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The Competitive Effects Of Minority Shareholdings
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Book Synopsis The Competitive Effects of Minority Shareholdings by : Panagiotis Fotis
Download or read book The Competitive Effects of Minority Shareholdings written by Panagiotis Fotis and published by Bloomsbury Publishing. This book was released on 2016-04-07 with total page 509 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this book is twofold. First, it presents the economics of minority shareholdings, under both merger and antitrust law. In particular, economic analysis provides both an overall assessment of minority shareholdings in the context of concentrations, and Articles 101 and 102 TFEU and the examination of the link between non-controlling minority shareholdings, merger control and antitrust law. Second, the book also provides a legal assessment and an analysis of selected case law. According to settled European case law, minority shareholdings are analysed not only under Regulation 139/2004, but also under Articles 101 and 102 TFEU. Nevertheless, according to current enforcement practice at European and international levels, several national competition authorities have adopted different approaches. The million dollar question is whether the existing regulatory framework is sufficient to cover all possible cases. In summary, the book will be a useful tool for students, practitioners, researchers, economic and legal experts and competition authorities. It provides a comprehensive survey of the subject, which has been missing until now and answers many questions that have been raised in the literature in the last decades.
Book Synopsis The Competitive Effects of Common Ownership by : Daniel P. O'Brien
Download or read book The Competitive Effects of Common Ownership written by Daniel P. O'Brien and published by . This book was released on 2017 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent empirical research purports to show that common ownership by institutional investors harms competition even when all financial holdings are minority interests. This research has received a great deal of attention, leading to both calls for and actual changes in antitrust policy. This paper examines the research on this subject to date and finds that its conclusions regarding the effects of minority shareholdings on competition are not well established. Without prejudging what more rigorous empirical work might show, we conclude that researchers and policy authorities are getting well ahead of themselves in drawing policy conclusions from the research to date. The theory of partial ownership does not yield a specific relationship between price and the MHHI. In addition, the key explanatory variable in the emerging research - the MHHI - is an endogenous measure of concentration that depends on both common ownership and market shares. Factors other than common ownership affect both price and the MHHI, so the relationship between price and the MHHI need not reflect the relationship between price and common ownership. Thus, regressions of price on the MHHI are likely to show a relationship even if common ownership has no actual causal effect on price. The instrumental variable approaches employed in this literature are not sufficient to remedy this issue. We explain these points with reference to the economic theory of partial ownership and suggest avenues for further research.
Book Synopsis The Role of Non-Coordinated Effects in the Assessment of Minority Shareholdings by : Frank P. Maier-Rigaud
Download or read book The Role of Non-Coordinated Effects in the Assessment of Minority Shareholdings written by Frank P. Maier-Rigaud and published by . This book was released on 2016 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the standard (acquisition of control) merger logic, merger control regimes have typically treated horizontal minority shareholdings as a matter of coordinated effects. As in a standard horizontal merger case, the transaction implies full control of the target firm and joint profit maximization post-merger, it is easy to see the acquisition of minority shares being analysed as a matter of information flows and influencing conduct. In that sense, competitive effects of shareholdings are not systematically different from a standard merger, although the effects of the shareholding are attenuated by the more limited degree of influence exerted by the minority shareholder. This has led to a focus on the acquired rights of minority shareholders in an effort to gauge the actual influence that such a shareholder may exert on the company. In other words, the focus has been on coordinated effects resulting from the influence of the minority shareholder to the detriment of a non-coordinated effects analysis. This article focusses on the non-coordinated effects of minority shareholdings in oligopolistic markets. It is demonstrated that minority shareholdings even when they fall below the usual thresholds can lead to a significant impediment of effective competition (SIEC) on a purely non-coordinated basis. This is particularly likely in a market with differentiated products, when a firm partially acquires shareholdings in its closest competitor and when the next best alternative products are only weak substitutes. While share thresholds may be a decent rough proxy for coordinated effects to the extent that they convey different degrees of direct influence, it is shown that such thresholds are much less meaningful in the context of non-coordinated effects as general market conditions and in particular closeness of competition, which is independent of the magnitude of the shares, becomes much more important.
Book Synopsis The Competitive Effects of Minority Shareholdings by : Panagiotis Fotis
Download or read book The Competitive Effects of Minority Shareholdings written by Panagiotis Fotis and published by Bloomsbury Publishing. This book was released on 2016-04-07 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this book is twofold. First, it presents the economics of minority shareholdings, under both merger and antitrust law. In particular, economic analysis provides both an overall assessment of minority shareholdings in the context of concentrations, and Articles 101 and 102 TFEU and the examination of the link between non-controlling minority shareholdings, merger control and antitrust law. Second, the book also provides a legal assessment and an analysis of selected case law. According to settled European case law, minority shareholdings are analysed not only under Regulation 139/2004, but also under Articles 101 and 102 TFEU. Nevertheless, according to current enforcement practice at European and international levels, several national competition authorities have adopted different approaches. The million dollar question is whether the existing regulatory framework is sufficient to cover all possible cases. In summary, the book will be a useful tool for students, practitioners, researchers, economic and legal experts and competition authorities. It provides a comprehensive survey of the subject, which has been missing until now and answers many questions that have been raised in the literature in the last decades.
