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Simulating a Homogenous Product Merger : A Case Study on Model Fit and Performance
Greenfield, Daniel - 2015
This paper studies Tesoro's 2013 acquisition of British Petroleum's Los Angeles refinery. We present a merger simulation model tailored to the gasoline market, which includes Cournot firms and a price-taking fringe. This hybrid model generates margins that are more plausible than those generated...
Persistent link: https://www.econbiz.de/10013012958
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Profitable horizontal mergers without cost advantages : the role of internal organization, information, and market structure
Huck, Steffen; Konrad, Kai A.; Müller, Wieland - 2001
Merged firms are typically rather complex organizations. Accordingly, merger has a more profound effect on the structure of a market than simply reducing the number of competitors. We show that this may render horizontal mergers profitable and welfare-improving even if costs are linear. The...
Persistent link: https://www.econbiz.de/10011398061
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The impact of horizontal mergers on market structure : evidence from the semiconductor industry
Siebert, Ralph - 2016
The U.S. and EU Merger Guidelines strongly emphasize the relevance of the "ease of entry" argument in merger evaluations. Up to now, very little is known empirically about how mergers affect entry and exit, and the resulting number of firms in the markets. We empirically test this aspect of...
Persistent link: https://www.econbiz.de/10011481190
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The Empirical Basis for Antitrust : Cartels, Mergers, and Remedies
Langenfeld, James - 2017
There have been a number of studies attempting to quantify the impact of cartels and mergers on prices. The state of the art of empirical analysis related to antitrust is best illustrated by the research of John Connor and John Kwoka. Connor summarizes the existing empirical research that...
Persistent link: https://www.econbiz.de/10012944581
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Passive backward acquisitions and downstream collusion
Shekhar, Shiva; Thomes, Tim Paul - 2020
collusive price that is set by the cartel to increase the acquirer's profit from its claim on the upstream margin. …
Persistent link: https://www.econbiz.de/10012297609
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Partial cartels and mergers with heterogenous firms : experimental evidence
Gomez-Martinez, Francisco - 2017
) model where firms are heterogeneous in terms of production capacities and individual cartel decisions are endogenized. The …
Persistent link: https://www.econbiz.de/10011761059
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Comment on ‘The Empirical Basis for Antitrust : Cartels, Mergers, and Remedies’
Connor, John M. - 2017
cartel overcharges and their antitrust policy implications. In this comment, we explain why we believe Langenfeld errs in his … large sample of historical cartel overcharges; the advisability of trimming outliers or large estimates from the sample …% presumption; and the implications of the average cartel overcharges results for optimal deterrence and antitrust policy …
Persistent link: https://www.econbiz.de/10012947484
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Partial Cartels and Mergers with Heterogeneous Firms : Experimental Evidence
Gomez-Martinez, Francisco - 2017
) model where firms are heterogeneous in terms of production capacities and individual cartel decisions are endogenized. The …
Persistent link: https://www.econbiz.de/10012947822
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The Dynamics of Mergers Among (Ex)Co-Conspirators in the Shadow of Cartel Enforcement
Marx, Leslie M.; Zhou, Jun - 2014
We investigate cartelists’ merger behavior using European Commission (EC) cartel decisions over a 28-year span and … few particular industries and usually include only a minority of the cartel participants. The EC’s leniency programs … expedite mergers. The EC’s cartel settlement procedure delays merger. After cartel dissolution, co-conspirators merge at a …
Persistent link: https://www.econbiz.de/10014147170
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The Dynamics of Mergers among (Ex)Co-Conspirators in the Shadow of Cartel Enforcement
Marx, Leslie M.; Zhou, Jun - 2015
We investigate cartelists' merger behavior using European Commission (EC) cartel decisions over a 28-year span and … in a few particular industries and usually include only a minority of the cartel participants. The EC's leniency program … appears to expedite mergers, while the EC's cartel settlement procedure appears to delay mergers. After cartel dissolution, co …
Persistent link: https://www.econbiz.de/10014147493