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The Dichotomous Treatment Of 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 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 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 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 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 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 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 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 Incorporating Dynamic Efficiency Concerns in Merger Analysis by : Richard J. Gilbert
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 :Vaughan Andrew Dickson Publisher :Fredericton : University of New Brunswick. Department of Economics ISBN 13 : Total Pages :32 pages Book Rating :4.:/5 (165 download)
Book Synopsis Efficiencies, Market Power and Horizontal Merger by : Vaughan Andrew Dickson
Download or read book Efficiencies, Market Power and Horizontal Merger written by Vaughan Andrew Dickson and published by Fredericton : University of New Brunswick. Department of Economics. This book was released on 1985 with total page 32 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 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.
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 Assessing Horizontal Mergers under Uncertain Efficiency Gains by :
Download or read book Assessing Horizontal Mergers under Uncertain Efficiency Gains written by and published by . This book was released on 2006 with total page 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:
Book Synopsis Collusion and Efficiency in Horizontal Mergers by : Douglas J. Fairhurst
Download or read book Collusion and Efficiency in Horizontal Mergers written by Douglas J. Fairhurst and published by . This book was released on 2017 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore the sources of gains in horizontal mergers by exploiting heterogeneity between the merging firms' geographic footprints. We calculate the geographic overlap between the bidder, target, and their rivals and customers to identify variation in the competitive impact of horizontal mergers. We document significantly positive rival reactions and negative customer reactions when the bidder and target operate in similar geographic regions, consistent with anticompetitive effects in these deals. We also exploit staggered changes in the political affiliation of state Attorneys General (AGs) to identify variation in local antitrust enforcement. We show that bidders avoid concentrating mergers when they operate in a high proportion of states with Democratic AGs, and Democratic AGs moderate the effects of concentrating mergers on local rivals and customers. Our evidence supports the argument that geographically-concentrating horizontal mergers are more likely to be anticompetitive. We also document a significant role of state-level AGs in the M&A regulatory process.
