Download or read book Are Mergers Beneficial to Consumers written by Dario Focarelli and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Are Mergers Beneficial to Consumers Evidence from the Italian Market for Bank Deposits written by Fabio Panetta and published by . This book was released on 2003 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The general conclusion of the empirical literature is that in-market consolidation generates adverse price changes, thereby harming consumers. Previous studies, however, look only at the short-run pricing impact of consolidation, ignoring all effects that take a longer time to materialize. Using a database that includes detailed information on the deposit rate paid by individual banks in local markets to different categories of depositors, we investigate for the first time the long-run pricing effects of Mamp;As. We find strong evidence that, although in the short run consolidation generates adverse price changes, these are only a temporary phenomenon. In the long run efficiency gains dominate over the market power effect of mergers, leading to more favorable prices for consumers.
Download or read book Do Consumers Benefit from Concentration in the New Economy A Review of Google s Mergers Acquisitions and Arrangements written by Patrick Beschorner and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the last three years, Google has acquired YouTube and DoubleClick and has attempted to control part of Yahoo!'s search advertising business. Two of the deals have not raised antitrust concerns by competition authorities. I review these deals with a focus on consumer welfare. Consumers are affected by being on one side of a multisided platform. Provided that better matches of search ads are beneficial, I demonstrate that the mergers may have positive effects for consumers through better matches between users and search ads. However, this does not substitute an in-depth antitrust assessment of the deals.
Download or read book Do Consumers Benefit from Concentration in the New Economy written by Patrick Frank Ernst Beschorner and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the last three years, Google has acquired YouTube and DoubleClick and has attempted to control part of Yahoo!'s search advertising business. Two of the deals have not raised antitrust concerns by competition authorities. I review these deals with a focus on consumer welfare. Consumers are affected by being on one side of a multisided platform. Provided that better matches of search ads are beneficial, I demonstrate that the mergers may have positive effects for consumers through better matches between users and search ads. However, this does not substitute an in-depth antitrust assessment of the deals.
Download or read book Predicting the Competitive Effects of Mergers by Listening to Customers written by Ken Heyer and published by BiblioGov. This book was released on 2013-06 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article explores the role of customers in informing competition authorities and courts about the likely effects of proposed mergers. It discusses when, and about what, customers are most likely to be valuable sources of information. It also discusses the potential limitations of customer testimony. Customer views can certainly be informative. However, they are best employed as a complement to, rather than a substitute for, economic analysis that employs more objective evidence. Although the welfare of consumers appears increasingly to have been accepted by competition authorities as the appropriate goal for merger policy, customers will not necessarily have available the information required to predict the economic consequences of a proposed merger. And even when they do, customers may be reluctant reliably and accurately to provide that information, or to express their true opinions, to investigators and before courts. Worse yet, customers may themselves stand to benefit from mergers that are anticompetitive, or may be harmed by mergers that are welfare-enhancing. Appreciating both the strengths and the limitations of customer input is critical to the cause of sound merger enforcement, not only in the U.S., but overseas as well. A growing number of countries, many of whom have less experience or expertise than do competition authorities in the U.S., have begun to adopt merger control policies themselves, and are in the process of developing and implementing investigative best practices. They, at least as much as we, can benefit from better understanding the advantages, as well as the potential pitfalls, of using the views of customers to help ensure the welfare of consumers.
Download or read book The Economic Assessment of Mergers Under European Competition Law written by Daniel Gore and published by Cambridge University Press. This book was released on 2013-04-25 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a clear, concise and practical overview of the key economic techniques and evidence employed in European merger control.
Download or read book Challenges to the Conventional Wisdom About Mergers and Consumer Welfare in a Converging Internet Marketplace written by Rob Frieden and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies substantial flaws in how U.S. government agencies and courts assess the impact of proposed mergers by firms using broadband networks to reach consumers. Based on current market definitions, consumer impact assessments and economic doctrine, antitrust enforcement agencies may fail to identify the risk of harm to consumers and competition, a so-called false negative. In recent years, the Department of Justice, Federal Communications Commission and Federal Trade Commission, individually and collectively, have assessed the competitive consequences of numerous multi-billion dollar acquisitions and have conditionally approved almost all of them. These agencies appear predisposed to favor deals that involve vertical integration between market segments, based on assumptions that short term consumer welfare gains exceed any potential competitive harms. The paper concludes that reviewing government agencies appear too willing to extend current assumptions about how “bricks and mortar” markets work to transactions occurring via broadband networks. By “fighting the last war,” these agencies fail to identify new risks to consumer welfare, particularly by ventures operating in multiple markets that do not readily fit into the conventional assessment of mutually exclusive vertical and horizontal “food chains.” In a broadband ecosystem where both technologies and markets converge, ventures can appear to offer consumers an incredible value proposition. Like economists' determination that there is no such thing as a free lunch, a better calibrated, multi-dimensional analysis would identify significant offsetting harms to “free” Internet services like that offered by Facebook and Google. The paper concludes that recent and future acquisitions of broadband ventures have a much greater likelihood of generating legitimate concerns about competitive and consumer harms, particularly as markets become ever more concentrated, often dominated by a single firm. The paper does not recommend a repudiation of Chicago School antitrust doctrine, but recommends that reviewing agencies and courts calibrate empirical measures of prospective costs and benefits to consumers from a proposed merger by identifying short term and longer-term impacts on core and adjacent markets.
