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Author : Wolfgang Kerber
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (13 download)
Download or read book Assessing Innovation Effects in US Merger Policy written by Wolfgang Kerber and published by . This book was released on 2017 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite a broad consensus ...
Author : Benjamin R. Kern
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)
Download or read book Empirical Analysis of the Assessment of Innovation Effects in U.S. Merger Cases written by Benjamin R. Kern and published by . This book was released on 2017 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this empirical study all mergers that have been challenged by the U.S. antitrust agencies FTC and DOJ between 1995 and 2008 were analyzed in regard to the question to what extent and how the agencies assessed the innovation effects of mergers. Theoretical background is the still open question how negative effects of mergers on innovation should be taken into account in merger policy. Although we can show in our study that in one third of all challenged mergers also innovation concerns were raised, the results also point to a still existing large degree of uneasiness and inconsistencies of the agencies in regard to the assessment of innovation effects. A particularly interesting result is that - despite the wide-spread rejection of the "innovation market approach" in the antitrust debate - the agencies used more an innovation-specific assessment approach that includes also innovation in the market definition than the pure traditional product market concept. Additionally, we also found significant differences between the assessment approaches of the FTC and the DOJ.
Author : Benjamin R. Kern
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (93 download)
Download or read book Assessment of innovation effects of mergers written by Benjamin R. Kern and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dennis W. Carlton
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.F/5 ( download)
Download or read book The Need to Measure the Effect of Merger Policy and how to Do it written by Dennis W. Carlton and published by . This book was released on 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Benjamin R. Kern
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (93 download)
Download or read book Assessment of innovation effects of mergers written by Benjamin R. Kern and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : E. Cefis
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (11 download)
Download or read book The Role of Innovation in Merger Policy written by E. Cefis and published by . This book was released on 2007 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changes in the world’s economies and discussions in the literature about the growing importance of innovation to firms have given rise to a demand for expanding the analysis of merger policy. The present study focuses on the different criteria used to assess the impact of M&A activities on innovation. The analysis is both theoretical and empirical. From a theoretical perspective, two main approaches are discussed: the efficiency defense approach, adopted in Europe, and the innovation markets doctrine as developed in the United States. The present paper contributes to the literature by suggesting that an integration of the two approaches would significantly improve M&A assessment. On the empirical side, two cases that have been scrutinized by both the European Commission and the U.S. Federal Trade Commission are discussed. The results show the relevance of the different approaches used when dealing with innovation in the assessment of mergers.
Author : Richard J. Gilbert
Publisher : MIT Press
ISBN 13 : 026235862X
Total Pages : 337 pages
Book Rating : 4.2/5 (623 download)
Download or read book Innovation Matters written by Richard J. Gilbert and published by MIT Press. This book was released on 2020-07-14 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: A proposal for moving from price-centric to innovation-centric competition policy, reviewing theory and available evidence on economic incentives for innovation. Competition policy and antitrust enforcement have traditionally focused on prices rather than innovation. Economic theory shows the ways that price competition benefits consumers, and courts, antitrust agencies, and economists have developed tools for the quantitative evaluation of price impacts. Antitrust law does not preclude interventions to encourage innovation, but over time the interpretation of the laws has raised obstacles to enforcement policies for innovation. In this book, economist Richard Gilbert proposes a shift from price-centric to innovation-centric competition policy. Antitrust enforcement should be concerned with protecting incentives for innovation and preserving opportunities for dynamic, rather than static, competition. In a high-technology economy, Gilbert argues, innovation matters.
