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Static And Dynamic Merger Effects
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Book Synopsis Static and Dynamic Merger Effects by : Mikko Packalen
Download or read book Static and Dynamic Merger Effects written by Mikko Packalen and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Merger-specific efficiencies continue to play a relatively small role in merger enforcement and merger retrospectives. Motivated by the paucity of empirical analyses of merger-specific efficiencies, we examine a merger's market share effects. Standard merger theory predicts that if merger-specific efficiencies are present, the merged firm should regain market share in the long-run. We estimate short and long-run merger effects on market shares from the divestiture of Texaco's Canadian assets. We use a difference-in-difference specification that compares changes for the merging firm with changes for other vertically integrated firms in the same market. Our approach is a useful complement to across market comparisons, which are often hindered by the difficulty of finding control markets that experience the same supply and demand shocks as the treatment markets.
Book Synopsis Static Or Dynamic Efficiency: Horizontal Merger Effects in the Wireless Telecommunications Industry by : Michał Grajek
Download or read book Static Or Dynamic Efficiency: Horizontal Merger Effects in the Wireless Telecommunications Industry written by Michał Grajek and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Static Or Dynamic Efficiency by : Michal Grajek
Download or read book Static Or Dynamic Efficiency written by Michal Grajek and published by . This book was released on 2018 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies five mergers in the European wireless telecommunication industry and analyzes their impact on prices and capital expenditures of both merging carriers and their rivals. We find substantial heterogeneity in the relationship between increases in concentration and carriers' prices. The specifics of each merger case clearly matter. Moreover, we find a positive correlation between the price and the investment effects; when the prices after merger increase (decrease), the investments increase (decrease) too. Thus, we document a trade-off between static and dynamic efficiencies of mergers.
Book Synopsis Dynamic Efficiencies in Merger Analysis by : Jeremy K. West
Download or read book Dynamic Efficiencies in Merger Analysis written by Jeremy K. West and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This document (of 293 pages) comprises the proceedings of a roundtable on held by the OECD's Competition Committee in June 2007. It consists of an executive summary and background paper by the Secretariat, as well as 13 delegation submissions and a summary of the oral discussion. Generally speaking, efficiencies are synergies that enable firms to improve their performance, whether in terms of cost, quality, service, or in the variety of products or services they offer. Some efficiencies are static and some are dynamic, but all of them are good for the welfare of society. Merging companies sometimes argue that even though their proposed union will increase market concentration, any harm stemming from a lessening of competition will be more than offset by the efficiencies that the merger would generate. This roundtable explored some of the thorny issues that competition agencies confront when presented with arguments about dynamic efficiencies. Despite growing interest in efficiencies since the 1970s among competition authorities and courts, there has been a persistent reluctance to incorporate efficiencies in merger analysis. That reluctance is even greater with respect to dynamic efficiencies than it is with respect to static ones. The reason is that even in a static analysis, determining whether a merger is likely to lead to efficiencies and how they will compare with any anti-competitive effects the merger is expected to cause is quite difficult. Making the leap to predicting a merger's dynamic effects is much harder still because those effects will occur - if at all - over several time periods and may be more abstract in nature. Nevertheless, a growing body of commentators is asserting that enforcement agencies should pay more attention to dynamic efficiencies and less attention to short-run price effects, especially in markets where consumers have more to gain through innovation than through lower prices on existing products. Both the desirability and the difficulty of placing more emphasis on dynamic efficiencies in merger reviews are addressed.
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 Mergers in Innovative Industries by : Guillermo Marshall
Download or read book Mergers in Innovative Industries written by Guillermo Marshall and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study how competition affects innovation (and welfare) when firms compete both in the product market and in innovation development. This relationship is complex and may lead to scenarios in which a lessening of competition increases R&D and consumer welfare in the long run, which is in contrast to arguments provided by antitrust agencies in recent merger cases. We provide conditions for when a merger increases industry innovation and when evaluating mergers based on static price effects is aligned with a fully dynamic merger evaluation. These conditions are based on properties of the product market payoffs.
