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Efficiencies In Horizontal Mergers
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Book Synopsis The Dichotomous Treatment of Efficiencies in Horizontal Mergers by : Nancy L. Rose
Download or read book The Dichotomous Treatment of Efficiencies in Horizontal Mergers written by Nancy L. Rose and published by . This book was released on 2020 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The extent to which horizontal mergers deliver competitive benefits that offset any potential for competitive harm is a critical issue of antitrust enforcement. This Article evaluates economic analyses of merger efficiencies and concludes that a substantial body of work casts doubt on their presumptive existence and magnitude. That has two significant implications. First, the current methods used by the federal antitrust agencies to determine whether to investigate a horizontal merger likely rests on an overly-optimistic view of the likely existence of cognizable efficiencies, which we label a “standard efficiency credit” that influences market concentration analysis. Second, criticisms of the current treatment of efficiencies as too demanding - for example, that antitrust agencies and reviewing courts require too much of merging parties in demonstrating the existence of efficiencies - are misplaced, in part because they fail to recognize that full-blown merger investigations and subsequent litigation are focused on the mergers that are most likely to cause harm.
Book Synopsis The Effects of Horizontal Merger Operating Efficiencies on Rivals, Customers, and Suppliers by :
Download or read book The Effects of Horizontal Merger Operating Efficiencies on Rivals, Customers, and Suppliers written by and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study how operating efficiencies in horizontal mergers affect market reactions of merging firms' rivals, customers, and suppliers. We measure operating efficiency gains using projections disclosed by merging firms' insiders. Higher efficiency gains are associated with lower announcement returns to merging firms' rivals (due to increased equilibrium output of merging firms), higher returns to their customers (due to lower equilibrium price of merging firms' output), and higher returns to their suppliers (due to the merged firm's higher equilibrium demand for inputs). Our results suggest that the pass-through of efficiency gains along merging firms' supply chains is as important as the effects of post-merger changes in market power.
Book Synopsis The Economic Assessment of Mergers Under European Competition Law by : Daniel Gore
Download or read book The Economic Assessment of Mergers Under European Competition Law written by Daniel Gore and published by Cambridge University Press. This book was released on 2013-04-25 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a clear, concise and practical overview of the key economic techniques and evidence employed in European merger control.
Book Synopsis Critically Assess the Role of Efficiencies in Merger Assessment by : Veronika Minkova
Download or read book Critically Assess the Role of Efficiencies in Merger Assessment written by Veronika Minkova and published by GRIN Verlag. This book was released on 2011-12 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2011 in the subject Law - Civil / Private / Trade / Anti Trust Law / Business Law, grade: 1,3, University of Reading, course: European Competition Law, language: English, abstract: The first section of the present essay discusses historically the European Commission's approach towards efficiencies. The second section elaborates on the choice of welfare standards and explains the European approach of adopting the consumer welfare standard. The third section outlines types of efficiencies according to the economic literature. The fourth section discusses the three cumulative conditions of the European Commission in order to consider efficiency claims. The next section reveals the Commission decisional practice in cases of efficiency claims and analyses its development. In the last chapter more attention is paid to theory and practice of efficiencies in cases of non-horizontal mergers.
Book Synopsis Efficiency Considerations in Merger Enforcement by : Alan A. Fisher
Download or read book Efficiency Considerations in Merger Enforcement written by Alan A. Fisher and published by . This book was released on 1981 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Efficiencies in Horizontal Mergers by : Jorge Padilla
Download or read book Efficiencies in Horizontal Mergers written by Jorge Padilla and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we investigate the pros and cons of using the consumer welfare standard in the competitive assessment of horizontal mergers. The main difference between the total welfare standard and the consumer welfare standard in merger control lies in the treatment of efficiencies. Under the total welfare standard, a merger may be cleared even if it results in an increase in prices and a reduction in consumer welfare. For that to occur, the efficiencies resulting from a merger must be sufficiently large to offset the harm caused to consumers. We show that the consumer welfare standard, unlike the total welfare standard, fails to fully capture all the efficiency effects of a horizontal merger and, hence, is likely to cause both type I and type II errors. We also show that the consumer welfare standard cannot be rigorously justified on the grounds of distributive justice or ease of administration.
