Private Equity Buyouts: Anti- or Pro-Competitive?

Pehr‐Johan Norbäck, L. Persson, Joacim Tåg
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引用次数: 1

Abstract

Private equity firms have become common owners of established firms in concentrated markets. Antitrust authorities therefore intervene in mergers and acquisitions involving PE firms. In this article, we discuss the antitrust implications of an active PE market and whether there are any special characteristics of PE ownership that are important for antitrust regulation and enforcement. To gain some perspective, we approach the question from three pillars of industrial organization: (i) identifying and blocking mergers that create substantial market power; (ii) detecting and preventing predatory behavior; and (iii) detecting and preventing collusive behavior.
私募股权收购:不利于还是有利于竞争?
在集中型市场,私人股本公司已成为老牌公司的共同所有者。因此,反垄断当局干预涉及私募股权公司的并购。在本文中,我们讨论了活跃的私募股权市场的反垄断含义,以及私募股权是否存在对反垄断监管和执法重要的特殊特征。为了获得一些视角,我们从产业组织的三个支柱来处理这个问题:(i)识别和阻止产生大量市场力量的合并;(ii)发现和防止掠夺性行为;(三)发现和防止串通行为。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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