Download or read book New Merger Guidelines written by and published by . This book was released on 1982 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Trade Commission and United States Department of Justice Commentary on the Horizontal Merger Guidelines written by and published by DIANE Publishing. This book was released on with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book U S Department of Justice Merger Guidelines written by United States. Department of Justice. Antitrust Division and published by . This book was released on 1982 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mergers in the New Antitrust Era written by Thomas W. Brunner and published by . This book was released on 1985 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Antitrust Regulators Release New Vertical Merger Guidelines written by Sykes and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Horizontal Merger Guidelines written by United States. Department of Justice and published by . This book was released on 1992 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How the Chicago School Overshot the Mark written by Robert Pitofsky and published by Oxford University Press. This book was released on 2008-10-14 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the Chicago School Overshot the Mark is about the rise and recent fall of American antitrust. It is a collection of 15 essays, almost all expressing a deep concern that conservative economic analysis is leading judges and enforcement officials toward an approach that will ultimately harm consumer welfare. For the past 40 years or so, U.S. antitrust has been dominated intellectually by an unusually conservative style of economic analysis. Its advocates, often referred to as "The Chicago School," argue that the free market (better than any unelected band of regulators) can do a better job of achieving efficiency and encouraging innovation than intrusive regulation. The cutting edge of Chicago School doctrine originated in academia and was popularized in books by brilliant and innovative law professors like Robert Bork and Richard Posner. Oddly, a response to that kind of conservative doctrine may be put together through collections of scores of articles but until now cannot be found in any one book. This collection of essays is designed in part to remedy that situation. The chapters in this book were written by academics, former law enforcers, private sector defense lawyers, Republicans and Democrats, representatives of the left, right and center. Virtually all agree that antitrust enforcement today is better as a result of conservative analysis, but virtually all also agree that there have been examples of extreme interpretations and misinterpretations of conservative economic theory that have led American antitrust in the wrong direction. The problem is not with conservative economic analysis but with those portions of that analysis that have "overshot the mark" producing an enforcement approach that is exceptionally generous to the private sector. If the scores of practices that traditionally have been regarded as anticompetitive are ignored, or not subjected to vigorous enforcement, prices will be higher, quality of products lower, and innovation diminished. In the end consumers will pay.
Download or read book The 1992 Horizontal Merger Guidelines written by American Bar Association. Section of Antitrust Law and published by American Bar Association. This book was released on 1992 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The New United States Horizontal Merger Guidelines written by Thomas Jeffrey Horton and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article reviews the new Horizontal Merger Guidelines released on August 19, 2010, by the United States Department of Justice, through its Antitrust Division, and the Federal Trade Commission. The United States' New Horizontal Merger Guidelines converge towards and closely mimic their European counterparts. Indeed, the New Guidelines differ dramatically from their 1992 predecessors, and signal an American competition theory counterrevolution. First, they reveal a commitment towards more aggressive horizontal merger enforcement driven by a renewed emphasis on the incipiency standard. Second, they set out a less formulaic and rigid review methodology, which the Agencies hope will prove to be more litigation friendly, as they pursue enforcement cases in American courts. And third, they indicate heightened concerns about potential unilateral effects, including exclusionary conduct, and impacts on non-price competition such as quality, variety, and innovation. When the New Guidelines are systematically compared side by side to the EC's, the resemblances are striking. Indeed, the New Guidelines more closely resemble the EC's than they do their 1992 predecessors. It can be fairly concluded that the New Guidelines' drafters were heavily influenced by, and paid close attention to, the EC's guidelines. However, it is unclear whether the New Guidelines will survive a conservative administration, or how they will be accepted and interpreted by the American courts.
Download or read book The Herfindahl Hirschman Index and the New Antitrust Merger Guidelines written by Neil B. Cohen and published by . This book was released on 2013 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even a cursory review of the Antitrust Division's new Merger Guidelines reveals that they revolve around the concept of “concentration” and advance a particular method of measuring it - the Herfindahl-Hirschman Index. While concentration is scarcely a new idea in the antitrust treatment of mergers, the Guidelines not only make significant changes in the Department of Justice's general approach to measuring concentration but also introduce a new specificity in determining the changes in concentration that will subject mergers to attack.This Article evaluates the Guidelines approach to concentration, with a particular emphasis on the HHI. It concludes that the Justice Department has produced an antitrust enforcement policy for horizontal mergers that relies almost totally on the use of a one-dimensional description of market structure as a predictor of market performance. Even assuming that structure and performance are closely related, the HHI's description of market structure promises much more than it delivers. Many observers have praised the HHI for the amount of information that it takes into account, but there is no convincing evidence that the way in which the HHI processes this information predicts market performance more accurately than any other measure of concentration.
Download or read book 1993 Horizontal Merger Guidelines written by National Association of Attorneys General and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Horizontal Merger Guidelines written by U. S. Department U.S. Department of Justice and published by Createspace Independent Publishing Platform. This book was released on 2017-03-13 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: These Guidelines outline the principal analytical techniques, practices, and the enforcement policy of the Department of Justice and the Federal Trade Commission (the "Agencies") with respect to mergers and acquisitions involving actual or potential competitors ("horizontal mergers") under the federal antitrust laws. The relevant statutory provisions include Section 7 of the Clayton Act, 15 U.S.C. § 18, Sections 1 and 2 of the Sherman Act, 15 U.S.C. §§ 1, 2, and Section 5 of the Federal Trade Commission Act, 15 U.S.C. § 45. Most particularly, Section 7 of the Clayton Act prohibits mergers if "in any line of commerce or in any activity affecting commerce in any section of the country, the effect of such acquisition may be substantially to lessen competition, or to tend to create a monopoly." The Agencies seek to identify and challenge competitively harmful mergers while avoiding unnecessary interference with mergers that are either competitively beneficial or neutral. Most merger analysis is necessarily predictive, requiring an assessment of what will likely happen if a merger proceeds as compared to what will likely happen if it does not. Given this inherent need for prediction, these Guidelines reflect the congressional intent that merger enforcement should interdict competitive problems in their incipiency and that certainty about anticompetitive effect is seldom possible and not required for a merger to be illegal.