Download or read book Predicting the Competitive Effects of Mergers by Listening to Customers written by Ken Heyer and published by . This book was released on 2008 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article explores the role of customers in informing competition authorities and courts about the likely effects of proposed mergers. It discusses when, and about what, customers are most likely to be valuable sources of information. It also discusses the potential limitations of customer testimony. Customer views can certainly be informative. However, they are best employed as a complement to, rather than a substitute for, economic analysis that employs more objective evidence. Although the welfare of consumers appears increasingly to have been accepted by competition authorities as the appropriate goal for merger policy, customers will not necessarily have available the information required to predict the economic consequences of a proposed merger. And even when they do, customers may be reluctant reliably and accurately to provide that information, or to express their true opinions, to investigators and before courts. Worse yet, customers may themselves stand to benefit from mergers that are anticompetitive, or may be harmed by mergers that are welfare-enhancing. Appreciating both the strengths and the limitations of customer input is critical to the cause of sound merger enforcement, not only in the U.S., but overseas as well. A growing number of countries, many of whom have less experience or expertise than do competition authorities in the U.S., have begun to adopt merger control policies themselves, and are in the process of developing and implementing investigative best practices. They, at least as much as we, can benefit from better understanding the advantages, as well as the potential pitfalls, of using the views of customers to help ensure the welfare of consumers.
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Download or read book Search Costs Demand side Economies and the Incentives to Merge Under Bertrand Competition written by José Luis Moraga-González and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the incentives to merge in a Bertrand competition model where firms sell differentiated products and consumers search sequentially for satisfactory deals. In the pre-merger symmetric equilibrium, consumers visit firmsrandomly. However, after a merger, because insiders raise their prices more than the outsiders, consumers start searching for good deals at the non-merging stores, and only when they do not find a satisfactory product there they visit the merging firms. As search costs go up, consumer traffic from the non-merging firms to the merged ones decreases and eventually mergers become unprofitable. This new merger paradox can be overcome if the merged entity chooses to stock each of its stores with all the products of the constituent firms, which generates sizable search economies. We show that such demand-side economies can confer the merging firms a prominent position in the marketplace, in which case their price may even be lower than the price of the non-merging firms. In that situation, consumers start searching for a satisfactory good at the merged entity and the firms outside the merger lose out. When search economies are sufficiently large, a merger is beneficial for consumers too, and overall welfare increases.
Download or read book Platforms Markets and Innovation written by Annabelle Gawer and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: In her pioneering book Platform Leadership (with Michael Cusumano), Gawer gave us the strategy of building coalitions of customers, suppliers, and complementors. Now, she brings together a number of the leading researchers in the area of platform strategy to give us a book that will be a key reference for both practitioners and academics. Adam Brandenburger, New York University, US Annabelle Gawer s collected volume of research shows that a vibrant community of scholars has arisen around platforms and innovation. Each of the chapters is first rate, with top researchers offering some of their latest work. This will be an indispensable book for students of innovation and technology management everywhere. Henry Chesbrough, University of California, Berkeley, US Annabelle Gawer s Platforms, Markets and Innovation is the first serious exploration of the critical but subtle role that platforms play in business, society and our personal lives. As digital technologies penetrate every nook and cranny of the world around us, we rely on platforms to both help us use the new technologies, as well as to organize new markets of innovation that add applications on top of the platforms and make them far more valuable. Dr Gawer s excellent book is designed to help us understand the mysterious nature of platforms. It brings together the insights of twenty-four experts around the world who contributed to the fourteen chapters of the book. Dr Gawer s book is invaluable to anyone trying to understand the nuanced nature of platforms, and their implications for the evolution of innovation in the 21st century. Irving Wladawsky-Berger, IBM Academy of Technology, US The emergence of platforms is a novel phenomenon impacting most industries, from products to services. Industry platforms such as Microsoft Windows or Google, embedded within industrial ecosystems, have redesigned our industrial landscapes, upset the balance of power between firms, fostered innovation and raised new questions on competition and innovation. Annabelle Gawer presents cutting-edge contributions from 24 top international scholars from 19 universities across Europe, the USA and Asia, from the disciplines of strategy, economics, innovation, organization studies and knowledge management. The novel insights assembled in this volume constitute a fundamental step towards an empirically based, nuanced understanding of the nature of platforms and the implications they hold for the evolution of industrial innovation. The book provides an overview of platforms and discusses governance, management, design and knowledge issues. With a multidisciplinary approach, this book will strongly appeal to academics and advanced students in management, innovation, strategy, economics and design. It will also prove an enlightening read for business managers in IT industries.