Book Synopsis Horizontal Shareholdings and Effects on the Competitive Structure of the Market by : Mario Cistaro
Download or read book Horizontal Shareholdings and Effects on the Competitive Structure of the Market written by Mario Cistaro and published by . This book was released on 2020 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent studies have linked the concentration of common shareholding in competing corporations among the same group of minority shareholders with competition concerns. This paper will examine whether the correlation between the structure of corporate ownership captured by common shareholding and the structure of the market(s) in which the companies operate might determine anticompetitive effects and be considered illegal under antitrust laws. To this regard, after describing the main theoretical and empirical foundations for the competition concerns associated to common shareholding, I will analyze the arguments raised both in favor and against the enforcement of the antitrust laws and, in particular as regards the latter, the lack of evidence on the causal mechanism through which common shareholdings determine anticompetitive effects. While in the US, the Clayton Act seem to ban merger and stock acquisition that are likely to have anticompetitive effects regardless of whether the mechanism for those effects is known, a different conclusion should be reached with regard to the European Union antitrust laws. Under the EU merger regulation competitive effects of common shareholdings are captured if, and only, they confer control, being control the causal mechanism preidentified by the EU law to link competitive effects to a transaction that modifies the structure of the market.
Book Synopsis Minority Share Acquisition by : Shirley Meadowcroft
Download or read book Minority Share Acquisition written by Shirley Meadowcroft and published by . This book was released on 1986 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Passive-Aggressive Investments by : Gian Diego Pini
Download or read book Passive-Aggressive Investments written by Gian Diego Pini and published by . This book was released on 2015 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: Minority share acquisitions between competitors have been mistakenly considered of concern only in case they result in a change of control.First the economic theory, closely followed by courts and doctrine, explained and demonstrated that even the acquisition of non-controlling shareholdings may distort competition and requires a close scrutiny by competition authorities.This article analyzes the impact of minority shareholdings on the incentives of rival firms and ascertains whether the authorities are provided with adequate tools to investigate and address the potential anticompetitive effects.The results of the economic theory are the starting point to assess whether the legal treatment of minority shareholdings under the EU and US antitrust systems is appropriate and adequate.
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 EU Competition Law by : Ariel Ezrachi
Download or read book EU Competition Law written by Ariel Ezrachi and published by Bloomsbury Publishing. This book was released on 2021-08-12 with total page 859 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This book should be in the library of every competition law practitioner and academic. The summary of cases is first class. But what makes it really stand out is the quality of the commentary and the selection of the material which includes not only the most important European judgements and decisions but also some of the leading cases from the US and European Member States.' Ali Nikpay, Gibson, Dunn & Crutcher LLP This unique book is designed as a working tool for the study and practice of European competition law, focused on case law analysis. Each chapter begins with an introduction which outlines the relevant laws, regulations and guidelines for each of the topics, setting the analytical foundations for the case entries. Within this framework, cases are reviewed in summary form, accompanied by useful analysis and commentary. The 7th edition includes recent judgments from the European Court of Justice on the scope of object and effects based analysis (including Generics and Budapest Bank), as well as those on abuse of dominance. It examines developments in parallel trade, online sales restrictions, advertising bans, enforcement powers and procedure. Expanding its coverage of merger decisions, it explores non-collusive oligopoly (including CK Telecoms) and the treatment of innovation and data under the EU Merger Regulation. This unique book offers the practitioner and competition law student an insightful guide to EU competition law cases, an understanding of which is crucial. Rigorous, comprehensive and authoritative, it simply is a must read.
Book Synopsis Sourcebook on EU Competition Law by : Anne-Marie Van den Bossche
Download or read book Sourcebook on EU Competition Law written by Anne-Marie Van den Bossche and published by Uitgeverij Larcier. This book was released on 2015-10-21 with total page 2783 pages. Available in PDF, EPUB and Kindle. Book excerpt: One risks to drown in the flood of ever more regulatory texts, judgments, books and articles on European competition law. The Sourcebook on EU Competition Law brings some order to this subject. It combines the advantages of a practical one-volume overview of the law as it stands with an extensive bibliography which puts the reader on the right track towards in-depth research. The Sourcebook on EU Competition Law offers: (a) a full-text collection of EU documents on competition law: core Articles of the post-Lisbon Treaties, relevant Protocols, secondary legislation, Commission notices and communications; (b) excerpts of relevant judgments of the General Court and the European Court of Justice; (c) an extensive bibliography with books, articles and overviews of case law in several EU languages; and (d) notification forms, brought together in a separate section for easy reference. The Sourcebook on EU Competition Law covers all areas of competition law: restrictive practices, abuse of dominant position, merger control, state aid and services of general economic interest. The book’s structure allows the reader to distinguish easily between the essential provisions and the implementing measures.
