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Static Or Dynamic Efficiency Horizontal Merger Effects In The Wireless Telecommunications Industry
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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 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:
Book Synopsis Estimating the Efficiency Effects of U.S. Telecommunications Mergers by : Nakil Sung
Download or read book Estimating the Efficiency Effects of U.S. Telecommunications Mergers written by Nakil Sung and published by . This book was released on 2003 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper attempts to examine the effects of two horizontal mergers between Baby Bells, the SBC-Pacific Telesis merger and the Bell Atlantic-Nynex merger, on the performance of the respective operating companies. The effects of the mergers are investigated by comparing the performance of the merging companies with a control group of non-merging companies and also, the performance of the merging companies before and after merger. The comparisons are made on total factor productivity (TFP) change, shifts in the total cost function and shareholder returns. In addition, the estimation of total cost functions provides estimates for economies of scale and scope, which are often cited as one of the main drivers for mergers. The empirical analysis is carried out with annual data for 38 operating companies over the period 1991-2000.One of the main results is that while in terms of shareholder returns merged holding companies slightly outperformed non-merged companies for a short-period, this small gain soon disappeared. There was no significant increase in TFP for merged companies before and after merger and also, no systematic difference in TFP between merged and non-merged companies. The TFP regressions show that mergers have a negative or zero impact on TFP. Moreover, the cost analysis indicates that mergers might have even increased total costs. We control for demand fluctuations, the state of technology and two policy variables (regulation and competition) in both the productivity and the cost analysis. Finally, no economies of scale and scope are identified. Based on all these findings, the paper suggests that mergers between large Baby Bells did not produce net economies of scale and did not lead to substantial productivity growth.
Book Synopsis Three Essays in Empirical Industrial Organization and Merger Policy by : Chengyan Gu
Download or read book Three Essays in Empirical Industrial Organization and Merger Policy written by Chengyan Gu and published by . This book was released on 2015 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first chapter is titled "Endogenous Market Structure and Fixed-to-Mobile Competition in the U.S. Telecommunications Industry." This paper develops an empirical model to examine the intramodal and intermodal competition effects within and between the wired and wireless sectors in 1997 and 2002, a period in which wired and wireless carriers entered the local market on a large scale simultaneously. A two-step procedure is proposed to address the problem caused by the fact that wireless carriers usually make entry decisions in larger geographical regions than wired carriers. The results show that compared with national CLECs, regional CLECs and wireless carriers tend to be close competitors, as the presence of wireless carriers substantially lowers regional CLECs' margins. The intermodal competitive effect of wireless carriers on regional CLECs is much greater than their effect on national CLECs. It is also found that providing wired and wireless services together in a market does not lower a CLEC's profitability. The entry model for wireless sector shows that once the market has five wireless carriers, the next entrant has little effect on competitive conduct. The second chapter is titled "Predicting Merger Outcomes: How Accurate Are Stock Market Event Studies, Market Structure Characteristics, and Agency Decision?" a paper coauthored with John Kwoka. This paper analyzes two leading methods of predicting the outcomes of mergers, as well as the accuracy of antitrust agencies' decisions whether or not to challenge mergers. Drawing on actual price effects of forty mergers, this paper develops data on market structural characteristics, on stock market event studies, and on agency decisions. It finds that event studies systematically underpredict the incidence of anticompetitive mergers, while market structure criteria systematically overpredict competitive concerns. While these might seem to be opposing errors, market structure serves primarily as an initial screen, so that over-inclusiveness may be an optimal decision approach. The third chapter is titled "The Mergers Effects on Telephone Carriers' Efficiency: a Conditional Difference-in-Difference Approach." This paper examines the merger effects on telephone carriers' efficiency in the U.S. telecommunications industry over the period of 1996-2007. One limitation of traditional difference-in-difference (DID) approach is that if the mergers are not randomly assigned, any omitted factor that is correlated with the outcome measure as well as the probability of a merger will generate biased estimates of the impact of merger. Without the need for any instrumental variable, this paper uses a propensity score matching approach combined with DID method to address selection on both observables and unobservables associated with merger formation. The results show that mergers reduce merging carriers' incentive to innovate or invest on frontier technology, rather than lower carriers' technical efficiency. Moreover, mergers do not speed up carriers' scale efficiency progress as the carriers promised in the antitrust review processes.
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 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 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 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 Industry Concentration and Welfare by : Sven-Olof Fridolfsson
Download or read book Industry Concentration and Welfare written by Sven-Olof Fridolfsson and published by . This book was released on 2006 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mergers and Investments in the Wireless Industry by : Evgeni Drynkin
Download or read book Mergers and Investments in the Wireless Industry written by Evgeni Drynkin and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies the U.S. wireless telecommunications industry. I propose a novel model, which I then estimate. I analyze potential counterfactual results in the first chapter of my dissertation. Second (joint with Nick Doudchenko) and third (joint with Dmitry Arkhangelsky and Lanier Benkard) chapters develop methodology that is necessary for the estimation of the models alike the one analyzed in the first chapter. The first chapter studies the outcomes of a hypothetical T-Mobile/Sprint and AT& T/T-Mobile mergers in the U.S. wireless telecommunications industry. I propose a model in which consumers trade off price and network coverage, so firms have to compete on both price and investment. The key finding is that had T-Mobile and Sprint merged in 2009, consumers would have benefited from expanded network coverage. The two firms would have increased profits due to less duplication on the investment side. An acquisition of T-Mobile by AT& T, on the other hand, would have harmed consumers because it would not have resulted in better coverage. Additionally, the outcomes of the T-Mobile/Sprint merger vary across geographic areas. Markets with high population density or flat terrain typically have a strong initial Sprint or T-Mobile presence, and would therefore experience lower, often negative, changes in consumer surplus as a result of the merger. Conversely, markets where the merging parties struggle to enter separately, mainly those with lower population density and harder to cover terrain, benefit more because the merger would diversify carrier choices. In the second chapter we propose a new method of estimation for discrete choice demand models when individual level data are available. The method employs a two-step procedure. Step 1 predicts the choice probabilities as functions of the observed individual level characteristics. Step 2 estimates the structural parameters of the model using the estimated choice probabilities at a fixed point and the moment restrictions. In essence, the method uses nonparametric approximation (followed by) moment estimation. Hence the name--NAME. We use simulations to compare the performance of NAME with the standard methodology. We find that our method delivers an improved precision as well as a substantially faster convergence time. We supplement the analysis by providing the large sample properties of the proposed estimator. In the third chapter we investigate the finite sample properties of iterative two-step procedures. We show how iterations of the fixed point equation might reduce the first-order bias in the problem. Based on this, we propose a new iterative estimator that works in games and achieves fully parametric properties even if the initial first stage estimator is not accurate. The estimator has several appealing properties such as bias reduction, stability, and computational feasibility. Some known results, such as iterative estimators by policy function iterations in the single agent dynamic discrete choice models Aguirregabiria and Mira (2002) or recursive projections methods from Kasahara and Shimotsu (2009) are special cases of our corrected procedure. We test the performance of our estimator in several examples via simulations.
