Incorporating Dynamic Efficiency Concerns in Merger Analysis PDF Download
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Author: Richard J. Gilbert
Publisher:
ISBN:
Category : Clayton Act
Languages : en
Pages : 40
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Author: Richard J. Gilbert
Publisher:
ISBN:
Category : Clayton Act
Languages : en
Pages : 40
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Author: Jeremy K. West
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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This document (of 293 pages) comprises the proceedings of a roundtable on held by the OECD's Competition Committee in June 2007. It consists of an executive summary and background paper by the Secretariat, as well as 13 delegation submissions and a summary of the oral discussion. Generally speaking, efficiencies are synergies that enable firms to improve their performance, whether in terms of cost, quality, service, or in the variety of products or services they offer. Some efficiencies are static and some are dynamic, but all of them are good for the welfare of society. Merging companies sometimes argue that even though their proposed union will increase market concentration, any harm stemming from a lessening of competition will be more than offset by the efficiencies that the merger would generate. This roundtable explored some of the thorny issues that competition agencies confront when presented with arguments about dynamic efficiencies. Despite growing interest in efficiencies since the 1970s among competition authorities and courts, there has been a persistent reluctance to incorporate efficiencies in merger analysis. That reluctance is even greater with respect to dynamic efficiencies than it is with respect to static ones. The reason is that even in a static analysis, determining whether a merger is likely to lead to efficiencies and how they will compare with any anti-competitive effects the merger is expected to cause is quite difficult. Making the leap to predicting a merger's dynamic effects is much harder still because those effects will occur - if at all - over several time periods and may be more abstract in nature. Nevertheless, a growing body of commentators is asserting that enforcement agencies should pay more attention to dynamic efficiencies and less attention to short-run price effects, especially in markets where consumers have more to gain through innovation than through lower prices on existing products. Both the desirability and the difficulty of placing more emphasis on dynamic efficiencies in merger reviews are addressed.
Author: Markus Martin
Publisher: GRIN Verlag
ISBN: 3869436573
Category : Business & Economics
Languages : en
Pages : 21
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Seminar paper from the year 2006 in the subject Business economics - Miscellaneous, grade: 1, University of Tubingen, language: English, abstract: Effizienzgewinne als Verteidigungsargument in Fusionskontrollverfahren. Es wird die Handhabung in den USA und Europa vergleichend dargestellt.
Author: Christian R. Fackelmann
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Dynamic efficiencies theoretically bear greater potential than static efficiencies. Yet, their role in merger control is limited, not least due to difficulties in their practical implementation. At the same time, the new EC Merger Control Regulation (ECMR) and the Commission's Horizontal Merger Guidelines explicitly acknowledge dynamic efficiencies as a cognizable type of merger-related benefits. This paper aims to contribute to the analysis of two questions: (i) do the new Guidelines represent a workable analytic framework for the evaluation of dynamic efficiency claims and is there room for dynamic efficiencies in the current merger control regime, and (ii) what are the main problems in practice, and what would adequately improve the current framework of efficiency analysis? In its first part, this paper provides an introduction to the economic implications of the analysis of merger-related efficiencies. The second part analyses the role of dynamic efficiencies under the new merger control regime, focusing on the requirements stipulated in the ECMR and the Guidelines. Part three analyses crucial problems and according benchmarks which have to be considered when discussing proposals to refine dynamic efficiency analysis. It identifies four crucial problems: (i) insufficient information about potential efficiencies, (ii) existent information asymmetrically distributed between the Commission and the parties, (iii) a lack of legal certainty and business predictability for the firms and (iv) potential detrimental cost effects of the respective approach to efficiency analysis. Part five discusses various suggestions for reform of the procedural approach to efficiency analysis. Finally, the paper suggests the introduction of an ex post audit regarding merger-related efficiencies. It constructs a four-stage decision framework within which the ex post audit aims to - in the long term - provide both merging parties and the Commission with more solid information about the potential of mergers to create (dynamic) efficiencies and the particulars of such benefits.
Author: Veronika Minkova
Publisher: GRIN Verlag
ISBN: 3656016984
Category : Law
Languages : en
Pages : 23
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Essay from the year 2011 in the subject Law - Civil / Private, Trade, Anti Trust Law, Business Law, grade: 1,3, University of Reading, course: European Competition Law, language: English, abstract: The first section of the present essay discusses historically the European Commission’s approach towards efficiencies. The second section elaborates on the choice of welfare standards and explains the European approach of adopting the consumer welfare standard. The third section outlines types of efficiencies according to the economic literature. The fourth section discusses the three cumulative conditions of the European Commission in order to consider efficiency claims. The next section reveals the Commission decisional practice in cases of efficiency claims and analyses its development. In the last chapter more attention is paid to theory and practice of efficiencies in cases of non-horizontal mergers.
Author: Malcolm B. Coate
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 46
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Author:
Publisher:
ISBN:
Category : Competition
Languages : en
Pages : 39
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Author: Laskowska Magdalena
Publisher: LAP Lambert Academic Publishing
ISBN: 9783659677595
Category :
Languages : en
Pages : 124
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It is a well-established fact that economic growth largely hinges upon technological progress, and that productivity gains are key to rising incomes and living standards. As high technology industries have significantly increased their prominence in global economic performance in the 1980s and 1990s, and economic policy has increasingly focused on innovation, merger laws have become a crucial part of antitrust enforcement on both sides of the Atlantic. In recent years, many mergers and acquisitions of control have occurred in innovation-driven industries. Hence, it is important to ask a fundamental question: how does the competition authorities' decisional practice reflect the importance of technological progress? Due to space limitations, we have restrained our review of how conventional merger control accounts for technological progress only to the European Commission's decisional practice. Our analysis provides an exhaustive review of all the phase II merger decisions taken by the European Commission from the establishment of merger control at Community level (21 December 1989) to 21 September 2008.
Author: Dr. Gary L. Roberts
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 87
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Author:
Publisher:
ISBN:
Category : Antitrust law
Languages : en
Pages : 96
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