Rethinking Merger Analysis
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Rethinking Merger Analysis
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Author : Louis Kaplow
language : en
Publisher: MIT Press
Release Date : 2024-11-05
Rethinking Merger Analysis written by Louis Kaplow and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-11-05 with Business & Economics categories.
A fundamental economic reconstruction of merger analysis to strengthen our ability to determine mergers’ likely effects and improve merger regulation. Why rethink merger analysis? Because methods employed throughout the world violate basic precepts of decision analysis and economics. Fundamental principles are underdeveloped, inhibiting research, policy formulation, and merger review. In Rethinking Merger Analysis, Louis Kaplow undertakes a foundational analysis of the questions central to understanding and regulating horizontal mergers and shows why many conventional practices need to be altered or replaced. On the empirical front, Kaplow offers insights, identifies shortcomings, and proposes extensions of existing research. Altogether, merger review can be greatly improved to better identify harmful mergers and avoid thwarting beneficial ones. The correct economic analysis of anticompetitive effects conflicts sharply with the reigning market definition paradigm. This protocol is more deeply flawed than appreciated, readily produces large errors, and can result in uncertainty bounds on challenge thresholds of two orders of magnitude. Merger efficiencies are underanalyzed because of the failure to draw on relevant disciplines and pertinent industry expertise. Postmerger entry’s role is mischaracterized in merger guidelines, and its direct welfare effects are ignored. Entry induced by the prospect of a subsequent buyout has until recently been disregarded. Proper assessment requires a dynamic framing that accounts for a merger regime’s influence on the creation and capabilities of new generations of startups that are central to economic dynamism. This book eschews advocacy and instead focuses on clear thinking—indeed, rethinking—about how to improve merger policy and assessment.
Rethinking Merger Analysis
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Author : Louis Kaplow
language : en
Publisher: MIT Press
Release Date : 2024-11-05
Rethinking Merger Analysis written by Louis Kaplow and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-11-05 with Business & Economics categories.
A fundamental economic reconstruction of merger analysis to strengthen our ability to determine mergers’ likely effects and improve merger regulation. Why rethink merger analysis? Because methods employed throughout the world violate basic precepts of decision analysis and economics. Fundamental principles are underdeveloped, inhibiting research, policy formulation, and merger review. In Rethinking Merger Analysis, Louis Kaplow undertakes a foundational analysis of the questions central to understanding and regulating horizontal mergers and shows why many conventional practices need to be altered or replaced. On the empirical front, Kaplow offers insights, identifies shortcomings, and proposes extensions of existing research. Altogether, merger review can be greatly improved to better identify harmful mergers and avoid thwarting beneficial ones. The correct economic analysis of anticompetitive effects conflicts sharply with the reigning market definition paradigm. This protocol is more deeply flawed than appreciated, readily produces large errors, and can result in uncertainty bounds on challenge thresholds of two orders of magnitude. Merger efficiencies are underanalyzed because of the failure to draw on relevant disciplines and pertinent industry expertise. Postmerger entry’s role is mischaracterized in merger guidelines, and its direct welfare effects are ignored. Entry induced by the prospect of a subsequent buyout has until recently been disregarded. Proper assessment requires a dynamic framing that accounts for a merger regime’s influence on the creation and capabilities of new generations of startups that are central to economic dynamism. This book eschews advocacy and instead focuses on clear thinking—indeed, rethinking—about how to improve merger policy and assessment.
Secretary S Secondstage Review Rethinking The Department Of Homeland Security S Organization And Policy Direction Pt I And Ii Hearing
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Author :
language : en
Publisher: DIANE Publishing
Release Date :
Secretary S Secondstage Review Rethinking The Department Of Homeland Security S Organization And Policy Direction Pt I And Ii Hearing written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Mergers Merger Control And Remedies
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Author : John Kwoka
language : en
Publisher: MIT Press
Release Date : 2015
Mergers Merger Control And Remedies written by John Kwoka and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Business & Economics categories.
A comprehensive analysis of merger outcomes based on all empirical studies, with an assessment of the effectiveness of antitrust policy toward mergers. In recent decades, antitrust investigations and cases targeting mergers—including those involving Google, Ticketmaster, and much of the domestic airline industry—have reshaped industries and changed business practices profoundly. And yet there has been a relative dearth of detailed evaluations of the effects of mergers and the effectiveness of merger policy. In this book, John Kwoka, a noted authority on industrial organization, examines all reliable empirical studies of the effect of specific mergers and develops entirely new information about the policies and remedies of antitrust agencies regarding these mergers. Combined with data on outcomes, this policy information enables analysis of, and creates new insights into, mergers, merger policies, and the effectiveness of remedies in preventing anticompetitive outcomes. After an overview of mergers, merger policy, and a common approach to merger analysis, Kwoka offers a detailed analysis of the studied mergers, relevant policies, and chosen remedies. Kwoka finds, first and foremost, that most of the studied mergers resulted in competitive harm, usually in the form of higher product prices but also with respect to various non-price outcomes. Other important findings include the fact that joint ventures and code sharing arrangements do not result in such harm and that policies intended to remedy mergers—especially conduct remedies—are not generally effective in restraining price increases. The book's uniquely comprehensive analysis advances our understanding of merger decisions and policies, suggests policy improvements for competition agencies and remedies, and points the way to future research.
Harvard Law Review Volume 130 Number 6 April 2017
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Author : Harvard Law Review
language : en
Publisher: Quid Pro Books
Release Date : 2017-04-10
Harvard Law Review Volume 130 Number 6 April 2017 written by Harvard Law Review and has been published by Quid Pro Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-10 with Law categories.
