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Passive partial ownership, sneaky takeover, and merger control

Jovanovic, Dragan; Wey, Christian - 2013

. It follows that an antitrust authority ignoring existing PPOs when evaluating merger proposals (which reflects the …

Persistent link: https://www.econbiz.de/10010319611

Haucap, Justus; Heldman, Christina; Rau, Holger A. - 2022

Many cartels are formed by individual managers of different firms, but not by firms as collectives. However, most of the literature in industrial economics neglects individuals' incentives to form cartels. Although oligopoly experiments reveal important insights on individuals acting as firms,...

Persistent link: https://www.econbiz.de/10012886573

An equilibrium analysis of efficiency gains from mergers

Jovanovic, Dragan; Wey, Christian - 2012

We analyze the efficiency defense in merger control. First, we show that the relationship between exogenous efficiency gains and social welfare can be non-monotone. Second, we consider both endogenous mergers and endogenous efficiencies and find that merger proposals are largely aligned with a...

Persistent link: https://www.econbiz.de/10010309799

Merger remedies in oligopoly under a consumer welfare standard

Dertwinkel-Kalt, Markus; Wey, Christian - 2015

We analyze the welfare effects of structural remedies on merger activity in a Cournot oligopoly if the antitrust agency …

Persistent link: https://www.econbiz.de/10010531868

The effects of remedies on merger activity in oligopoly

Dertwinkel-Kalt, Markus; Wey, Christian - 2012

We analyze the effects of structural remedies on merger activity in a Cournot oligopoly when the antitrust agency …

Persistent link: https://www.econbiz.de/10010311055

Third-degree price discrimination in oligopoly when markets are covered

Dertwinkel-Kalt, Markus; Wey, Christian - 2020

We analyze oligopolistic third-degree price discrimination relative to uniform pricing, when markets are always covered. Pricing equilibria are critically determined by supply-side features such as the number of firms and their marginal cost differences. It follows that each firm's Lerner index...

Persistent link: https://www.econbiz.de/10012208792

Mergers, managerial incentives, and efficiencies

Jovanovic, Dragan - 2014

We analyze the effects of synergies from horizontal mergers in a Cournot oligopoly where principals provide their … agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly … order to reduce her agency costs. Whenever this incentive effect dominates the well-known direct synergy effect, synergies …

Persistent link: https://www.econbiz.de/10010368320

Uncertain merger synergies, passive partial ownership, and merger control

Shekhar, Shiva; Wey, Christian - 2017

acquirer firm to learn the merger synergies with the target firm in advance. The realization of a synergy is uncertain ex ante …'s takeover strategy and the decision problem of the antitrust authority. We derive implications for a merger control approach to …

Persistent link: https://www.econbiz.de/10011684810

Structural remedies as a signalling device

Dertwinkel-Kalt, Markus; Wey, Christian - 2016

We analyze the effects of structural remedies on merger activity in a Cournot oligopoly when the Antitrust Agency (AA …

Persistent link: https://www.econbiz.de/10011414174

On the social welfare effects of runner-up mergers in concentrated markets

Jovanovic, Dragan; Wey, Christian; Zhang, Mengxi - 2021

This paper argues that it cannot be taken for granted that any merger that raises consumer surplus also increases social welfare. We assume a Cournot model with homogeneous goods, linear demand, and constant marginal costs, to show that a merger can raise consumer surplus while harming social...

Persistent link: https://www.econbiz.de/10012629017

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