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An empirical assessment of the 2004 EU merger policy reform

Duso, Tomaso; Gugler, Klaus; Szücs, Florian - 2010

Based on a database of 326 merger cases scrutinized by the European Commission between 1990 and 2007, we evaluate the economic impact of the change in European merger legislation in 2004. We first propose a general framework to assess merger policy effectiveness, which is based on standard...

Persistent link: https://www.econbiz.de/10008822615

Fiscal rules and fiscal performance in the EU and Japan

Hagen, Jürgen von - 2006

such rules in Japan and in the EU. Comparing the performance of fiscal policy in the 1980s and 1990s until 2003, we find … rule of the Maastricht Treaty had a significant impact on political budget cycles in the EU, but did little to constrain … fiscal rule in the EU has vanished. Next, we discuss the importance of budgetary institutions for the effectiveness of fiscal …

Persistent link: https://www.econbiz.de/10010374865

The impact of horizontal mergers on rivals : gains to being left outside a merger

Clougherty, Joseph A.; Duso, Tomaso - 2008

It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert-identification of relevant rivals and the event-study...

Persistent link: https://www.econbiz.de/10010364303

Sovereign risk premiums in the European Government bond market

Bernoth, Kerstin; Hagen, Jürgen von; Schuknecht, Ludger - 2006

This paper provides a study of bond yield differentials among EU government bonds issued between 1993 and 2005 on the … by EU countries and Germany or the USA contain risk premiums which increase with fiscal imbalances and depend negatively …

Persistent link: https://www.econbiz.de/10010365887

How effective is European merger control?

Duso, Tomaso; Gugler, Klaus; Yurtoglu, B. Burcin - 2006

This paper applies a novel methodology to a unique dataset of large concentrations during the period 1990-2002 to assess merger control's effectiveness. By using data gathered from several sources and employing different evaluation techniques, we analyze the economic effects of the European...

Persistent link: https://www.econbiz.de/10010365889

What do deficits tell us about debt? : empirical evidence on creative accounting with fiscal rules in the EU

Hagen, Jürgen von; Wolff, Guntram B. - 2006

Fiscal rules, such as the Excessive Deficit Procedure and the Stability and Growth Pact (SGP), aim at constraining government behavior. Milesi-Ferretti (2003) develops a model in which governments circumvent such rules by reverting to creative accounting. The amount of this depends on the...

Persistent link: https://www.econbiz.de/10010366529

EU merger remedies : a preliminary empirical assessment

Duso, Tomaso; Gugler, Klaus; Yurtoglu, B. Burcin - 2006

Mergers that substantially lessen competition are challenged by antitrust authorities. Instead of blocking anticompetitive transitions straight away, authorities might choose to negotiate with the merging parties and allow the transactions to proceed with modifications that restore or preserve...

Persistent link: https://www.econbiz.de/10010366535

An economic approach to Article 82 : report by the European Advisory Group on Competition Policy

Gual i Solé, Jordi; Hellwig, Martin; Perrot, Anne; … - 2005

This report argues in favour of an economics-based approach to Article 82, in a way similar to the reform of Article 81 and merger control. In particular, we support an effects-based rather than a form-based approach to competition policy. Such an approach focuses on the presence of...

Persistent link: https://www.econbiz.de/10010366559

Sustainable regimes of capital movements in accession countries

Begg, David K. H.; Eichengreen, Barry; Halpern, László; … - 2003

Persistent link: https://www.econbiz.de/10001745572

The design of fiscal rules and forms of governance in European Union countries

Hallerberg, Mark; Strauch, Rolf; Hagen, Jürgen von - 2006

procedures in EU countries on public finances. It briefly describes the main pattern of budgetary institutions and their … determinants across the EU 15 member states. Empirical evidence for the time period 1985-2004 suggests that the centralisation of …

Persistent link: https://www.econbiz.de/10010343939