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An empirical analysis of Mexican merger policy

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Author Info
Avalos, Marcos
De Hoyos, Rafael E.

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Abstract

A newly created dataset including 239 decisions made by the Mexican Federal Competition Commission on horizontal mergers between 1997 and 2001 is used to estimate the different factors affecting the Commission's resolution. The paper approximates the decision making process using two different discrete choice models. The results indicate that, contrary to the Commission's objective, the presence of efficiency gains increases the probability of a case being issued. The findings also show that factors different from the ones explicitly mentioned by the Commission have a significant effect on the Commission's final decision. In particular, the presence of a foreign company among the would-be merger firms significantly increases the likelihood of observing an allowed merger.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4527.

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Date of creation: 01 Feb 2008
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Handle: RePEc:wbk:wbrwps:4527

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Keywords: Microfinance; Economic Theory&Research; Labor Policies; Bankruptcy and Resolution of Financial Distress; Corporate Law;

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  1. Lars-Hendrik Röller & Johan Stennek & Frank Verboven, 2000. "Efficiency Gains from Mergers," CIG Working Papers FS IV 00-09, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
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  2. Davies, Stephen W & Driffield, Nigel L & Clarke, Roger, 1999. "Monopoly in the UK: What Determines Whether the MMC Finds against the Investigated Firms?," Journal of Industrial Economics, Blackwell Publishing, vol. 47(3), pages 263-83, September. [Downloadable!] (restricted)
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  3. Coate, Malcolm B & Higgins, Richard S & McChesney, Fred S, 1990. "Bureaucracy and Politics in FTC Merger Challenges," Journal of Law & Economics, University of Chicago Press, vol. 33(2), pages 463-82, October.
  4. Posner, Richard A, 1970. "A Statistical Study of Antitrust Enforcement," Journal of Law & Economics, University of Chicago Press, vol. 13(2), pages 365-419, October.
  5. McFadden, Daniel, 1974. "The measurement of urban travel demand," Journal of Public Economics, Elsevier, vol. 3(4), pages 303-328, November. [Downloadable!] (restricted)
  6. Mikhail Kouliavtsev, 2004. "Some Empirical Evidence on the Effectiveness of Antimerger Relief in the United States," Industrial Organization 0404001, EconWPA. [Downloadable!]
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  7. McFadden, Daniel L., 1984. "Econometric analysis of qualitative response models," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 24, pages 1395-1457 Elsevier. [Downloadable!] (restricted)
  8. Fisher, Franklin M, 1987. "Horizontal Mergers: Triage and Treatment," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 23-40, Fall. [Downloadable!] (restricted)
  9. Khemani, R S & Shapiro, Daniel M, 1993. "An Empirical Analysis of Canadian Merger Policy," Journal of Industrial Economics, Blackwell Publishing, vol. 41(2), pages 161-77, June. [Downloadable!] (restricted)
  10. Farrell, Joseph & Shapiro, Carl, 1990. "Horizontal Mergers: An Equilibrium Analysis," American Economic Review, American Economic Association, vol. 80(1), pages 107-26, March. [Downloadable!] (restricted)
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  11. Malcolm B. Coate & Andrew N. Kleit, 2004. "Art of the Deal: The Merger Settlement Process at the Federal Trade Commission," Southern Economic Journal, Southern Economic Association, vol. 70(4), pages 977-997, April.
  12. White, Lawrence J, 1987. "Antitrust and Merger Policy: A Review and Critique," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 13-22, Fall. [Downloadable!] (restricted)
  13. Bergman, Mats A. & Jakobsson, Maria & Razo, Carlos, 2003. "An Econometric Analysis of the European Commission's Merger Decisions," Working Paper Series 2003:6, Uppsala University, Department of Economics. [Downloadable!]
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