Book Synopsis European Business by : Debra Johnson
Download or read book European Business written by Debra Johnson and published by Routledge. This book was released on 2015-10-06 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: The third edition of European Business is published at a time of turbulence in Europe. This uncertainty puts Europe's unique business environment at risk. Key features of the new edition include: assessments of how individual member states affect the integration process and bring diversity to European business; new material on the links between Europe and the World’s other main regions, including emerging economies; new case studies on topics such as the rise of the BRICs, the energy crisis, enlargement and the Euro. The book retains popular pedagogical features to help students make sense of a confusing and complex environment. A unique and accessible text, the book is ideal reading for students of European and International Business and important additional reading for those interested in European politics and economics.
Book Synopsis The Antitrust Paradox by : Robert Bork
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Book Synopsis Comparative Takeover Regulation by : Umakanth Varottil
Download or read book Comparative Takeover Regulation written by Umakanth Varottil and published by Cambridge University Press. This book was released on 2017-10-26 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comparative Takeover Regulation compares the laws relating to takeovers in leading Asian economies and relates them to broader global developments. It is ideal for educational institutions that teach corporate law, corporate governance, and mergers and acquisitions, as well as for law firms, corporate counsel and other practitioners.
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Book Synopsis Expanding Underrepresented Minority Participation by : Institute of Medicine
Download or read book Expanding Underrepresented Minority Participation written by Institute of Medicine and published by National Academies Press. This book was released on 2011-07-29 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: In order for the United States to maintain the global leadership and competitiveness in science and technology that are critical to achieving national goals, we must invest in research, encourage innovation, and grow a strong and talented science and technology workforce. Expanding Underrepresented Minority Participation explores the role of diversity in the science, technology, engineering and mathematics (STEM) workforce and its value in keeping America innovative and competitive. According to the book, the U.S. labor market is projected to grow faster in science and engineering than in any other sector in the coming years, making minority participation in STEM education at all levels a national priority. Expanding Underrepresented Minority Participation analyzes the rate of change and the challenges the nation currently faces in developing a strong and diverse workforce. Although minorities are the fastest growing segment of the population, they are underrepresented in the fields of science and engineering. Historically, there has been a strong connection between increasing educational attainment in the United States and the growth in and global leadership of the economy. Expanding Underrepresented Minority Participation suggests that the federal government, industry, and post-secondary institutions work collaboratively with K-12 schools and school systems to increase minority access to and demand for post-secondary STEM education and technical training. The book also identifies best practices and offers a comprehensive road map for increasing involvement of underrepresented minorities and improving the quality of their education. It offers recommendations that focus on academic and social support, institutional roles, teacher preparation, affordability and program development.
Book Synopsis The Value Killers by : Nuno Fernandes
Download or read book The Value Killers written by Nuno Fernandes and published by Springer. This book was released on 2019-06-25 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a business climate marked by escalating global competition and industry disruption, successful mergers and acquisitions are increasingly vital to the growth and profitability of many corporations. If history is any guide, 60 to 70 per cent of new mergers will fail – and will destroy shareholder value. To date, analyses of the M&A failure rate tend to focus on individual causes – e.g., culture clashes, valuation methods, or CEO overconfidence – rather than examining the problem holistically. The Value Killers is the first book based on a holistic analysis of successful and unsuccessful transactions. Based on research, interviews with top executives, and case studies, this book identifies the key causes of failures and successes and offers prescriptions to increase the odds that future transactions will deliver all the anticipated synergies. The Value Killers offers practical advice in the form of 5 Golden Rules. These rules will help managers and boards to ensure that target companies are properly valued; potential synergies and risks are identified in advance; checks and balances are installed to make sure that the pros and cons of the transaction are rationally and objectively evaluated; mechanisms are created that will trigger termination of bad deals; and obstacles to successful post-merger integrations are assessed (and solutions developed) before the deal closes. Each chapter includes questions for executives considering future M&As to allow them to see whether they are on the right track or not.
Book Synopsis Intersections between Corporate and Antitrust Law by : Marco Corradi
Download or read book Intersections between Corporate and Antitrust Law written by Marco Corradi and published by Cambridge University Press. This book was released on 2023-06-08 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the intersections between corporate and antitrust law, focusing on corporate interest, governance, and the financial links among companies.