Book Synopsis Horizontal Mergers by : George A. Hay
Download or read book Horizontal Mergers written by George A. Hay and published by . This book was released on 1993 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mergers, Sell-Offs, and Economic Efficiency by : David J. Ravenscraft
Download or read book Mergers, Sell-Offs, and Economic Efficiency written by David J. Ravenscraft and published by Brookings Institution Press. This book was released on 2011-10-01 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the consolidation and merger of corporations and corporate divestiture in the United States.
Book Synopsis Using the Efficiencies Defense in Horizontal Mergers by : Avi Weiss
Download or read book Using the Efficiencies Defense in Horizontal Mergers written by Avi Weiss and published by . This book was released on 1989 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessment of Efficiencies in Horizontal Mergers by : Ioannis Kokkoris
Download or read book Assessment of Efficiencies in Horizontal Mergers written by Ioannis Kokkoris and published by . This book was released on 2017 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article will start with presenting the Commission's approach towards efficiencies in mergers. The three above-mentioned EC cases will be analysed in order to assess the extent to which the Commission takes efficiencies into account in its merger assessment. Subsequently, the article will present the OFT approach towards efficiencies and the OFT's policy as developed in the Global/GCap merger.
Book Synopsis Horizontal Mergers with Free-Entry by : Luis M. B. Cabral
Download or read book Horizontal Mergers with Free-Entry written by Luis M. B. Cabral and published by . This book was released on 2008 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: I analyze the effects of a merger between two firms in a spatially differentiatedoligopoly. I make the crucial assumption that the industry is at a free-entry equilibriumboth before and after the merger. In particular, I allow for the possibility of entry subsequent to the merger. Not surprisingly, this possibility improves the effect of the merger on consumer welfare. More importantly, I show that post-merger entry dramatically shifts the perspective on cost efficiencies as a merger defense and asset sales as a remedy. Cost efficiencies (in the form of lower marginal cost) decreasethe likelihood of entry, and thus benefit consumers less than if entry conditions wereexogenously given. Likewise, by selling assets (stores) to potential rivals, merging firms effectively buy them oreg;,quot; that is, dissuade them from opening new stores, an effect that is detrimental to consumers.
Book Synopsis The Efficiencies Defense in Merger Antitrust by : Robert E. DeYoung
Download or read book The Efficiencies Defense in Merger Antitrust written by Robert E. DeYoung and published by . This book was released on 1989 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Efficiencies and Horizontal Mergers by : Mark N. Berry
Download or read book Efficiencies and Horizontal Mergers written by Mark N. Berry and published by . This book was released on 1994 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Scale Economies and Synergies in Horizontal Merger Analysis by : Joseph Farrell
Download or read book Scale Economies and Synergies in Horizontal Merger Analysis written by Joseph Farrell and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three years ago, the Antitrust Division and the Federal Trade Commission revised their Horizontal Merger Guidelines to articulate in greater detail how they would treat claims of efficiencies associated with horizontal mergers: claims that are frequently made, as for instance in the recently proposed merger between Heinz and Beech-Nut in the market for baby food. While these revisions to the Guidelines have a solid economic basis, they leave open many questions, both in theory and in practice. In this essay, we evaluate some aspects of the treatment of efficiencies, based on three years of enforcement experience under the revised Guidelines, including several litigated mergers, and based on economic principles drawn from oligopoly theory regarding cost savings, competition, and consumer welfare.
Book Synopsis Merger Performance and Efficiencies in Horizontal Merger Policy in the US and the EU by : S.P. Kamerbeek
Download or read book Merger Performance and Efficiencies in Horizontal Merger Policy in the US and the EU written by S.P. Kamerbeek and published by . This book was released on 2010 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Merger Efficiencies at the Federal Trade Commission 1997-2007 by : Malcolm B. Coate
Download or read book Merger Efficiencies at the Federal Trade Commission 1997-2007 written by Malcolm B. Coate and published by . This book was released on 2009 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Horizontal Mergers, Efficiency and Capacity Utilization by : Yanna Wu
Download or read book Horizontal Mergers, Efficiency and Capacity Utilization written by Yanna Wu and published by . This book was released on 2004 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:
