Download or read book Mergers in Regulated Industries written by Dennis W. Carlton and published by . This book was released on 2007 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Regulating Mergers and Acquisitions of U S Electric Utilities Industry Concentration and Corporate Complication written by Scott Hempling and published by Edward Elgar Publishing. This book was released on 2020-10-30 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens when electric utility monopolies pursue their acquisition interests—undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the number of local, independent utilities. Mostly debt-financed, these transactions have converted retiree-suitable investments into subsidiaries of geographically scattered conglomerates. Written by one of the U.S.’s leading regulatory thinkers, this book combines legal, accounting, economic and financial analysis of the 30-year march of U.S. electricity mergers with insights from the dynamic field of behavioral economics.

Download or read book Merger Review in Regulated Industries written by Margaret Sanderson and published by . This book was released on 2008 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this article, we discuss the economics of many regulated industries in order to determine whether there are unique issues that are likely to arise in the context of mergers in regulated industries that the current merger review framework under the Competition Act is unable to address. In our view, the existing legislation is adequate to deal with the potential competitive issues. At the same time, the Competition Bureau's examination does not extend beyond competitive issues and hence an examination of merger review also needs to consider the industry regulator's role. We discuss the prevalence of parallel merger review by industry regulators and the Competition Bureau and the inherent tensions that this system generates. We close by discussing the virtues and flaws of four potential models of regulatory interaction, including commenting on certain proposals for reform that have been advanced by others as a means of clarifying roles when reviewing mergers in regulated industries. In this respect, we strongly disagree proposal that the Competition Bureau cede jurisdiction to review a merger where there is a specialized industry regulator with concurrent jurisdiction to review a merger.

Download or read book Mergers in Regulated Industries written by Alan J. Cox and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Merging utilities are frequently required to share the economic benefits of a merger with ratepayers. These benefits are often measured using stock price movements at the time of the merger announcement. While event studies of this sort can be a powerful and appropriate tool, improper application and interpretation can lead to misleading conclusions. In this paper, we review the basic event study approach to merger evaluation and discuss some of the complicating factors. We describe both flawed and correctly done event studies submitted in the merger application of SBC Communication and Pacific Telesis before the California Public Utilities Commission and some additional case studies.

Download or read book Mergers Acquisitions written by Wendy B. Davis and published by William s Hein & Company. This book was released on 2007-01-01 with total page 1034 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Competition Policy and Merger Analysis in Deregulated and Newly Competitive Industries written by Peter C. Carstensen and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thorough analyses presented in the book provide the reader with a good overview of the deregulation process in the respective industries. . . Competition Policy and Merger Analysis in Deregulated and Newly Competitive Industries is a valuable resource for researchers of law, economics, and political science. . . Volker Soyez, European Competition Law Review This comprehensive book contains case studies on the evolution of competition policy, with an emphasis on merger policy, for seven major US industries that have experienced substantial deregulation in the past forty years electricity, natural gas, telecommunications, railroads, airlines, hospitals and banking. Also included is a comparison of the EU s experience in attempting to bring about competition in the energy, finance, and airline industries. The contributors to the volume, each a recognized expert on the industry examined, explore the positive and negative implications of the substitution of market-oriented processes for historic patterns of command and control regulation. The chapters reveal clear similarities in the economic, legal and public policy issues that have arisen following deregulation of these economic sectors. Together they provide a good basis to discern the consistency of the problems and the relative success of differing responses to these issues over a range of industries going through similar transformation. While taking a basically positive view of the movement away from direct regulation, the contributors identify a number of continuing problems with achieving workable competition in these industries. The thorough analyses presented here will be of great value to law, economics, and political science researchers interested in deregulation, economic consultants advising government agencies or private parties, attorneys who focus on deregulated industries, policy planners at the agencies overseeing these industries, and students in advanced seminars on economic regulation.

Download or read book Merger in a Regulated Industry written by United States. Congress. House. Committee on the Judiciary. Subcommittee No. 5 and published by . This book was released on 1956 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Antitrust and Regulation written by Franklin M. Fisher and published by MIT Press. This book was released on 1985 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of original essays by economists and lawyers addresses important aspects of antitrust and regulation, such as the U.S. government's merger guidelines, antitrust in regulated industries, the connection between profitability and market share, and the question of what constitutes anticompetitive behavior. The book combines economic and legal analysis to inform policymaking with theory as well as the lessons of experience in the petroleum, electric power, computer, retail food, and telecommunications industries. Antitrust and Regulationopens with John McGowan's previously unpublished background paper, "Mergers for Power or Progress," for the merger guidelines taskforce which recommended the rules adopted by the Antitrust Division of the Justice Department in 1982. This is followed by "Competition and Antitrust in the Petroleum Industry: An Application of the Merger Guidelines," by George A. Hay and Robert J. Reynolds; "Anticompetitive Mergers: Prevention and Cure," by William J. Kolasky, Jr., Philip A. Proger, and Roy T Englert, Jr.; "Industrial Markets: Another Look at the SIC Approach," by James W McKie; "Profitability and Market Share," by Morris A. Adelman and Bruce E. Stangle; "Non-Price Anticompetitive Behavior by Dominant Firms Toward the Producers of Complementary Products," by J. A. Ordover, A. O. Sykes, and R. D. Willig; "Market Conduct: When is it Anticompetitive?" by Robin C. Landis and Ronald S. Rolfe; "Can Exclusive Franchises Be Bad?" by F. M. Fisher; "Mixing Regulatory and Antitrust Policies in the Electric Power Industry: The Price Squeeze and Retail Market Competition," by Paul L. Joskow; "Preferences of Policy Makers for Alternative Allocations of the Broadcast Spectrum," by Forrest Nelson and Roger Noll; "The Financial Interest and Syndication Rules in Network Television: Regulatory Fantasy and Reality," by F. M. Fisher; and "Borrowing from Peter to Pay Paul: More on Departures of Price from Marginal Cost," by Almarin Phillips and Gary L. Roberts. Franklin M. Fisher is Professor of Economics at MIT. He is a coauthor with John McGowan and Joen Greenwood of Folded, Spindled, and Mutilated: Economic Analysis and U.S. v IBM, an MIT Press paperback.

