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    <title>EconStor Collection: Discussion Papers, Abteilung Wettbewerb und Innovation, WZB</title>
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      <title>An empirical assessment of the 2004 EU merger policy reform</title>
      <link>http://hdl.handle.net/10419/54565</link>
      <description>Title: An empirical assessment of the 2004 EU merger policy reform
&lt;br/&gt;
&lt;br/&gt;Authors: Duso, Tomaso; Gugler, Klaus; Szücs, Florian
&lt;br/&gt;
&lt;br/&gt;Abstract: Based on a database of 326 merger cases scrutinized by the European Commission between 1990 and 2007, we evaluate the economic impact of the change in European merger legislation in 2004. We first propose a general framework to assess merger policy effectiveness, which is based on standard oligopoly theory and makes use of stock market reactions as an external assessment of the merger and the merger control decisions. We then focus on four different dimensions of effectiveness: 1) legal certainty; 2) frequency and determinants of type I and type II errors; 3) rent-reversion achieved by different merger policy tools; and 4) deterrence of anti-competitive mergers. To infer the economic impact of the merger policy reform, we compare the results of our four tests before and after its introduction. Our results suggest that the policy reform seems to have been only a modest improvement of European merger policy.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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    <item>
      <title>Using rival effects to identify synergies and improve merger typologies</title>
      <link>http://hdl.handle.net/10419/54564</link>
      <description>Title: Using rival effects to identify synergies and improve merger typologies
&lt;br/&gt;
&lt;br/&gt;Authors: Clougherty, Joseph A.; Duso, Tomaso
&lt;br/&gt;
&lt;br/&gt;Abstract: The strategic management literature has found it difficult to differentiate between collusive and efficiency-based synergies in horizontal merger activity. We propose a schematic to classify mergers that yields more information on merger types and merger effects, and that can, moreover, distinguish between mergers characterized largely by collusion-based synergies and mergers characterized largely by efficiency-based synergies. Crucial to the proposed measurement procedure is that it encompasses the impact of merger events not only on merging firms - as is custom - but also on non-merging competitor firms (the rivals). Employing the event-study methodology with stock-market data on samples of large horizontal mergers drawn from the US and UK (an Anglo-Saxon sub-sample) and from the European continent, we demonstrate how the proposed schematic can better clarify the nature of merger activity.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>An empirical assessment of the 2004 EU merger policy reform</title>
      <link>http://hdl.handle.net/10419/54565</link>
      <description>Title: An empirical assessment of the 2004 EU merger policy reform
&lt;br/&gt;
&lt;br/&gt;Authors: Duso, Tomaso; Gugler, Klaus; Szücs, Florian
&lt;br/&gt;
&lt;br/&gt;Abstract: Based on a database of 326 merger cases scrutinized by the European Commission between 1990 and 2007, we evaluate the economic impact of the change in European merger legislation in 2004. We first propose a general framework to assess merger policy effectiveness, which is based on standard oligopoly theory and makes use of stock market reactions as an external assessment of the merger and the merger control decisions. We then focus on four different dimensions of effectiveness: 1) legal certainty; 2) frequency and determinants of type I and type II errors; 3) rent-reversion achieved by different merger policy tools; and 4) deterrence of anti-competitive mergers. To infer the economic impact of the merger policy reform, we compare the results of our four tests before and after its introduction. Our results suggest that the policy reform seems to have been only a modest improvement of European merger policy.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>Using rival effects to identify synergies and improve merger typologies</title>
      <link>http://hdl.handle.net/10419/54564</link>
      <description>Title: Using rival effects to identify synergies and improve merger typologies
&lt;br/&gt;
&lt;br/&gt;Authors: Clougherty, Joseph A.; Duso, Tomaso
&lt;br/&gt;
&lt;br/&gt;Abstract: The strategic management literature has found it difficult to differentiate between collusive and efficiency-based synergies in horizontal merger activity. We propose a schematic to classify mergers that yields more information on merger types and merger effects, and that can, moreover, distinguish between mergers characterized largely by collusion-based synergies and mergers characterized largely by efficiency-based synergies. Crucial to the proposed measurement procedure is that it encompasses the impact of merger events not only on merging firms - as is custom - but also on non-merging competitor firms (the rivals). Employing the event-study methodology with stock-market data on samples of large horizontal mergers drawn from the US and UK (an Anglo-Saxon sub-sample) and from the European continent, we demonstrate how the proposed schematic can better clarify the nature of merger activity.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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