Download or read book Advances in Mergers and Acquisitions written by Cary L. Cooper and published by Emerald Group Publishing. This book was released on 2012-01-02 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focuses on the studies of the advances in mergers and acquisitions from scholars in different countries, with different research questions, relying on different theoretical perspectives. This title helps scholars think about mergers and acquisitions in different ways.
Download or read book Mergers Acquisitions and Corporate Restructurings written by Patrick A. Gaughan and published by John Wiley & Sons. This book was released on 2017-11-27 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essential M&A primer, updated with the latest research and statistics Mergers, Acquisitions, and Corporate Restructurings provides a comprehensive look at the field's growth and development, and places M&As in realistic context amidst changing trends, legislation, and global perspectives. All-inclusive coverage merges expert discussion with extensive graphs, research, and case studies to show how M&As can be used successfully, how each form works, and how they are governed by the laws of major countries. Strategies and motives are carefully analyzed alongside legalities each step of the way, and specific techniques are dissected to provide deep insight into real-world operations. This new seventh edition has been revised to improve clarity and approachability, and features the latest research and data to provide the most accurate assessment of the current M&A landscape. Ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension. As the global economy slows, merger and acquisition activity is expected to increase. This book provides an M&A primer for business executives and financial managers seeking a deeper understanding of how corporate restructuring can work for their companies. Understand the many forms of M&As, and the laws that govern them Learn the offensive and defensive techniques used during hostile acquisitions Delve into the strategies and motives that inspire M&As Access the latest data, research, and case studies on private equity, ethics, corporate governance, and more From large megadeals to various forms of downsizing, a full range of restructuring practices are currently being used to revitalize and supercharge companies around the world. Mergers, Acquisitions, and Corporate Restructurings is an essential resource for executives needing to quickly get up to date to plan their own company's next moves.
Download or read book Demand Elasticities in Antitrust Analysis written by Gregory Werden and published by . This book was released on 1996 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Remix Strategy written by Benjamin Gomes-Casseres and published by Harvard Business Review Press. This book was released on 2015-08-11 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: Create and capture value, no matter what path you've chosen. How to Create Joint Value Alliances, partnerships, acquisitions, mergers, and joint ventures are no longer the exception in most businesses—they are part of the core strategy. As managers look to external partners for resources and capabilities, they need a practical roadmap to ensure that these relationships will create value for their firm. They must answer questions like these: Which business combinations do we need? How should we govern them? Will their results justify our investments? Benjamin Gomes-Casseres explains how companies create value by “remixing” resources with other companies. Based on decades of consulting and academic research, Remix Strategy shows how three laws shape the success of any business combination: • First Law: The combination must have the potential to create more value than the parties could create on their own. Which elements from each business need to be combined to create joint value? • Second Law: The combination must be designed and managed to realize the joint value. Which partners best fit our strategic goals? How should we manage the integration? • Third Law: The value earned by the parties must motivate them to contribute to the collaboration. How will we share the joint value created? Will the returns shift over time? Supported by examples from a wide range of industries and companies, and filled with practical tools for applying the three laws, this book helps managers design and lead a coherent strategy for creating joint value with outside partners.
Download or read book Mergers and Acquisitions Basics written by Michael E. S. Frankel and published by John Wiley & Sons. This book was released on 2017-04-17 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essential executive M&A primer, with practical tools and expert insight Mergers and Acquisitions Basics provides complete guidance on the M&A process, with in-depth analysis, expert insight, and practical tools for success. This new second edition has been updated to reflect the current M&A landscape, giving busy executives the ideal resource for navigating each step in the process. Veteran executives relate guidelines, lessons learned, and mistakes to avoid as they explain how M&As work, identify the major players, and describe the roles involved in a successful transaction. Both buyer and seller must consider a broad range of factors, and this essential guide provides checklists, forms, sample reports, and presentations to help you avoid surprises and ensure your organization's full preparation for the deal. Equity investments, valuation, negotiation, integration, legal aspects, and more are explained in detail to provide a foundational primer for anyone seeking to clarify their role in the process. Mergers and acquisitions are becoming ever more critical to the growth of large and mid-sized companies. This book balances depth and breadth to provide a one-stop guide to maximizing the financial and operational value of the deal. Identify key drivers of purchase or sale Understand major roles, processes, and practices Avoid valuation detractors and negotiate effectively Overcome common challenges to successful integration Effective M&As are highly strategic, solidly structured, and beneficial on both sides. It's a complex process with many variables, many roles, and many potential pitfalls, but navigating the deal successfully can mean the difference between growth and stagnation. Mergers and Acquisitions Basics is the comprehensive resource every executive needs to understand the ins-and-outs of strategic transactions.
Download or read book The Determinants and Effects of Mergers written by Dennis C. Mueller and published by Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain. This book was released on 1980 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