Book Synopsis Horizontal Merger Guidelines by : National Association of Attorneys General
Download or read book Horizontal Merger Guidelines written by National Association of Attorneys General and published by . This book was released on 1992 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Quest for Efficiency by : Sumit K. Majumdar
Download or read book Quest for Efficiency written by Sumit K. Majumdar and published by . This book was released on 2009 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate the impact of the various mergers of the local exchange companies that took place between 1988 and 2001 on several measures of performance of the firms that have undergone the mergers. Our analysis reveals that relative cash flows decrease after mergers, the pattern of accompanying sales growth is ambiguous and driven by increased market presence while the impact of mergers on the measures of efficiency and synergy are negative. If the efficiency motive is primary in influencing merger approval, then the past mergers approved have led to inefficiencies and welfare losses for the American consumer and the mergers of communication common carriers have not been in the public interest. On the other hand, given the inefficiency outcomes views that the quiet life, hubris and a quest for possible market power have motivated the mergers cannot be discarded.
Book Synopsis MCI Worldcom's Sprint Toward Monopoly by : Steve Pociask
Download or read book MCI Worldcom's Sprint Toward Monopoly written by Steve Pociask and published by . This book was released on 2000 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Mergers on Performance in the US Telecommunications Industry, 1988 to 2001 by : Sumit K. Majumdar
Download or read book The Impact of Mergers on Performance in the US Telecommunications Industry, 1988 to 2001 written by Sumit K. Majumdar and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions in the Telecommunications industry have become a distinctive trend of the U.S. economy, with steady consolidation of carriers to head off or take on the competition. While the wealth effects of mergers have been extensively analyzed in prior literature, previous studies fail to correctly relate the causes of such phenomena to ex-post performance. This study elaborates on the consequences of mergers and acquisitions in the telecommunications industry using statistics of communications common carriers for the period 1988 to 2001. Using a dynamic panel data analysis estimation technique - Arellano-Bond (1991) estimation -, which outperforms the event studies methodology used predominantly in prior research, we examine the synergistic effects and success factors of mergers over time with an exhaustive set of financial, operational and technological performance measures that capture profitability, growth, efficiency, productivity, economies of scale and scope, and technology progressiveness. We control for critical periods that constitute structural shift in telecommunications merger and acquisitions activity, and account for many mergers with huge welfare implications. The results of this study will serve to project the future structure of the telecommunications industry. We find significant evidence that mergers are followed by substantial deterioration in profitability and operational performance, in addition to a significant decrease in the investment on new technology.
Book Synopsis Three Empirical Essays on Mergers and Regulation in the Telecommunications Industry by :
Download or read book Three Empirical Essays on Mergers and Regulation in the Telecommunications Industry written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This empirical dissertation consists of three essays on mergers and regulation in the U.S. telecommunications industry. An abstract for each of the three essays follows. Essay 1: This study has attempted to measure the productivity growth associated with 25 incumbent local exchange carriers (ILECs) over the period 1996-2005 using a Malmquist productivity index. The average efficiency scores for our sample companies have not changed significantly between 1996 and 2005, which indicates that the average ILECs shows no measurable improvement in terms of optimizing their input-output combinations over time. We find some empirical evidence of a positive merger effect, although this effect diminishes over time. In addition, we find that non-merged firms underperform in terms of average productivity growth. Essay 2: This study analyzes the merger effects for 25 ILECs over the period 1996-2005 using stochastic frontier analysis with a time-varying inefficiency model. In addition, we conduct a comparison of indices between the stochastic frontier analysis and the Malmquist index method. The empirical results indicate that the sample of telecommunications firms has experienced deterioration in average productivity growth following the mergers. In addition, both approaches suggest that firms that do not merge underperform in terms of average productivity growth. Essay 3: This essay investigates whether the substitution of price cap regulation (PCR), along with other regulatory regimes, for traditional rate of return regulation (RRR) has had a measurable effect on productivity growth in the U.S. telecommunications industry. A stochastic frontier approach, which differs from previous studies, is employed to compute efficiency change, technological progress, and productivity growth for 25 LECs over the period 1988-1998. By examining the relationship between the change in productivity growth and regulatory regime variables, while controlling for other effects, we find that PCR and other regulatory regimes have a positive effect on productivity growth. However, only PCR has a significant and positive effect in both contemporaneous and lagged model specifications.
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.
