tools; and 4) deterrence of anti-competitive mergers. To infer the economic impact of the merger policy reform, we compare … the results of our four tests before and after its introduction. Our results suggest that the policy reform seems to have …

>ZUSAMMENFASSUNG - (Die politische Ökonomie der europäischen Fusionskontrolle: Evidenz anhand von Aktienmarkt-Daten) <br> In diesem Beitrag … sind, vorgeschrieben hätten. In Bezug auf Fehler vom Typ I (dem Anschein nach Wettbewerb bejahende Fusionen, die verboten …

Mergers that substantially lessen competition are challenged by antitrust authorities. Instead of blocking … to proceed with modifications that restore or preserve the competition in the involved markets. We study a sample of 167 … the authority and the merging parties. We first classify mergers according to their effects on competition and then we …

significance. To what extent this is economically sensible is our question. The competition authority applies some welfare standard …

Europäische Fusionskontrolle 2004 einer umfassenden Reform unterzogen. Das Ziel war, den Stellenwert ökonomischer Prinzipien bei …. However, prohibiting mergers, which sends a clear signal to the market, happens all too rarely. Aufgabe der Fusionskontrolle … der Urteilsfindung zu erhöhen. Eine empirische Untersuchung zeigt nun, dass die Kommission nach der Reform weniger …

. Nevertheless, both structural (divestitures) and behavioral remedies do help restore effective competition when correctly applied …