Book Synopsis Regulating Mergers and Acquisitions of U.S. Electric Utilities: Industry Concentration and Corporate Complication by : Scott Hempling
Download or read book Regulating Mergers and Acquisitions of U.S. Electric Utilities: Industry Concentration and Corporate Complication written by Scott Hempling and published by Edward Elgar Publishing. This book was released on 2020-10-30 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens when electric utility monopolies pursue their acquisition interests—undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the number of local, independent utilities. Mostly debt-financed, these transactions have converted retiree-suitable investments into subsidiaries of geographically scattered conglomerates. Written by one of the U.S.’s leading regulatory thinkers, this book combines legal, accounting, economic and financial analysis of the 30-year march of U.S. electricity mergers with insights from the dynamic field of behavioral economics.
Book Synopsis Effects of Mergers on Network Models of the Financial System by : Daniel Nevermann
Download or read book Effects of Mergers on Network Models of the Financial System written by Daniel Nevermann and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bank Mergers & Acquisitions by : Yakov Amihud
Download or read book Bank Mergers & Acquisitions written by Yakov Amihud and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.
Book Synopsis Research Handbook on EU Media Law and Policy by : Parcu, Pier L.
Download or read book Research Handbook on EU Media Law and Policy written by Parcu, Pier L. and published by Edward Elgar Publishing. This book was released on 2021-09-21 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This cutting-edge Research Handbook presents a comprehensive overview of the European Union’s influence on the regulation of the media sector in the digital age. It explores and compares several areas of European legislation that have an impact on the media sector, defined in a broad sense for its capacity to influence the public opinion at large.
Book Synopsis Economics and the Interpretation and Application of U.S. and E.U. Antitrust Law by : Richard S. Markovits
Download or read book Economics and the Interpretation and Application of U.S. and E.U. Antitrust Law written by Richard S. Markovits and published by Springer Science & Business Media. This book was released on 2014-05-22 with total page 799 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume (1) defines the specific-anticompetitive-intent, lessening-competition, distorting-competition, and exploitative-abuse tests of illegality promulgated by U.S. and/or E.U. antitrust law, (2) compares the efficiency defenses promulgated by U.S. and E.U. antitrust law, (3) compares the conduct-coverage of the various U.S. and E.U. antitrust laws, (4) defines price competition and quality-or-variety-increasing-investment (QV-investment) competition and explains why they should be analyzed separately, (5) defines the components of individualized-pricing and across-the-board-pricing sellers’ price minus marginal cost gaps and analyses each’s determinants, (6) defines the determinants of the intensity of QV-investment competition and explains how they determine that intensity, (7) demonstrates that definitions of both classical and antitrust markets are inevitably arbitrary, not just at their periphery but comprehensively, (8) criticizes the various protocols for market definition recommended/used by scholars, the U.S. antitrust agencies, the European Commission, and U.S. and E.U. courts, (9) explains that a firm’s economic (market) power or dominance depends on its power over both price and QV investment and demonstrates that, even if markets could be defined non-arbitrarily, a firm’s economic power could not be predicted from its market share, (10) articulates a definition of “oligopolistic conduct” that some economists have implicitly used–conduct whose perpetrator-perceived ex ante profitability depended critically on the perpetrator’s belief that its rivals’ responses would be affected by their belief that it could react to their responses, distinguishes two types of such conduct–contrived and natural–by whether it entails anticompetitive threats and/or offers, explains why this distinction is critical under U.S. but not E.U. antitrust law, analyzes the profitability of each kind of oligopolistic conduct, examines these analyses’ implications for each’s antitrust legality, and criticizes related U.S. and E.U. case-law and doctrine and scholarly positions (e.g., on the evidence that establishes the illegal oligopolistic character of pricing), and (11) executes parallel analyses of predatory conduct--e.g., criticizes various arguments for the inevitable unprofitability of predatory pricing, the various tests that economists/U.S. courts advocate using/use to determine whether pricing is predatory, and two analyses by economists of the conditions under which QV investment and systems rivalry are predatory and examines the conditions under which production-process research, plant-modernization, and long-term full-requirements contracts are predatory.
