Download or read book Divestiture as a Antitrust Remedy in Bank Mergers written by Jim Burke (Writer on antitrust law) and published by . This book was released on 1998 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Divestiture as an Antitrust Remedy in Bank Mergers written by Jim Burke and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book What s Happened at Divested Bank Offices An Empirical Analysis of Antitrust Divestitures in Bank Mergers written by Steven J. Pilloff and published by . This book was released on 2002 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In their competitive analysis of proposed bank mergers, the Federal Reserve Board, Department of Justice, and other agencies accept branch divestitures as an antitrust remedy in local markets where there is substantial overlap between the acquirer and target. The results of this study, which examines the performance of 751 branches that were divested between June 1989 and June 1998 in conjunction with a merger that raised possible competition issues, suggest that the policy of accepting branch divestitures as an antitrust remedy has been successful. Divested branches operate for lengths of time that are comparable to all branches, and even though they experience substantial deposit runoff around the time of the merger, divested branches subsequently exhibit deposit growth rates that are comparable to those of other similar branches. Cross-sectional analysis does not find any significant relationships between either deposit runoff or subsequent growth and various characteristics of the branch being sold or the firm that purchased it, except for some evidence that post-divestiture growth may increase with the size of the purchaser.
Download or read book Finance and Economics Discussion Series written by Jim Burke and published by . This book was released on 2015-02-16 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Download or read book What s Happened at Divested Bank Offices An Analysis of Antitrust Divestitures in Bank Mergers in the U S written by Steven J. Pilloff and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In their competitive analysis of proposed bank mergers, the Board of Governors of the Federal Reserve System, the U.S. Department of Justice, and other U.S. banking agencies accept branch divestitures as an antitrust remedy in local markets where there is substantial overlap between the acquirer and target. The results of this study, which examines the performance of 751 branches that were divested between June 1989 and June 1999 in conjunction with a merger in the U.S. that raised possible competition issues, are consistent with the policy of accepting branch divestitures as an antitrust remedy being successful. Divested branches operate for lengths of time that are comparable to all branches, and even though they experience substantial deposit runoff around the time of the merger, divested branches subsequently exhibit deposit growth rates that are comparable to those of other similar branches.
Download or read book Antitrust Implications of Bank Mergers and the Role of Several States in Evaluating Recent Mergers written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs and published by . This book was released on 1992 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Divestitures written by William J. Gole and published by John Wiley & Sons. This book was released on 2008-07-21 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing practical application of best practices employed in the divestiture process, Corporate Divestitures provides you with detailed guidance on how your corporation should handle a divestiture. It provides a structured approach that emphasizes disciplined execution and illustrative documents and application aids that can be adapted for use in real-world situations.
Download or read book Looking Back with Interest Rates written by Joshua Lee Palmer and published by . This book was released on 2011 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the following three essays I use quantitative evidence to address the effectiveness of horizontal merger policy in the United States in protecting the competitive balance of markets. Since the enactment of the Sherman Antitrust Act in 1890, the Federal Government has attempted to protect the public from increased prices, reduced innovation, and other adverse effects that may occur when firms are able to exercise market power. Horizontal mergers, in which firms that were previously direct competitors combine to operate as a single entity, are of particular concern to the Antitrust Authorities (mainly the Department of Justice and the Federal Trade Commission) as these mergers necessarily remove a competitor from the market. Surprisingly, there are relatively few empirical studies that investigate whether the Antitrust Authorities are able to accurately identify the potentially anticompetitive mergers, or whether once identified, the proposed remedies are appropriate to alleviate concerns over gains in market power. I provide empirical work on these two issues. In the first essay, I consider the question of how the antitrust agencies identify potentially troublesome mergers based on pre-merger information. I use pre-merger data from the commercial banking industry to implement a model proposed in the literature to be an improvement over the current merger application screening tool. I find that relative to the current screen the proposed model reduced the number of mergers flagged as being competitively troublesome. This result is important given the time and resource constraints that antitrust agencies face when evaluating merger applications. To test whether the proposed model was not to lax, I combine pre- and post-merger data and implement a difference-in-differences method to estimate the actual merger affects. I then check to see whether mergers estimated to have resulted in price effects were identified by the proposed model and find that all of the mergers estimated to have resulted in statistically significant price increases were flagged by the proposed model. In my second essay, I turn to the question of whether branch divestitures are sufficient market power remedies in bank mergers. In particular, I combine data on pre- and post-merger market conditions with data on the Federal Reserve Board's (FRB) stated post-merger expectations to investigate how well divestiture remedies alleviate market power concerns. I identify mergers that involved the divestitures of bank branches in at least one of the banking markets in which the merging banks competed prior to the merger. I then divide the sample of merger markets into two subsamples, one in which divestitures occurred and one in which no divestitures occurred and compare the interest rates banks paid depositors in divestiture markets to the rates paid to depositors in non-divestiture markets. I find that in the second year after the merger the interest rate spread between divestiture and non-divestiture markets was over 135 percent larger on deposit accounts than the pre-merger spread and remained almost 40% higher in the third year following the merger. As a result, depositors in divestiture markets were relatively worse off than depositors in non-divestiture markets following the merger. This evidence suggests that the divestitures may not have been sufficient market power remedies. In the final chapter I address a troubling aspect of antitrust policy. Namely, despite its long history and recognized importance, a deficiency of the empirical evidence required to accurately assess the effectiveness of antitrust policy has persisted. I identify publicly available data sets on pre- and post-merger market data, as well as publicly available data on specific post-merger market predictions made by the Federal Reserve Board at the time of the merger application review that can be collected to address this deficiency. I then check to see how the FRB's pro forma estimates of the post-merger market shares underlying their review process compare to the post-merger market shares observed in the data. I find that pro forma market shares consistently overestimate the post-merger market share of the surviving bank, a finding that is troublesome to the extent that it reflects a restriction in output by the merged bank. I conclude that the findings reaffirm the warnings from a number of economists that assumptions underlying merger policy need to be analyzed and argue that the availability of data useful for such analyses should be viewed by the profession and policy makers as rendering the deficiency of empirical evidence on antitrust policy as irresponsible and unacceptable.
