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Reinvigorating Horizontal Merger Enforcement
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Book Synopsis Reinvigorating Horizontal Merger Enforcement by : Jonathan B. Baker
Download or read book Reinvigorating Horizontal Merger Enforcement written by Jonathan B. Baker and published by . This book was released on 2008 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past forty years have witnessed a remarkable transformation in horizontal merger enforcement in the United States. With no change in the underlying statute, the Clayton Act, the weight given to market concentration by the federal courts and by the federal antitrust agencies has declined dramatically. Instead, increasing weight has been given to three arguments often made by merging firms in their defense: entry, expansion and efficiencies. We document this shift and provide examples where courts have approved highly concentrating mergers based on limited evidence of entry and expansion. We show using merger enforcement data and a survey we conducted of merger practitioners that the decline in antitrust enforcement is ongoing, especially at the current Justice Department. We then argue in favor of reinvigorating horizontal merger enforcement by partially restoring the structural presumption and by requiring strong evidence to overcome the government's prima facie case. We propose several routes by which the government can establish its prima facie case, distinguishing between cases involving coordinated vs. unilateral anti-competitive effects.
Book Synopsis Oversight of Government Merger Enforcement Policy by : United States. Congress. Senate. Committee on the Judiciary
Download or read book Oversight of Government Merger Enforcement Policy written by United States. Congress. Senate. Committee on the Judiciary and published by . This book was released on 1982 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis State Merger Enforcement by : Thomas Matthew Wilson
Download or read book State Merger Enforcement written by Thomas Matthew Wilson and published by American Bar Association. This book was released on 1995 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :American Bar Association. Section of Antitrust Law Publisher :American Bar Association ISBN 13 :9780897077644 Total Pages :72 pages Book Rating :4.0/5 (776 download)
Book Synopsis The 1992 Horizontal Merger Guidelines by : American Bar Association. Section of Antitrust Law
Download or read book The 1992 Horizontal Merger Guidelines written by American Bar Association. Section of Antitrust Law and published by American Bar Association. This book was released on 1992 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Evaluation of Horizontal Merger Enforcement by : David B. Audretsch
Download or read book An Evaluation of Horizontal Merger Enforcement written by David B. Audretsch and published by . This book was released on 1980 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :U. S. Department U.S. Department of Justice Publisher :Createspace Independent Publishing Platform ISBN 13 :9781544654577 Total Pages :38 pages Book Rating :4.6/5 (545 download)
Book Synopsis Horizontal Merger Guidelines by : U. S. Department U.S. Department of Justice
Download or read book Horizontal Merger Guidelines written by U. S. Department U.S. Department of Justice and published by Createspace Independent Publishing Platform. This book was released on 2017-03-13 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: These Guidelines outline the principal analytical techniques, practices, and the enforcement policy of the Department of Justice and the Federal Trade Commission (the "Agencies") with respect to mergers and acquisitions involving actual or potential competitors ("horizontal mergers") under the federal antitrust laws. The relevant statutory provisions include Section 7 of the Clayton Act, 15 U.S.C. § 18, Sections 1 and 2 of the Sherman Act, 15 U.S.C. §§ 1, 2, and Section 5 of the Federal Trade Commission Act, 15 U.S.C. § 45. Most particularly, Section 7 of the Clayton Act prohibits mergers if "in any line of commerce or in any activity affecting commerce in any section of the country, the effect of such acquisition may be substantially to lessen competition, or to tend to create a monopoly." The Agencies seek to identify and challenge competitively harmful mergers while avoiding unnecessary interference with mergers that are either competitively beneficial or neutral. Most merger analysis is necessarily predictive, requiring an assessment of what will likely happen if a merger proceeds as compared to what will likely happen if it does not. Given this inherent need for prediction, these Guidelines reflect the congressional intent that merger enforcement should interdict competitive problems in their incipiency and that certainty about anticompetitive effect is seldom possible and not required for a merger to be illegal.
Book Synopsis The New United States Horizontal Merger Guidelines by : Thomas Jeffrey Horton
Download or read book The New United States Horizontal Merger Guidelines written by Thomas Jeffrey Horton and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article reviews the new Horizontal Merger Guidelines released on August 19, 2010, by the United States Department of Justice, through its Antitrust Division, and the Federal Trade Commission. The United States' New Horizontal Merger Guidelines converge towards and closely mimic their European counterparts. Indeed, the New Guidelines differ dramatically from their 1992 predecessors, and signal an American competition theory counterrevolution. First, they reveal a commitment towards more aggressive horizontal merger enforcement driven by a renewed emphasis on the incipiency standard. Second, they set out a less formulaic and rigid review methodology, which the Agencies hope will prove to be more litigation friendly, as they pursue enforcement cases in American courts. And third, they indicate heightened concerns about potential unilateral effects, including exclusionary conduct, and impacts on non-price competition such as quality, variety, and innovation. When the New Guidelines are systematically compared side by side to the EC's, the resemblances are striking. Indeed, the New Guidelines more closely resemble the EC's than they do their 1992 predecessors. It can be fairly concluded that the New Guidelines' drafters were heavily influenced by, and paid close attention to, the EC's guidelines. However, it is unclear whether the New Guidelines will survive a conservative administration, or how they will be accepted and interpreted by the American courts.