Download or read book Competition in Regulated Industries written by Dieter Helm and published by OUP Oxford. This book was released on 1998 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK has pioneered the introduction of competition into service industries. The radical policy innovations have been controversial. This volume looks at the lessons which have emerged from the UK so far, and considers the implications for future policy in the UK and for other countries following its precedent.

Download or read book A Review of Public Policy Toward Mergers in Non regulated Industries in the United States written by Robert E. Kelly and published by . This book was released on 1975 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Mergers Acquisitions and International Financial Regulation written by Daniele D'Alvia and published by Routledge. This book was released on 2021-11-29 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a much-needed work in the financial literature, and it is the first book ever to analyse the use of Special Purpose Acquisition Companies (SPACs) from a theoretical and practical perspective. By the end of 2020, more than 240 SPACs were listed in the US (on NASDAQ or the NYSE), raising a record $83 billion. The SPAC craze has been shaking the US for months, mainly because of its simplicity: a bunch of investors decides to buy shares at a fixed price in a company that initially has no assets. In this way, a SPAC, also known as a "blank check company", is created as an empty shell with lots of money to spend on a corporate shopping spree. Could the trend be here to stay? Are SPACs the new legitimate path to traditional IPO? This book tackles those questions and more. The author provides a thorough analysis of SPACs including their legal framework and how they are used as a risk mitigation tool to structure transactions. The main objectives of the book are focused on finding a working definition for SPACs and theorising on their origins, definition, and evolution; identifying the objectives of financial regulation within the context of the recent financial crisis (2007–2010) and the one that is currently unfolding (Covid-19); and also describing practical examples of SPACs through a comparative study that, for the first time, outlines every major capital market on which SPACs are listed, in order to identify a possible international standard of regulation. The book is relevant to academics as well as policymakers, international financial regulators, corporate finance lawyers as well as to the financial industry tout court.

Download or read book Obtaining the best from Regulation and Competition written by Michael A. Crew and published by Springer. This book was released on 2010-12-08 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deregulation has introduced competition into traditionally monopolistic markets, particularly telecommunications and electric utilities. This book brings together ten essays that were presented at the Center for Research in Regulated Industries at Rutgers University and funded by several regulated companies. The authors, who include young scholars as well as established and highly regarded consultants and researchers, address some of the major issues now facing network industries and regulators - deregulation, competition, stranded assets, diversification, pricing, and mergers and acquisitions.

Download or read book The Ferc s Policy on Electric Mergers written by Hon. Richard D. Cudahy and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the Merger Policy Statement from the Federal Energy Regulatory Commission, the last obstacle to movement toward deregulation in the electric utility industry, which began as far back as 1973, seemed to dissolve. Following the pattern from other regulated industries such as airlines, railroads, telecommunications, and banking, the Merger Policy Statement encouraged consolidation among electric utilities to counter the increased risk of bankruptcy brought by increased deregulation. Consolidation, while often viewed as stifling competition, is the natural reaction from a utility company dealing with an industry with new risks brought on by the bedeviling risk of deregulation. Yet, as played out in other industries, especially the airlines and railroads, the end result is an entire industry consolidated in only a handful of powerful companies.

