Showing 1 - 10 of 206
inputs and outputs. Results are mixed for outcomes related to variety and product quality. Literature on merger effects on … derive a number of ideas and options for merger policy. …
Persistent link: https://www.econbiz.de/10014310467
to the merger. We show that a PPO reduces the minimal synergy level necessary to make a merger beneficial for consumers …. It follows that an antitrust authority ignoring existing PPOs when evaluating merger proposals (which reflects the … current EU merger control regime) invites sneaky takeovers: Acquiring firms strategically use PPOs prior to a full merger …
Persistent link: https://www.econbiz.de/10009788178
predicts that a merger is more likely to be profitable in an innovation intensive industry. For a high degree of firm … heterogeneity, a merger reduces innovation of both the merged entity and non-merging competitors in an industry with high R … consistent with many predictions of the theoretical model. Our main result is that after a merger, patenting and R&D of the …
Persistent link: https://www.econbiz.de/10011448793
We analyze the effects of structural remedies on merger activity in a Cournot oligopoly when the antitrust agency … induces strictly price-decreasing mergers. -- Remedies ; Divestiture ; Merger Control ; Oligopoly ; Synergies …
Persistent link: https://www.econbiz.de/10009685029
Competition authorities have a growing interest in assessing the effects of partial ownership arrangements. We show that the effects of such agreements on competition and welfare depend on the intensity of competition in the market and on the firms' governance structure. When assessing the...
Persistent link: https://www.econbiz.de/10011429072
's takeover strategy and the decision problem of the antitrust authority. We derive implications for a merger control approach to … acquirer firm to learn the merger synergies with the target firm in advance. The realization of a synergy is uncertain ex ante …, so that a direct merger exhibits a downside risk not only for the merging candidates but also for consumers. We show that …
Persistent link: https://www.econbiz.de/10011684773
We investigate the effects of passive backward acquisitions in their efficient upstream supplier on downstream firms' ability to collude in a dynamic game of price competition with homogeneous goods. We find that passive backward acquisitions impede downstream collusion. The main driver of our...
Persistent link: https://www.econbiz.de/10012297609
set of industries. We exploit expert market definitions from the European Commission's merger decisions to identify … particularly pronounced in markets with few players, high initial markups and concentration. We also provide evidence that merger … rivals reduce their employment, sales and investment, while their profits increase around the time of a merger. …
Persistent link: https://www.econbiz.de/10012061779
, efficiency gains resulting from managerial effort are not merger specific, i.e., they may be realized by all firms before and … after a merger. We show that synergies suppress managerial incentives within the non-merging firms, whereas the effect on … the merged firm critically depends on the number of agents employed by its principal. An important implication for merger …
Persistent link: https://www.econbiz.de/10009725257
actually reduce consumer surplus which opposes the use of an efficiency defense in merger control. …
Persistent link: https://www.econbiz.de/10010360044