Product information which is beneficial for an individual consumer may hurt if disseminated widely. Even with rational expectations a fallacy of composition may occur if information leads to demand and price increases

Policy discussions and a Supreme Court decision interpret retailer services induced by retail price maintenance (RPM) as enhancing consumer surplus (CS) and welfare enhancing, marginalizing dissenting opinions which use similar models but with different parameters. However if presales services...

The authorities of the Brazilian competition system decide upon horizontal mergers and acquisitions that come to their review, applying the traditional structural analysis, as established by the Brazilian horizontal merger guidelines. This article aims at illustrating the refinement that can be...

The Brazilian privatization program raised about US$100 billion as a result of the sale of state-owned firms and assets over the period 1990 to 2001. Despite official claims that the privatization auctions were successful in revenue raising, statistical evidence suggests that the buyers, not the...

According to common wisdom, mergers between complementary-goods firms should not raise anti-competitive concerns. Regulatory authorities rarely challenge them indeed. In this paper, I offer an alternative perspective in a model of price-competition in a complementary oligopoly industry with...

There are more than 500 event studies in the top finance journals, which can broadly be split into 2 subgroups depending on whether firms are all affected at the same time, like banks reacting to new regulation, or different firms are affected at different times, like mergers and acquisitions...

Winners of the Brazilian privatization auctions (BPAs) earned, on average, a 0.7 percent abnormal return on the days of the auctions. This translates into 13 percent underpricing. In contrast, using results from the literature as a reference, seasoned share issue privatizations register less...

Some claim that the event-study methodology literature is quot;maturequot;. But the overlooked IVWA-based test is more powerful than conventional tests. Its implementation requires the same inputs as the traditional test. Its functional form yields the power improvement. Using CRSP monthly data...

A structural event study methodology accounts for the interaction of two M&A effects: synergy (total value) and dominance (bargaining power). This interaction jointly (simultaneously) determines the parties' abnormal returns. An application in the context of corporate governance illustrates our...