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Antitrust Merger Policy: Lessons from the Australian Experience

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  • Philip L. Williams
  • Graeme Woodbridge
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    Abstract

    A study of the operation of Australia's merger policy over the last twenty-seven years can yield lessons for countries that are contemplating the introduction of their own merger policy. If it is to be used to enhance value, merger policy should provide that any possible increase in monopoly power be weighed against any increases in efficiency. The process by which this is achieved should be undertaken with speed and secrecy so as not to deter efficiency-enhancing mergers. The twin requirements of speed and secrecy will, in turn, present problems in achieving fair process and the creation of precedent.

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    File URL: http://www.nber.org/papers/w9600.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9600.

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    Date of creation: Apr 2003
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    Publication status: published as Ito, Takatoshi and Anne O. Krueger (eds.) Governance, regulation, and privatization in the Asia-Pacific region NBER-East Asia Seminar on Economics, vol. 12. Chicago and London: University of Chicago Press, 2004.
    Handle: RePEc:nbr:nberwo:9600

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    1. Cowling, Keith & Waterson, Michael, 1976. "Price-Cost Margins and Market Structure," Economica, London School of Economics and Political Science, vol. 43(171), pages 267-74, August.
    2. Schwert, G.W., 1994. "Mark-up Pricing in Mergers and Acquisitions," Papers 95-01, Rochester, Business - Financial Research and Policy Studies.
    3. Edward J Green & Robert H Porter, 1997. "Noncooperative Collusion Under Imperfect Price Information," Levine's Working Paper Archive 1147, David K. Levine.
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