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How to Measure the Deterrence Effects of Merger Policy: Frequency or Composition?

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Author Info
Pedro P. Barros
Joseph A. Clougherty
Jo Seldeslachts

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Abstract

We show that the number of merger proposals (frequency-based deterrence) is a more appropriate indicator of underlying changes in merger policy than the relative anti-competitiveness of merger proposals (composition-based deterrence). This has strong implications for the empirical analysis of the deterrence effects of merger policy enforcement, and potential implications regarding how to reduce anti-competitive merger proposals.

ZUSAMMENFASSUNG
IDiese Studie vergleicht zwei Indikatoren zur Messung der Abschreckungswirkung von wettbewerbspolitischen Maßnahmen. Untersucht wird, welcher Indikator sich besser eignet, Veränderungen in der Strenge oder Laxheit von wettbewerbspolitischen Regimes abzubilden. Es lässt sich feststellen, dass der häufigkeitsbasierte Indikator, der die Anzahl von offiziellen Fusionsankündigungen misst, dazu besser geeignet ist als der zusammengesetzte Abschreckungsindikator, der die angekündigten Unternehmensfusionen im Hinblick auf ihre relative Wettbewerbsbeschränkung im Vergleich zu möglichen anderen Fusionen bewertet. Dieses Ergebnis hat Folgen für die empirische Analyse der Abschreckungseffekte, die eine effektive Fusionskontrolle haben sollte. Außerdem kann es Implikationen haben für die Frage, wie die offizielle Ankündigung von wettbewerbsreduzierenden Fusionen verhindert werden können.

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Publisher Info
Paper provided by Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG) in its series CIG Working Papers with number SP II 2009-13.

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Length: 15 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:wzb:wzebiv:spii2009-13

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Related research
Keywords: antitrust; deterrence; merger policy;

Find related papers by JEL classification:
L4 - Industrial Organization - - Antitrust Issues and Policies
K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law
O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data

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This page was last updated on 2009-11-19.

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