Download or read book Symposium written by and published by . This book was released on 2008 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mergers Merger Control and Remedies written by John Kwoka and published by MIT Press. This book was released on 2015 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive analysis of merger outcomes based on all empirical studies, with an assessment of the effectiveness of antitrust policy toward mergers. In recent decades, antitrust investigations and cases targeting mergers—including those involving Google, Ticketmaster, and much of the domestic airline industry—have reshaped industries and changed business practices profoundly. And yet there has been a relative dearth of detailed evaluations of the effects of mergers and the effectiveness of merger policy. In this book, John Kwoka, a noted authority on industrial organization, examines all reliable empirical studies of the effect of specific mergers and develops entirely new information about the policies and remedies of antitrust agencies regarding these mergers. Combined with data on outcomes, this policy information enables analysis of, and creates new insights into, mergers, merger policies, and the effectiveness of remedies in preventing anticompetitive outcomes. After an overview of mergers, merger policy, and a common approach to merger analysis, Kwoka offers a detailed analysis of the studied mergers, relevant policies, and chosen remedies. Kwoka finds, first and foremost, that most of the studied mergers resulted in competitive harm, usually in the form of higher product prices but also with respect to various non-price outcomes. Other important findings include the fact that joint ventures and code sharing arrangements do not result in such harm and that policies intended to remedy mergers—especially conduct remedies—are not generally effective in restraining price increases. The book's uniquely comprehensive analysis advances our understanding of merger decisions and policies, suggests policy improvements for competition agencies and remedies, and points the way to future research.
Download or read book Bank Mergers and Acquisitions Handbook written by American Bar Association. Section of Antitrust Law and published by American Bar Association. This book was released on 2006 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bank Merger and Acquisitions Handbook is a how-to manual for lawyers who must analyze a potential transaction or who are faced with an agency review of the competitive effects of a proposed transaction that would combine banking institutions. Its focus is practical; complementing the Antitrust Section's other publications on merger review including Mergers and Acquisitions, and the Premerger Notification Practice Manual. This book addresses those aspects of bank merger review that are unique to banking institutions - such as the statutory framework, banking agency review, and Justice Department standards - and draws on learning from recent transactions in which one or more of the reviewing agencies raised concerns. It should be helpful to both antitrust lawyers and banking lawyers faced with a bank merger and to banking lawyers faced with a transaction that presents substantive competition issues.
Download or read book To Amend the Bank Merger Act of 1960 written by United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance and published by . This book was released on 1966 with total page 1130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Download or read book The Consent Decree written by Milton S. Goldberg and published by . This book was released on 1962 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Microsoft Antitrust Cases written by Andrew I. Gavil and published by MIT Press. This book was released on 2014-11-28 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive account of the decades-long, multiple antitrust actions against Microsoft and an assessment of the effectiveness of antitrust law in the digital age. For more than two decades, the U.S. Department of Justice, various states, the European Commission, and many private litigants pursued antitrust actions against the tech giant Microsoft. In investigating and prosecuting Microsoft, federal and state prosecutors were playing their traditional role of reining in a corporate power intent on eliminating competition. Seen from another perspective, however, the government's prosecution of Microsoft—in which it deployed the century-old Sherman Antitrust Act in the volatile and evolving global business environment of the digital era—was unprecedented. In this book, two experts on competition policy offer a comprehensive account of the multiple antitrust actions against Microsoft—from beginning to end—and an assessment of the effectiveness of antitrust law in the twenty-first century. Gavil and First describe in detail the cases that the Department of Justice and the states initiated in 1998, accusing Microsoft of obstructing browser competition and perpetuating its Windows monopoly. They cover the private litigation that followed, and the European Commission cases decided in 2004 and 2009. They also consider broader issues of competition policy in the age of globalization, addressing the adequacy of today's antitrust laws, their enforcement by multiple parties around the world, and the difficulty of obtaining effective remedies—all lessons learned from the Microsoft cases.
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.