Author : Marcus Glader
Publisher : Edward Elgar Publishing
ISBN 13 : 1847201687
Total Pages : 361 pages
Book Rating : 4.8/5 (472 download)
Download or read book Innovation Markets and Competition Analysis written by Marcus Glader and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book is warmly recommended to practitioners and academics from both the legal and the economic field. Guido Westkamp, Journal of Intellectual Property Law and Practice . . . Glader offers strong commentary and case explanation, coupled with insightful analysis, in this complex area. . . This book is strong on both the relevant law, and the economics arena in which the law must be applied, and deals equally well with the US and EC principles and practice. Mark Furse, European Competition Law Review The pace and scope of technological change is increasing, but some innovative technologies take years before they give rise to saleable products. Before they do, there is competition in ideas and research, but the ideas cannot be market tested, because there are no products or services to offer to consumers. Competition law, in Europe and the USA, cannot be applied to competition in research for innovation as if it was competition between products. Completely different problems arise and a completely different approach is needed. This book, the first on innovation markets, shows how this new approach has been used by competition authorities on both sides of the Atlantic in a wide variety of cases. It analyses in depth and detail the comparative law and economics of the problems arising from the different stages of these markets . It considers how far conclusions can be drawn about the future and comes to interesting, practical and sensible conclusions. And it avoids both unjustified scepticism and exaggerated enthusiasm about the theories of innovation markets. John Temple Lang, Cleary Gottlieb Steen & Hamilton LLP, Brussels and London; Trinity College Dublin, Ireland and Oxford University, UK This book examines the legal standards and their underlying economic rationale for the protection of competition in the innovation process, in both European competition law and American antitrust law. Apart from relevant regulatory frameworks, the author also reviews a range of case laws, which assess whether a transaction or unilateral conduct would limit market participants incentives and abilities for continued innovation and future competition. At the centre of this study is the innovation market concept. This concept entails the delineation, for purposes of antitrust analysis, of an upstream market for competing R&D. Questions of market definition, the assessment of innovation competition in defined markets, the role of efficiencies in the appraisal of transactions and possible remedies to alleviate anti-competitive effects are also explored. Updating the field of research in light of new developments and broadening and deepening the categorization and analysis of the innovation market area, this book will be of great interest to academics, practitioners and consultants, and also public policymakers.
Author : Richard J. Gilbert
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)
Download or read book Incorporating Dynamic Efficiency Concerns in Merger Analysis written by Richard J. Gilbert and published by . This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard J. Gilbert
Publisher : MIT Press
ISBN 13 : 0262545799
Total Pages : 337 pages
Book Rating : 4.2/5 (625 download)
Download or read book Innovation Matters written by Richard J. Gilbert and published by MIT Press. This book was released on 2022-06-07 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: A proposal for moving from price-centric to innovation-centric competition policy, reviewing theory and evidence on economic incentives for innovation. Competition policy and antitrust enforcement have traditionally focused on prices rather than innovation. Economic theory shows the ways that price competition benefits consumers, and courts, antitrust agencies, and economists have developed tools for the quantitative evaluation of price impacts. Antitrust law does not preclude interventions to encourage innovation, but over time the interpretation of the laws has raised obstacles to enforcement policies for innovation. In this book, economist Richard Gilbert proposes a shift from price-centric to innovation-centric competition policy. Antitrust enforcement should be concerned with protecting incentives for innovation and preserving opportunities for dynamic, rather than static, competition. In a high-technology economy, Gilbert argues, innovation matters. Gilbert considers both theory and available empirical evidence on the relationships among market structure, firm behavior, and the production of new products and services. He reviews the distinctive features of the high-tech economy and why current analytical tools used by antitrust enforcers aren't up to the task of assessing innovation concerns. He considers, from the perspective of innovation competition, Kenneth Arrow's “replacement effect” and the Schumpeterian theory of market power and appropriation; discusses the effect of mergers on innovation and future price competition; and reviews the empirical literature on competition, mergers, and innovation. He describes examples of merger enforcement by US and European antitrust agencies; examines cases brought against Microsoft and Google; and discusses the risks and benefits of interoperability standards. Finally, he offers recommendations for competition policy. The open access edition of this book was made possible by generous funding from Arcadia – a charitable fund of Lisbet Rausing and Peter Baldwin.