Book Synopsis Innovation Matters by : Richard J. Gilbert
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.
Book Synopsis Mergers and Acquisitions by : Jonathan Galloway
Download or read book Mergers and Acquisitions written by Jonathan Galloway and published by Routledge. This book was released on 2017-03-02 with total page 918 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions occur for many legitimate reasons and should be encouraged as a matter of general policy, yet the resulting increase in the level of market concentration and market strength can lead to concerns that certain ’deals’ may irreparably damage the market structure and create anti-competitive effects. This volume explores the competition concerns arising out of mergers and acquisitions, the reasons for merger control and the fundamental options that face all jurisdictions intent on implementing an effective merger control regime. The volume acts as a guide through the development of merger control law, policy and scholarly thought and includes commentary on each of the key stages of any effective merger control regime. The articles consider the objectives of merger control and the broader political landscape within which mergers take place; the procedural issues in merger control, including jurisdictional matters and due process; the different substantive legal standards incorporated into merger control; the relevant theories of harm and the appropriate treatment of efficiencies; and the use of remedies in merger control. The chosen articles mainly, but not exclusively, focus on the US and EU, and several adopt a cross-disciplinary approach encompassing law, political science and economics.
Book Synopsis Research Handbook on Sustainability and Competition Law by : Julian Nowag
Download or read book Research Handbook on Sustainability and Competition Law written by Julian Nowag and published by Edward Elgar Publishing. This book was released on 2024-07-05 with total page 589 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access title available under the terms of a CC BY-NC-ND 4.0 License. It is free to read, download and share on Elgaronline.com. This Research Handbook explores the complex interplay between competition law and sustainability, and also provides key insights into the role and limitations that tax, environmental laws, consumer laws, and social laws have in promoting sustainability. A distinguished array of international experts examine core principles of environmental and social sustainability, delve into the economic dynamics that shape this multidimensional relationship, and critically analyse how competition law and policy can both positively and negatively shape sustainability outcomes.
Book Synopsis The Effects of Bank Mergers and Acquisitions on Small Business Lending by : Allen N. Berger
Download or read book The Effects of Bank Mergers and Acquisitions on Small Business Lending written by Allen N. Berger and published by . This book was released on 1997 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Merger Control in Post-Communist Countries by : Jurgita Malinauskaite
Download or read book Merger Control in Post-Communist Countries written by Jurgita Malinauskaite and published by Routledge. This book was released on 2010-11 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a critical analysis of merger control regimes in the former socialist countries with small market economies, looking at the unique challenges facing these economies. The book will analyse the merger control regimes in Estonia, Latvia and Lithuania, Slovenia and Slovakia.
Book Synopsis Industrial Organization by : Don E. Waldman
Download or read book Industrial Organization written by Don E. Waldman and published by Routledge. This book was released on 2019-03-04 with total page 724 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industrial Organization: Theory and Practice blends a rigorous theoretical introduction to industrial organization with empirical data, real-world applications and case studies. The book also supports students with a range of problems and exercises, and definitions of key terms and concepts. This balanced approach, which enables students to apply theoretical tools, has earned this book its ranking as one of the leading undergraduate texts in its field. For the fifth edition, relevant data, tables, empirical examples and case studies have been updated to reflect current trends and topics, in the most complete reorganization since the second edition. Further changes include: all public policy topics have been placed in the last section, making it simpler to use for courses that emphasize theory or public policy; an entirely new chapter on international trade and industrial organization; a new chapter on mergers; a separate section on antitrust; a companion website with PowerPoint slides and other supplements. This comprehensive book bridges the gap between economic theory and real-world case studies in an accessible, logical manner, making it the ideal undergraduate text for courses on industrial organization.
