and (ii) horizontal acquisitions of partial ownership interests among competitors that raise unilateral effects concerns (and the associated modified GUPPI and modified HHI measures).
Author: Robert Bork Publisher: ISBN: 9781736089712 Category : Languages : en Pages : 536
Book Description
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: Paolo Buccirossi Publisher: ISBN: Category : Business & Economics Languages : en Pages : 716
Book Description
Experts examine the application of economic theory to antitrust issues in both the United States and Europe, discussing mergers, agreements, abuses of dominance, and the impact of market features. Over the past twenty years, economic theory has begun to play a central role in antitrust matters. In earlier days, the application of antitrust rules was viewed almost entirely in formal terms; now it is widely accepted that the proper interpretation of these rules requires an understanding of how markets work and how firms can alter their efficient functioning. The Handbook of Antitrust Economics offers scholars, students, administrators, courts, companies, and lawyers the economist's view of the subject, describing the application of newly developed theoretical models and improved empirical methods to antitrust and competition law in both the United States and the European Union. (The book uses the U.S. term “antitrust law” and the European “competition law” interchangeably, emphasizing the commonalities between the two jurisdictions.) After a general discussion of the use of empirical methods in antitrust cases, the Handbook covers mergers, agreements, abuses of dominance (or unilateral conducts), and market features that affect the way firms compete. Chapters examine such topics as analyzing the competitive effects of both horizontal and vertical mergers, detecting and preventing cartels, theoretical and empirical analysis of vertical restraints, state aids, the relationship of competition law to the defense of intellectual property, and the application of antitrust law to “bidding markets,” network industries, and two-sided markets. Contributors Mark Armstrong, Jonathan B. Baker, Timothy F. Bresnahan, Paulo Buccirossi, Nicholas Economides, Hans W. Friederiszick, Luke M. Froeb, Richard J. Gilbert, Joseph E. Harrington, Jr., Paul Klemperer, Kai-Uwe Kuhn, Francine Lafontaine, Damien J. Neven, Patrick Rey, Michael H. Riordan, Jean-Charles Rochet, Lars-Hendrick Röller, Margaret Slade, Giancarlo Spagnolo, Jean Tirole, Thibaud Vergé, Vincent Verouden, John Vickers, Gregory J. Werden
Author: Steven C. Salop Publisher: ISBN: Category : Languages : en Pages : 52
Book Description
Mergers and acquisitions are a major component of antitrust law and practice. The U.S. antitrust agencies spend a majority of their time on merger enforcement. The focus of most merger review at the agencies involves horizontal mergers, that is, mergers among firms that compete at the same level of production or distribution.Vertical mergers combine firms at different levels of production or distribution. In the simplest case, a vertical merger joins together a firm that produces an input (and competes in an input market) with a firm that uses that input to produce output (and competes in an output market).Over the years, the agencies have issued Merger Guidelines that outline the type of analysis carried out by the agencies and the agencies' enforcement intentions in light of state of the law. These Guidelines are used by agency staff in evaluating mergers, as well as by outside counsel and the courts.Guidelines for vertical mergers were issued in 1968 and revised in 1984. However, the Vertical Merger Guidelines have not been revised since 1984. Those Guidelines are now woefully out of date. They do not reflect current economic thinking about vertical mergers. Nor do they reflect current agency practice. Nor do they reflect the analytic approach taken in the 2010 Horizontal Merger Guidelines. As a result, practitioners and firms lack the benefits of up-to-date guidance from the U.S. enforcement agencies.
Author: John Kwoka Publisher: MIT Press ISBN: 0262028484 Category : Business & Economics Languages : en Pages : 283
Book Description
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: Nancy J. Woodhull Publisher: Transaction Publishers ISBN: 9781412828369 Category : Social Science Languages : en Pages : 202
Book Description
The recent surge in media mergers has set off a wave of stories that all hit very close to home. In some cases, the news organizations themselves become news. The formation of communication conglomerates raises profound questions for reporters' lives and work, such as: What is the best way to cover stories of high profile and complexity? Will the new giants broaden both the definition of journalism and the opportunities for journalists to practice their craft? What are the prospects for the new partnership of big news, new media, and big business? The consequences of consolidation vary by media industry. The evolution of communication technology is so fast that today's truisms can be undone tomorrow. "Media Mergers "provides a healthy dose of skepticism, a search for illuminating facts, and a willingness to consider all sides of the discussion. This book approaches the emergence of media giants from a variety of angles. The contributors offer many ways of understanding their scale and their significance. "Media Mergers "is divided into six parts: "Point/Counterpoint," "The Imperial Moment," "Captains of Communication," "States of Media," "The Consequences of Media Empires in the United States," and "The Consequences of Media Empires Around the World." Authors include: Todd Gitlin; Steven Rattner; Ken Auletta; Madeline Rogers; Danny Schechter; Barbara Maltby; and Mac Margolis. Included in this volume is a roundtable introduced by Walter Cronkite and moderated by Alex Jones. Participants are Frank A. Bennack, Jr., Neil S. Braun, P. Anthony Ridder, and Arthur Ochs Sulzberger, Jr. A review essay by Anne Wells Branscomb concludes book. She discusses various books on the subjects of media moguls, multimedia conglomerates, and media takeovers. "Media Mergers "is especially pertinent today, an age in which the communications industry is constantly changing, progressing, and being affected by business upheavals. It will be of interest to publishers, media specialists, and all those in communications, policy and research.
Author: Steven C. Salop
Author: Steven C. Salop
Author: Daniel Gore
Author: Hans-Theo Normann
Author: Robert Bork
Author: Paolo Buccirossi
Author: Malcolm B. Coate
Author: Steven C. Salop
Author: Pablo Ibáñez Colomo
Author: John Kwoka
Author: Nancy J. Woodhull