Download or read book Reevaluating Merger Guidelines for the New Economy written by Ki-Eun Rhee and published by . This book was released on 2014 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The inherent dynamic competitiveness of the new economy brings about novel challenges to antitrust enforcements. We evaluate the appropriateness of the 1992 Horizontal Merger Guidelines in light of this new environment. We show that the Guidelines relies too heavily on market concentration measures that are bound to be overstated for new-economy industries. To properly address the dynamic competitiveness of the market, we suggest that the Guidelines should (i) explicitly consider innovation markets in the market-defining process, (ii) pay attention to entry conditions as the most important standard for assessing competitiveness, (iii) examine demand-side volatilities when assessing likeliness of entries, and (iv) use less strict standards for substantiating efficiency gains.
Download or read book Merger Guidelines for the Labor Market written by David W. Berger and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the labor market implications of mergers have been historically ignored as "out of market" effects, recent actions by the Department of Justice (DOJ) place buyer market power (i.e., monopsony) at the forefront of antitrust policy. We develop a theory of multi-plant ownership and monopsony to help guide this new policy focus. We estimate the model using U.S. Census data and demonstrate the model's ability to replicate empirically documented paths of employment and wages following mergers. We then simulate a representative set of U.S. mergers in order to evaluate merger review thresholds. Our main exercise applies the DOJ and FTC's product market concentration thresholds to local labor markets. Assuming mergers generate efficiency gains of 5 percent, our simulations suggest that workers are harmed, on average, under the enforcement of the more lenient 2010 merger guidelines and unharmed, on average, under enforcement of the more stringent 1982 merger guidelines. We also provide a framework for further research evaluating alternative concentration thresholds based on assumptions about the efficiency effects of mergers and the resource constraints of regulators. Finally, we provide guidance for using the Gross Downward Wage Pressure method for evaluating the impact of mergers on labor markets.
Download or read book Recommendations and Comments on the Draft Vertical Merger Guidelines written by Jonathan B. Baker and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: These recommendations and comments respond to the request by the Federal Trade Commission and the Department of Justice's Antitrust Division for public comment on the draft 2020 Vertical Merger Guidelines. We commend the agencies for updating the 1984 non-horizontal merger guidelines by recognizing the substantial advances in economic thinking about vertical mergers in the thirty-five years since those guidelines were issued. Our comments emphasize four issues: (i) the treatment of the elimination of double marginalization (“EDM”), particularly that the draft vertical merger guidelines appear inappropriately to make proof of cognizability part of the agencies burden and that they appear to inappropriately treat the merging firm's failure to have eliminated double marginalization pre-merger as proof that the merger would lead to EDM and that the post-merger EDM would be merger-specific; (ii) the seemingly arbitrary and inappropriately permissive safe harbor; (iii) the inappropriate (though perhaps unintended) apparent requirement that harms be quantified; and (iv) the inappropriate (though perhaps unintended) apparent requirement that the agencies show that foreclosure would not have been profitable before the merger. We are concerned that these features of the draft Guidelines will lead to under-enforcement and false negatives (including under-deterrence).
Download or read book Revising the U S Vertical Merger Guidelines written by Steven C. Salop and published by . This book was released on 2015 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions are a major component of antitrust law and practice. The U.S. antitrust agencies spend a majority of their time on merger enforcement. The focus of most merger review at the agencies involves horizontal mergers, that is, mergers among firms that compete at the same level of production or distribution.Vertical mergers combine firms at different levels of production or distribution. In the simplest case, a vertical merger joins together a firm that produces an input (and competes in an input market) with a firm that uses that input to produce output (and competes in an output market).Over the years, the agencies have issued Merger Guidelines that outline the type of analysis carried out by the agencies and the agencies' enforcement intentions in light of state of the law. These Guidelines are used by agency staff in evaluating mergers, as well as by outside counsel and the courts.Guidelines for vertical mergers were issued in 1968 and revised in 1984. However, the Vertical Merger Guidelines have not been revised since 1984. Those Guidelines are now woefully out of date. They do not reflect current economic thinking about vertical mergers. Nor do they reflect current agency practice. Nor do they reflect the analytic approach taken in the 2010 Horizontal Merger Guidelines. As a result, practitioners and firms lack the benefits of up-to-date guidance from the U.S. enforcement agencies.
Download or read book Revising the Horizontal Merger Guidelines written by Dennis W. Carlton and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Department of Justice and the Federal Trade Commission are currently in the process of revising their Horizontal Merger Guidelines. I explain that if a revision is to occur, then there are certain parts of the Guidelines that are most in need of revision, including the sections on unilateral and coordinated effects, committed and uncommitted entry, numerical concentration thresholds for safe harbors, and fixed costs. I also explain what should not become part of any new Guidelines, such as replacing the market definition/market concentration starting point with a competitive effects framework such as “upward pricing pressure.” The proposed Guidelines were published in April 2010. I present my reactions to the proposed Guidelines and discuss several caveats that courts, foreign antitrust agencies, and the business community should be aware of as they try to interpret what the proposed Guidelines suggest about appropriate antitrust policy.