The Industrial Organization Of Banking
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Author : David VanHoose
language : en
Publisher: Springer Nature
Release Date : 2022-11-14
The Industrial Organization Of Banking written by David VanHoose and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-14 with Business & Economics categories.
This book provides an evaluation of the industrial organization of banking with a focus on the interrelationship among bank behavior, market structure, and regulation. It addresses a wide range of public policy topics, including bank competition and risk, international banking, antitrust issues, and capital regulation. New to this edition, which has been updated throughout, is a broadened consideration of alternative theories of competition among banks, which includes discussions of such issues as the implications of large increases in bank reserve holdings in recent years, effects of nonprice competition through quality rivalry, analysis of mixed market structures involving both large and small banks, and international interactions of banks and policymakers. The intent of the book is to serve as a learning tool and reference for graduate students, academics, bankers, and policymakers seeking to better understand the industrial organization of the banking sector and the effects of banking regulations.
European Competition Law Annual 2010
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Author : Philip Lowe
language : en
Publisher: Bloomsbury Publishing
Release Date : 2013-02-11
European Competition Law Annual 2010 written by Philip Lowe and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-11 with Law categories.
Every year, top-level market regulators, academics and legal and economic practitioners contribute to the Annual Competition Workshop organised at the European University Institute in Florence. The Co-Directors of the Workshop are Philip Lowe, Mel Marquis and Giorgio Monti. Workshop participants address and critically analyse a particular set of topical issues in the field of competition law and policy. The proceedings are published in Hart's European Competition Law Annual series. This is the fifteenth in the ECLA series. It encompasses numerous chapters that examine the field of merger control from a variety of perspectives. In these chapters the contributors discuss legal and economic issues of substantive analysis, procedure, comity and best practices, as well as matters relating to the litigation of merger cases, particularly before the European Courts. The discussion also benefits from the perspectives of policy makers and experts from Canada, China, Japan, Korea, the United States and other jurisdictions and regions. Authors contributing to this book include: John Boyce Calvin Goldman Andreas Mundt Rachel Brandenburger Klaus Gugler Lars-Hendrik Röller Jochen Burrichter Barry Hawk Tadashi Shiraishi Maher Dabbah Scott Hemphill Irwin Stelzer Thomas Deisenhofer Seonghoon Jeon James Venit Götz Drauz William Kovacic Sven Völcker Kirsten Edwards Mel Marquis Vanessa Yanhua Zhang Adam Fanaki Abel Mateus Xinzhu Zhang
Rethinking Canadian Aid
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Author : Stephen Brown
language : en
Publisher: University of Ottawa Press
Release Date : 2016-06-09
Rethinking Canadian Aid written by Stephen Brown and has been published by University of Ottawa Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-09 with Social Science categories.
In 2013, the government abolished the Canadian International Development Agency (CIDA), which had been Canada’s flagship foreign aid agency for decades, and transferred its functions to the newly renamed Department of Foreign Affairs, Trade and Development (DFATD). As the government is rethinking Canadian aid and its relationship with other foreign policy and commercial objectives, the time is ripe to rethink Canadian aid more broadly. Edited by Stephen Brown, Molly den Heyer and David R. Black, this revised edition not only analyzes Canada’s past development assistance, it also highlights important new opportunities in the context of the recent change in government. Designed to reach a variety of audiences, contributions by twenty scholars and experts in the field offer an incisive examination of Canada’s record and initiatives in Canadian foreign aid, including its relatively recent emphasis on maternal and child health and on the extractive sector, as well as the longer-term engagement with state fragility. The portrait that emerges is a sobering one. This book is essential reading for anyone interested in Canada’s changing role in the world. Published in English.
Innovation Matters
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Author : Richard J. Gilbert
language : en
Publisher: MIT Press
Release Date : 2022-06-07
Innovation Matters written by Richard J. Gilbert and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-07 with Business & Economics categories.
A proposal for moving from price-centric to innovation-centric competition policy, reviewing theory and evidence on economic incentives for innovation. Competition policy and antitrust enforcement have traditionally focused on prices rather than innovation. Economic theory shows the ways that price competition benefits consumers, and courts, antitrust agencies, and economists have developed tools for the quantitative evaluation of price impacts. Antitrust law does not preclude interventions to encourage innovation, but over time the interpretation of the laws has raised obstacles to enforcement policies for innovation. In this book, economist Richard Gilbert proposes a shift from price-centric to innovation-centric competition policy. Antitrust enforcement should be concerned with protecting incentives for innovation and preserving opportunities for dynamic, rather than static, competition. In a high-technology economy, Gilbert argues, innovation matters. Gilbert considers both theory and available empirical evidence on the relationships among market structure, firm behavior, and the production of new products and services. He reviews the distinctive features of the high-tech economy and why current analytical tools used by antitrust enforcers aren't up to the task of assessing innovation concerns. He considers, from the perspective of innovation competition, Kenneth Arrow's “replacement effect” and the Schumpeterian theory of market power and appropriation; discusses the effect of mergers on innovation and future price competition; and reviews the empirical literature on competition, mergers, and innovation. He describes examples of merger enforcement by US and European antitrust agencies; examines cases brought against Microsoft and Google; and discusses the risks and benefits of interoperability standards. Finally, he offers recommendations for competition policy. The open access edition of this book was made possible by generous funding from Arcadia – a charitable fund of Lisbet Rausing and Peter Baldwin.
The Oxford Handbook Of Behavioral Economics And The Law
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Author : Eyal Zamir
language : en
Publisher:
Release Date : 2014
The Oxford Handbook Of Behavioral Economics And The Law written by Eyal Zamir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
'The Oxford Handbook of Behavioral Economics and Law' brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its twenty-nine chapters are organized into four parts.