Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/87538 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. 11-095/1
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
We estimate the deterrence effects of U.S. merger policy instruments with respect tothe composition and frequency of future merger notifications. Data from the Annual Reports bythe U.S. DOJ and FTC allow industry based measures over the 1986-1999 period of theconditional probabilities for eliciting investigations, challenges, prohibitions, court-wins andcourt-losses: deterrence variables akin to the traditional conditional probabilities from theeconomics of crime literature. We find the challenge-rate to robustly deter future horizontal(both relative and absolute) merger activity; the investigation-rate to slightly deter relativehorizontalmerger activity; the court-loss-rate to moderately affect absolute-horizontal mergeractivity; and the prohibition-rate and court-win-rate to not significantly deter future horizontalmergers. Accordingly, the conditional probability of eliciting an antitrust challenge (i.e.,remedies and prohibitions) involves the strongest deterrence effect from amongst the differentmerger policy instruments.
Schlagwörter: 
antitrust
deterrence
merger policy
JEL: 
L40
L49
K21
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
240.7 kB





Publikationen in EconStor sind urheberrechtlich geschützt.