Antitrust policy in the United States and Europe relies increasingly on economic analysis. Economic theory and empirical analysis play a central role in antitrust decisions in the courts and in the formulation and enforcement of policy. Antitrust cases are argued using sophisticated economic...

In the 1990s, European merger regulation (EMR) was biased against foreign acquirers, especially if the deal harmed domestic rivals (i.e., protectionism). In 2002, the Court of First Instance overturned three prohibitions by the European Commission (EC) and criticized its economic analysis. These...

In the 1990s, European merger regulation (EMR) was biased against foreign acquirers, especially if the deal harmed domestic rivals (i.e., protectionism). In 2002, the Court of First Instance overturned three prohibitions by the European Commission (EC) and criticized its economic analysis. These...

The paper provides new evidence on proxy indicators of market power for major European countries. The data shows moderately increasing average industry concentration over the last two decades, a considerably increasing proportion of high concentration industries, and an overall tendency towards...

The primary agency problem traditionally existing in the US corporation has been the risk of opportunism of managers vis-à-vis shareholders. By contrast, the primary concern in European corporations has been the risk of opportunism of controlling shareholders vis-à-vis minority shareholders....

An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level...

The 2008 Non-Horizontal Merger Guidelines of the European Commission did not entirely succeed in supplying a plausible theory of harm regarding those mergers that cause competitive concerns, because of what could be optimistically considered only a misleading wording. This is mainly due to the...