Download or read book Does EU Merger Control Discriminate Against Small Market Companies written by Mika Oinonen and published by Kluwer Law International B.V.. This book was released on 2010-01-01 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the question posed by the title of this book has generated considerable debate, the essential issue remains open and largely blurred. While some believe that there is no so-called 'small market problem', others discern discrimination against small market companies (i.e., companies with a strong position in their home markets but a modest position in the European and global markets) and a consequent need for changes in competition law. The author of this enormously helpful work here sets the stage for meaningful discussion by analysing the EC Merger Regulation's objectives, economic foundations, and application practice to present a reasoned view of the issues that can be considered relevant for such a discussion. Considering their effect on the 'small market problem', the author scrutinizes such factors as the following: the Commission's methodology for delineating relevant markets in merger assessments; unnecessary prohibition caused by overestimation of the market power of small market mergers; erroneous approval of cases that should actually be prohibited; impact of the so-called 'Harvard' and 'Chicago' schools of competition theory and their key policy implications; process-related alternative views of competition and new synthesizing approaches; relevant criteria for a proper analysis of market power; concentration measures and market shares; barriers to entry; price and profitability analyses; and product definition v. geographic definition of markets. In a final chapter, the author presents some tentative conclusions, normative in nature, concerning the problem and the relevant issues relating to it. As the first in-depth analysis of the issues that are actually involved - with its particular diagnosis of the assessment of market power in considering the relevant issues for the problem - this study brings into salience the terms of the debate on the 'problem', and thus takes a giant step forward towards defining what needs to be done. Competition lawyers, policymakers, and academics in Europe and elsewhere will find the discussion of great value.

Download or read book Business Planning for Mergers and Acquisitions written by Samuel Coleman Thompson (Jr.) and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: To view or download the 2018 Supplement to this book, click here. M&A Statutes, Rules, and Documents Supplement for Business Planning for Mergers and Acquisitions, Fourth Edition, is available to access by clicking here. This book provides a transactional approach to many of the issues that arise in mergers and acquisitions (M&A), including corporate, securities, antitrust, Federal income taxation, accounting, and valuation. The principal purpose of this book is to help train law students in the art of doing M&A deals. The statutes, rules, regulations, and documentary appendices referred to in this book are contained in a companion volume: Thompson, M&A Statutes, Rules, and Documents for Business Planning for Mergers and Acquisitions (Carolina Academic Press, 2015), which will be available at no cost on this page at the end of April 2015. The book is divided into four parts: Part I, The Building Blocks; Part II, Consensual Transactions; Part III, Hostile Transactions; and Part IV, Special Topics. Part I, The Building Blocks, looks at issues likely to be faced in both consensual and hostile transactions, including shareholder voting and dissenting rules, directors'' fiduciary duties, basic securities considerations, tax aspects, accounting treatment, valuation, antitrust, pre-merger notification, due diligence, and preliminary deal documents. Part II, Consensual Transactions, looks at the following types of M&A transactions: acquisitions of the stock of closely held corporations; acquisitions of the assets of closely held corporations; acquisitions of publicly held corporations by merger; leveraged buy-outs; going private transactions; and the drafting of various types of acquisition agreements. Part III, Hostile Transactions, addresses the following Federal and state law aspects of these transactions: proxy contests; the impact of the Williams Act provisions of the Securities Exchange Act of 1934 on open market purchases; the impact of the Williams Act on tender offers, including two-step transactions involving a consensual tender offer followed by a merger; state regulation of tender offers; and state regulation of defensive tactics employed by a target''s management. Part IV, Special Topics, examines, or provides an introduction to, the following advanced M&A topics: spin-offs (i.e., transactions in which a parent corporation distributes the stock of a subsidiary to the parent''s shareholders); shareholder activism, which has become a very important issue for many large publicly held corporations; international acquisitions, including: inbound acquisitions (i.e., acquisitions by foreign acquirors of U.S. targets); outbound acquisitions (i.e., acquisitions by U.S. acquirors of foreign targets); and a look at the regulation of M&A in the EU, South Africa, and China; brief introductions to: M&A in four regulated industries (i.e., the banking, telecom, public utility, and healthcare industries); bankruptcy M&A; and joint ventures, which are an alternative to M&A; and ethical issues in M&A. This edition follows the structure of the third edition with the following major changes and additions: new and current materials have been added to virtually all of the chapters; the materials dealing with freeze-out mergers and going private transactions, which previously were addressed in Chapter 24, have been integrated into the coverage of LBOs in Chapter 14; virtually all of the cases and materials dealing with fiduciary duties are now included in Chapter 3, and where such issues arise in other chapters, references are made to the materials in Chapter 3; in view of the increasing importance of shareholder activism, Chapter 25 now focuses exclusively on that topic; and Chapter 27 now provides brief introductions to the following topics, which were covered in greater detail in the third edition: banking M&A (former Chapter 27); telecommunications M&A (former Chapter 28); public utility M&A (former Chapter 29), bankruptcy M&A (former Chapter 30); and joint ventures (former Chapter 31). Chapter 27 also briefly introduces issues in healthcare M&A.

Download or read book Designing Incentive Regulation for the Telecommunications Industry written by David Edward Michael Sappington and published by MIT Press (MA). This book was released on 1996 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: AEI has commissioned more than twenty-five distinguished experts in law, economics, and engineering to write monographs on regulatory issues in telephony, cable television, broadcasting, information services, and other communications technologies.

Download or read book Competition Policy in Regulated Industries written by Paulina Beato and published by IDB. This book was released on 2002 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation The Bank continues its search for new ways to improve the efficiency of infrastructure services in emerging economies by increasing competitiveness and promoting regional integration. Examples are drawn from Latin America and specific European industries. There is no index. Distributed in the US by The Johns Hopkins University Press. Annotation 2004 Book News, Inc., Portland, OR (booknews.com).