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An Empirical Investigation of the Mergers Decision Process in Australia

  • ROBERT BREUNIG
  • FLAVIO M. MENEZES
  • KELVIN JUI KENG TAN

In this paper we examine a database assembled from an Australian public register of 553 merger decisions taken between March 2004 and July 2008. Mergers may be accepted without public assessment, accepted in conjunction with publication of a Public Competition Assessment, or rejected. We estimate an ordered probit model, using these three possible outcomes, with the objective of gaining better insight into the regulator’s decision-making process. Our two major findings are: (i) the existence of entry barriers and the existence of undertakings are highly correlated with the regulator’s decision to closely scrutinise a merger proposal; and (ii) if we compare two decisions, one which does not mention entry barriers (or import competition) with a decision that does mention entry barriers (or import competition), then the latter is significantly more likely to be opposed than the former.

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File URL: http://hdl.handle.net/10.1111/10.1111/ecor.2012.88.issue-283
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Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 88 (2012)
Issue (Month): 283 (December)
Pages: 459-475

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Handle: RePEc:bla:ecorec:v:88:y:2012:i:283:p:459-475
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  1. Damien Neven & Hans Zenger, 2008. "Ex Post Evaluation of Enforcement: A Principal-Agent Perspective," De Economist, Springer, vol. 156(4), pages 477-490, December.
  2. Khemani, R S & Shapiro, Daniel M, 1993. "An Empirical Analysis of Canadian Merger Policy," Journal of Industrial Economics, Wiley Blackwell, vol. 41(2), pages 161-77, June.
  3. Marcos Avalos & Rafael E. De Hoyos, 2008. "An Empirical Analysis of Mexican Merger Policy," Review of Industrial Organization, Springer, vol. 32(2), pages 113-130, March.
  4. Coate, Malcolm B & Higgins, Richard S & McChesney, Fred S, 1990. "Bureaucracy and Politics in FTC Merger Challenges," Journal of Law and Economics, University of Chicago Press, vol. 33(2), pages 463-82, October.
  5. Coate, Malcolm B & McChesney, Fred S, 1992. "Empirical Evidence on FTC Enforcement of the Merger Guidelines," Economic Inquiry, Western Economic Association International, vol. 30(2), pages 277-93, April.
  6. 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.
  7. Werden, Gregory J & Froeb, Luke M, 1994. "The Effects of Mergers in Differentiated Products Industries: Logit Demand and Merger Policy," Journal of Law, Economics and Organization, Oxford University Press, vol. 10(2), pages 407-26, October.
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