Download or read book Mergers After Cartels written by S. W. Davies and published by . This book was released on 2015 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether cartel breakdown provokes a period of intensive merger activity amongst the former cartelists, designed to re-establish tacit collusion. Using a novel application of recurrent event survival analysis for a pooled sample of 84 European cartels, it ጿinds that mergers are indeed more frequent post-cartel breakdown, especially in markets which are less concentrated. However, it cautions against merely assuming that these mergers are motivated by coordinated effects - alternatively, they may be the consequence of market restructuring, necessitated by more intense competition post-cartel. Further disaggregated analysis of the individual mergers show that on average these mergers are profiijtable for the acquiring company, and that the tacit collusion motive is likely to be at work for a large minority of the mergers.
Download or read book Partial Cartels and Mergers with Heterogeneous Firms written by Francisco Gomez-Martinez and published by . This book was released on 2017 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: A usual assumption in the theory of collusion is that cartels are all-inclusive. In contrast, most real-world collusive agreements do not include all firms that are active in the relevant industry. This paper studies both theoretically and experimentally the formation and behavior of partial cartels. The theoretical model is a variation of Bos and Harrington's (2010) model where firms are heterogeneous in terms of production capacities and individual cartel decisions are endogenized. The experimental study has two main objectives. The first goal is examine whether partial cartels emerge in the lab at all, and if so, which firms are part of it. The second aim of the experiment is to study the coordinated effects of a merger when partial cartels are likely to operate. The experimental results can be summarized as follows. We find that cartels are typically not all-inclusive and that various types of partial cartels emerge. We observe that market prices decrease by 20% on average after a merger. Our findings suggest that merger analysis that is based on the assumption that only full cartels forms produces misleading results. Our analysis also illustrates how merger simulations in the lab can be seen as a useful tool for competition authorities to back up merger decisions.
Download or read book Choice Between Cartels and Horizontal Mergers written by Poonam Singh and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cartels and horizontal mergers can be viewed as alternative arrangements to increase profitability and act as means of introducing horizontal restraint. The choice between the two forms from the perspective of firms is determined by the structure of industry, organization of firms, and the course of development of antitrust law. Using a conjectural variation model, we show that in absence of any penalty on cartel, a firm always prefers a cartel to merger, when the latter does not involve any efficiency gains. In particular we show that when there is perfect competition among the competitive fringe, firms do not have any incentive to form a cartel and they merge only if there are efficiencies involved. We also show that higher concentration among the competitive fringe lowers the profitability of merger as compared to cartel. We then discuss the impact of antitrust regulation against cartel in the absence and presence of merger regulations. We find that in our model, regulation against merger increases the optimal fine for cartel.
Download or read book The Merger written by Jeffrey Robinson and published by Pocket Books. This book was released on 2000-06 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the past ten years a secret and deadly alliance has gradually been formed between some of the most dangerous and vicious criminals in the world. Three extremely powerful groups have actively joined forces: the South American drug cartels, the Italian mafia and Russian organised crime. Together they make up an international threat, the scope and power of which are unstoppable. Occasional hints of their activities have surfaced but never before has the true extent of their plans been revealed. Now, in THE MERGER, Jeffrey Robinson outlines the worldwide network of illegal deals that are almost impossible to trace let alone stop: joint ventures in heroin trafficking, counterfeit currency, arms dealing, money laundering and murder. From London to Moscow, Miami to Bogota, the reach of this 'unholy alliance' stretches across the globe.
Download or read book The Merger written by Jeffrey Robinson and published by . This book was released on 1999 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: There was a time when crime was local and gang members killed each other in turf wars. Not any more. In today's economy, virtually any business, including the illicit ones, can benefit by expanding into new markets, by drawing upon resources that were previously inaccessible, and by exploiting the latest technology to create organizational efficiencies. Like their colleagues in other industries, crime syndicates are also coming to terms with the effects of globalization. The benefits of co-operation are obvious. Today, the Russians are in business with the Mafia running fraudulent fuel-tax scams and illegal gambling, and establishing drug distribution networks in the U.S. and Canada. The Russians have also gone into business with the Colombians to deal cocaine and arms along the eastern seaboard. In turn, the Colombians have worked out agreements with the Italians to smuggle cocaine into Europe and North America and to launder drug money. In both cases, Canada is a primary market. For such sophisticated criminal organizations it is also the figurative equivalent of a candy store. In the course of his research, Jeffrey Robinson developed contacts in police organizations all over the world - not least among the RCMP. These same sources have given him profound insight into the merging of criminal capabilities that now poses a frightening challenge to law enforcement agencies all over the world. Canadians will be shocked to discover the extent to which some of their fellow citizens are involved.
