The Pros and Cons of Merger Control PDF Download

Author:
Publisher:
ISBN: 9789188566287
Category : Consolidation and merger of corporations
Languages : en
Pages : 119

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Author: Sweden. Konkurrensverket
Publisher:
ISBN: 9789188566195
Category :
Languages : en
Pages : 249

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Author: Karl Lundvall
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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This book commemorates the 10th Anniversary of the Swedish Competition Authority and consists of four individual contributions from independent scholars and professionals with expertise in the economics of merger control. Neven and Roller evaluate decisions made by the European Commission for a sample of cases considered in the last ten years in light of the stock market anticipations of the deals' anti-competitive consequences. A main finding is that the Commission has done fairly well in clearing pro-competitive mergers, but not as well in prohibiting anti-competitive ones. The discrepancy between decisions and the stock market's anticipations may be associated with the scope of the concept of dominance, political influence, and possible shortcomings in the treatment of efficiencies. The evidence supports the view that changes in the treatment of efficiencies by the Commission as well as procedural and institutional reforms are needed. Since phase I discrepancies are more common, increasing the time limits, or, alternatively opening phase II investigations more frequently may well be justified. Kai-Uwe Kuhn examines the analysis of collective dominance following the judgment by the Court of First Instance on the Airtours case. Collective dominance may be simple in theory, but it is complex to verify in practice. Several criticisms are raised against the implementation of the concept by the Commission. A key weakness is a lack of solid economic analysis. The Airtours judgment may have effectively put a lid on "Pandora's box" of non-essential arguments previously advanced to support the creation of collective dominance in some cases. Alternative instruments, based mainly on the tools of economic theory, may prove better suited for identifying such behaviour. Gregory Werden and Luke Froeb advocate the use of formal economic models calibrated to fit the industry under review. Calibrated economic models provide quantitative tools for market delineation and direct estimation of the effects of proposed mergers on prices, quantities, and welfare. Simulating mergers often offers opportunities for understanding what happens when two companies become one better than those with traditional structural analysis. In particular, the technique is well suited for assessing the impact on competition of mergers involving differentiated consumer products. Henrik Horn and Johan Stennek explore the debate on whether firms in small countries are at a disadvantage because of EU merger control. Markets are often national, making it harder for firms in small countries to merge simply because they would very soon reach critical market shares, although they would still be relatively small in absolute size. It may therefore be beneficial for a small country to allow mergers that potentially hurt domestic consumers, since they have the advantage of making the companies large enough to be internationally competitive. A counter argument is that sacrificing consumer interests is not necessary since the companies can engage in cross-border mergers instead.

Author: John Kwoka
Publisher: MIT Press
ISBN: 0262028484
Category : Business & Economics
Languages : en
Pages : 283

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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: A. Nigel Parr
Publisher: Sweet & Maxwell
ISBN: 9780421861008
Category : Business & Economics
Languages : en
Pages : 970

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Book Description
The second edition of this book provides a definitive statement of the law relating to UK merger control following the wide-ranging changes to the merger control system being introduced by the Enterprise Act, during the second half of 2003

Author: Porter Elliott
Publisher: Sweet & Maxwell
ISBN: 1908239069
Category : Law
Languages : en
Pages : 830

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Book Description
A new book on merger control, edited by Van Bael & Bellis partners Jean-Francois Bellis and Porter Elliott, was published on 14 September 2011. The 820-page book, which is part of the European Lawyer Reference Series, provides an overview of the jurisdictional, procedural and substantive merger control rules in over 40 major jurisdictions worldwide. Leading firms from across the globe contributed to this book, which is among the most comprehensive of its kind on the market.

Author: F. Ilzkovitz
Publisher: Edward Elgar Publishing
ISBN: 9781845424916
Category : Consolidation and merger of corporations
Languages : en
Pages : 0

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During its first 15 years, the EU's merger control system offered only minimal possibilities for taking efficiency gains into account as a mitigating factor that might offset the anti-competitive effects of a merger. The policy changed in May 2004 and this book examines the background to that change.

Author: Damien J. Neven
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 330

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In this recent volume, the authors react to the latest development in the European Community--the EC Merger Regulation--approved by the European Council of Ministers and analyze how this decision will impact mergers and regulation in the future for Europe.

Author: Peter A. G. van Bergeijk
Publisher: Edward Elgar Publishing
ISBN: 9781781958933
Category : Business & Economics
Languages : en
Pages : 240

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Book Description
Modelling European Mergers presents a comprehensive and fresh perspective on the economic analysis of mergers by leading academics and competition policymakers from Europe and the US. The book frankly discusses the pro's and con's of using applied game theory models in merger control from a historical and theoretical perspective. Seven case studies on the actual use of advanced techniques and models in legal procedures provide a perspective from the national competition authorities in Belgium, Denmark, Italy. The Netherlands and Sweden on markets that range from basic goods such as bread and aperitifs to complex products such as electricity, literature and software. The case studies provide many insights into practical issues such as data collection, procedures and errors of predication, as well as in the relative merits of different econometric approaches. A recurring theme of the book is how economic insights insights can be translated into convincing legal decisions.

Author: Ulrich S. Kirschner
Publisher: VDM Publishing
ISBN: 9783836402941
Category : Business & Economics
Languages : en
Pages : 61

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Book Description
One of the main and most controversial issues in competition policy is that of merger control. Work by academic researchers and practitioners during the last decades has resulted in laying a theoretical foundation for merger control and some practical applications for it have been developed, but many questions surrounding the concept remain to be answered. For example, what kinds of mergers are so harmful that they need to be prohibited by the state? Ulrich Kirschner starts with a brief overview of the different effects a merger can have and then continues with a detailed exploration of practical assessment approaches. The work focuses on applied empirical methods, commonly used measures based on market structure, and on barriers to entry, setting out the advantages and disadvantages of each type of approach used for merger assessment. The concluding chapter deals with the specifics, and possible consequences, of the current European Competition Policy. The book, which is designed for the academic researcher and interested students, is a welcome contribution to the lively and important debate surrounding the vital topic of merger control in this age of globalization.