Author : Kalpana Tyagi
Publisher : Springer
ISBN 13 : 366258784X
Total Pages : 341 pages
Book Rating : 4.6/5 (625 download)
Download or read book Promoting Competition in Innovation Through Merger Control in the ICT Sector written by Kalpana Tyagi and published by Springer. This book was released on 2019-06-21 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the question of how competition authorities assess mergers in the Information Communication Technology (ICT) sector so as to promote competition in innovation. A closer look at the question reveals that it is far more complex and difficult to answer for the ICT, telecommunications and multi-sided platform (MSP) economy than for more traditional sectors of the economy. This has led many scholars to re-think and question whether the current merger control framework is suitable for the ICT sector, which is often also referred to as the new economy. The book pursues an interdisciplinary approach combining insights from law, economics and corporate strategy. Further, it has a comparative dimension, as it discusses the practices of the US, the EU and, wherever relevant, of other competition authorities from around the globe. Considering that the research was conducted in the EU, the practices of the European Commission remain a key aspect of the content.Considering its normative dimension, the book concentrates on the substantive aspects of merger control. To facilitate a better understanding of the most important points, the book also offers a brief overview of the procedural aspects of merger control in the EU, the US and the UK, and discusses recent amendments to Austrian and German law regarding the notification threshold. Given its scope, the book offers an invaluable guide for competition law scholars, practitioners in the field, and competition authorities worldwide.
Author : James Fairburn
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 376 pages
Book Rating : 4.3/5 (512 download)
Download or read book Mergers and Merger Policy written by James Fairburn and published by Oxford University Press, USA. This book was released on 1989 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: A series of huge and bitterly contested takeover bids has recently focused public attention on the merger phenomenon. At the same time British merger policy, which has for long lacked clarity and bite, has been the subject of government review.
Author : Jennifer Fauver
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book The Increasing Cross-Border Importance of Innovation in Merger Review written by Jennifer Fauver and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this article, we discuss the specific economic mechanisms underlying how mergers might affect the merging parties' incentives to innovate ex post. We then discuss these mechanisms in the context of several illustrative merger reviews and challenges brought by U.S. and EU antitrust authorities where concerns about innovation played a meaningful role in the agency's decision to challenge the merger. And, finally, to provide specific guidance to antitrust practitioners on navigating agency investigations where innovation concerns may feature prominently, we discuss the evidence and analyses used by the antitrust agencies to assess innovation effects in recent merger reviews.
Author : Benjamin R. Kern
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Innovation Markets, Future Markets, Or Potential Competition written by Benjamin R. Kern and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relevant competitors in regard to innovation might, but not necessarily do, correspond to the identified competitors on actual product markets. Hence, the conventional analysis of product markets, in order to assess the potential anticompetitive effects of mergers, is insufficient to capture innovation competition in its full extent. As a consequence, the aim of this article is to introduce and compare the existing alternative approaches which can, in principle, be used for the assessment of anticompetitive innovation effects in merger review. By focusing on the applied U.S. Antitrust, it turns out that none of the existing approaches seems to be appropriate to fully account for innovation competition. However, the 'Innovation Market Analysis', the first framework especially designed for the assessment of innovation aspects, might still serve as a good starting point for the development of a revised assessment framework.
Author : Michael L. Katz
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Mergers and Innovation written by Michael L. Katz and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Merger review is the most active area of U.S. antitrust policy. It is now widely believed that merger policy must move beyond its traditional focus on short-run, price and output effects to account for longer-run effects on technological innovation. The question is, how should merger policy adapt to technological change? Some have argued that the right response is for antitrust authorities to reduce merger enforcement to prevent unintended harm to innovation. Others have suggested that the enforcement agencies analyze a merger's effects on innovation using the same framework they use to analyze a transaction's effects on prices and output levels. We argue that merger authorities should neither treat innovation like price and output under the existing framework nor retreat from enforcement in the name of innovation. We examine how merger policy should change both to accommodate the influence of innovation on traditional, static efficiency concerns and to recognize that innovation can itself be an important dimension of market performance affected by a merger.
Author : Valeria Dardano
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (953 download)
Download or read book Assessing Innovation in Merger Control written by Valeria Dardano and published by . This book was released on 2016 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Joseph A. Clougherty
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (747 download)
Download or read book The Deterrence Effects of U.S. Merger Policy Instruments written by Joseph A. Clougherty and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
