Price Effects of Horizontal Mergers: A Retrospective on Retrospectives

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY
Annika Stöhr
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Abstract

This comprehensive review of ex post merger studies assesses the price effects of horizontal transactions to determine whether there are common post-merger price effects, both overall and in specific markets. The aim is to derive implications for policy makers and competition authorities in terms of effective merger enforcement and competition policy. By combining and further analysing the results of 52 retrospective studies on 82 mergers or horizontal transactions, it can be shown that the sector in which the respective transaction takes place alone is not a strong indicator of the direction of price-related merger effects. In contrast, the ‘size’ or ‘importance’ of a transaction as well as market concentration seem to be correlated with post-transaction price increases, especially in already highly concentrated markets. Overall, this meta-study shows the importance of ex post case studies for improving ex ante merger control: although generalizations can only be made with caution, the subsequent analysis of a case and its ex post observable outcome can provide useful information for future merger enforcement in general, either in the same industry and/or with similar case characteristics, as well as for competition policy regulators.
横向合并的价格效应:回顾过去
这篇关于合并后研究的综述评估了横向交易的价格影响,以确定合并后的价格影响是否普遍存在,无论是在整体上还是在特定市场上。目的是为政策制定者和竞争管理机构提供有效实施兼并和竞争政策的参考。通过综合并进一步分析 52 项关于 82 项兼并或横向交易的回顾性研究结果,可以看出,单凭交易发生的行业并不能有力地说明与价格相关的兼并效应的方向。相反,交易的 "规模 "或 "重要性 "以及市场集中度似乎与交易后的价格上涨相关,尤其是在已经高度集中的市场中。总之,这项元研究表明了事后案例研究对于改善事前兼并控制的重要性:尽管只能谨慎地进行概括,但对案例及其事后可观察结果的后续分析可以为未来兼并执法提供有用的信息,无论是相同行业和/或具有类似案例特征的兼并执法,还是竞争政策监管者。
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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来源期刊
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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