Book Synopsis Federal Trade Commission and United States Department of Justice Commentary on the Horizontal Merger Guidelines by :
Download or read book Federal Trade Commission and United States Department of Justice Commentary on the Horizontal Merger Guidelines written by and published by DIANE Publishing. This book was released on with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Horizontal Merger Enforcement Under the Hart-Scott-Rodino Act by : Justin Alan Henderson
Download or read book Horizontal Merger Enforcement Under the Hart-Scott-Rodino Act written by Justin Alan Henderson and published by . This book was released on 2011 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: All government agencies are affected by a broad number of factors that determine how they do their job. It is particularly important for regulatory agencies in the area of consumer protection, that they complete their tasks in a way that is both fair and beneficial for consumers. In this paper, I attempt to assess the effect of a variety of political, economic, and budgetary factors on the Department of Justice (DOJ) and Federal Trade Commission (FTC) regarding their role in horizontal merger enforcement. I use three simple regression models with the dependent variable of the number of mergers challenged by the DOJ, FTC, and combined. The independent variables assessed are the total number of mergers filed, party of the President, ideological measurements of the House and Senate Judiciary Committees, S & P 500 growth, the unemployment rate, and the budgets of the two agencies. I find that the political variables have no significant effect in any of the three regressions. The number of mergers filed is significantly and positively correlated in all three regressions. S & P 500 growth and unemployment both have a significant effect on the number of merger challenges by the DOJ but not the FTC. Both the FTC and DOJ are significantly affected by the size of their respective budgets. In the overall regression, I find that unemployment, S & P 500 growth, and budgets have a significant impact on the total number of mergers challenged. The differential effect of the economic factors on the DOJ and FTC can help to show policymakers the strengths and weaknesses of the two agencies as well as show what factors might contribute to an agency's ability to equitably and effectively complete is job.
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 1993 Horizontal Merger Guidelines by : National Association of Attorneys General
Download or read book 1993 Horizontal Merger Guidelines written by National Association of Attorneys General and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Horizontal Merger Antitrust Enforcement by : Lawrence J. White
Download or read book Horizontal Merger Antitrust Enforcement written by Lawrence J. White and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The DOJ-FTC Merger Guidelines were developed for and best deal with horizontal mergers where the theory of harm is coordinated effects. The Guidelines deal awkwardly, at best, with mergers where the theory of harm is unilateral effects. The broad body of evidence - from profitability studies, from pricing studies, and from auction studies - indicates that seller concentration matters. But these studies do not provide adequate guidance as to whether current antitrust enforcement is too strict or too lenient with respect to mergers. Research on the consequences of the close call mergers that were not challenged might well provide such guidance, as might a meta analysis of the extant price-concentration studies. New procedures are needed for inquiry and enforcement where the theory of harm is unilateral effects, as is a market definition paradigm for monopolization cases.
Book Synopsis Horizontal Mergers by : William Blumenthal
Download or read book Horizontal Mergers written by William Blumenthal and published by American Bar Association. This book was released on 1986 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Number 14 in the Antitrust law Section monograph series, this work summarizes the state of the law in every area affecting semihorizontal, conglomerate and vertical mergers, and was prepared as a companion to Monograph 12.
Book Synopsis Oversight of Government Merger Enforcement Policy: First session, October 27 and November 19, 1981 by : United States. Congress. Senate. Committee on the Judiciary
Download or read book Oversight of Government Merger Enforcement Policy: First session, October 27 and November 19, 1981 written by United States. Congress. Senate. Committee on the Judiciary and published by . This book was released on 1982 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessing the Quality of Competition Policy by : William E. Kovacic
Download or read book Assessing the Quality of Competition Policy written by William E. Kovacic and published by . This book was released on 2009 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Antitrust Guide for Trade Association Professionals and Members by :
Download or read book An Antitrust Guide for Trade Association Professionals and Members written by and published by American Bar Association. This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Revising the U.S. Vertical Merger Guidelines by : Steven C. Salop
Download or read book Revising the U.S. Vertical Merger Guidelines written by Steven C. Salop and published by . This book was released on 2015 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