Download or read book The Effects of Costly Consumer Search on Mergers and Cartels written by Vaiva Petrikaitė and published by . This book was released on 2012 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Profitability Welfare Effects and Stability of Mergers and Cartels in a Stackelberg Market written by Hui Li and published by . This book was released on 2004 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Dynamics of Mergers Among Ex Co Conspirators in the Shadow of Cartel Enforcement written by Leslie M. Marx and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate cartelists' merger behavior using European Commission (EC) cartel decisions over a 28-year span and information on cartelists' merger activities over the last 30 years. We find that mergers occur frequently but that they cluster in a few particular industries and usually include only a minority of the cartel participants. The EC's leniency program appears to expedite mergers, while the EC's cartel settlement procedure appears to delay mergers. After cartel dissolution, co-conspirators merge at a substantially greater pace. The results shed light on the design of merger policies and enforcement programs against cartels.
Download or read book Partial Cartels and Mergers with Heterogenous Firms Experimental Evidence written by Francisco Gomez-Martinez and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mergers Cartels and Leniency Programs written by Emilie Dargaud and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we study the impact of a merger on collusion depending on the endowment of capital asset among firms. We show that the merger makes the collusion easier to sustain when asymmetric capital stock combines with less efficient insiders because of more symmetric conditions and closer incentive constraints. Moreover, this model allows us to determine an optimal threshold of asymmetry among insiders and outsiders such as a merger has pro-competitive effects and we compare this value with the value which would restore perfect symmetry between firms after the merger.
Download or read book Fight Cartels Or Control Mergers On the Optimal Allocation of Enforcement Efforts Within Competition Policy written by Andreea Cosnita-Langlais and published by . This book was released on 2014 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with the optimal enforcement of competition law between merger and anti-cartel policies. We examine the interaction between these two branches of antitrust, given the budget constraint of the public agency, and taking into account the ensuing incentives for firms in terms of choice between cartels and mergers. To the extent that a tougher anti-cartel action triggers more mergers and vice versa, we show that the two antitrust branches are complementary. However, if the merger's coordinated effect is taken into account, then for a sufficiently large such effect the agency may optimally have to refrain from controlling mergers and instead spend all resources on fighting cartels.
Download or read book From Mergers to Cartels written by Gonenc Gurkaynak and published by . This book was released on 2018 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: With its more than a decade-long enforcement practice, Turkish competition law has undergone significant changes that could indicate a move towards converging with the European jurisdiction in many respects. In particular, the Turkish merger control regime has been introduced to a new communiqué and a draft guideline to interpret ex ante merger review in light of especially the new, only-turnover-based notifiability thresholds. Additionally, abuse of dominance, cartel cases, concerted practices and exchange of sensitive competitive information under Turkish competition law bear significant resemblance to their comparable European counterparts, while retaining their Turkey-specific features.
Download or read book Comment on The Empirical Basis for Antitrust written by John M. Connor and published by . This book was released on 2017 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this journal, James Langenfeld critically reviewed four of the present authors' articles that analyze the size of cartel overcharges and their antitrust policy implications. In this comment, we explain why we believe Langenfeld errs in his criticism of our work. In particular, this comment discusses the variation in research quality of the sources used to compile a large sample of historical cartel overcharges; the advisability of trimming outliers or large estimates from the sample; alleged publication bias; why our 25% median estimate is much more likely to be correct than the US Sentencing Guideline's 10% presumption; and the implications of the average cartel overcharges results for optimal deterrence and antitrust policy.
Download or read book Mergers and Cartels in Japan written by Trade Bulletin Corporation (Japan) and published by . This book was released on 1963* with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Noter 2 Og 3 written by Hans Brems and published by . This book was released on 1947 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mergers and Cartels in Japan written by and published by . This book was released on 1964 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mergers and Cartels in Japan written by and published by . This book was released on 1968 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt:
