{"title":"OUP accepted manuscript","authors":"","doi":"10.1093/joclec/nhab029","DOIUrl":"https://doi.org/10.1093/joclec/nhab029","url":null,"abstract":"","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":"1 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61532591","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"OUP accepted manuscript","authors":"","doi":"10.1093/joclec/nhac001","DOIUrl":"https://doi.org/10.1093/joclec/nhac001","url":null,"abstract":"","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":"1 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61533319","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Collusion as Environmental Protection—An Economic Assessment","authors":"C. Veljanovski","doi":"10.1093/joclec/nhab025","DOIUrl":"https://doi.org/10.1093/joclec/nhab025","url":null,"abstract":"\u0000 This article examines the relationship between the environment, sustainability, and European competition law. It shows that the European Commission’s decisional practice not to exempt anticompetitive agreements under Article 101(3) TFEU is because it selectively prosecutes hardcore cartels. The alleged ‘sustainability gap’ in EU antitrust is, therefore, more apparent than real. It is also shown that the Commission has adopted an efficient enforcement approach given the institutional and budgetary constraints it faces. On the other hand, the Commission’s guidelines on Article 101 TFEU lack coherence and consistency with its overarching Treaty obligations. The pros and cons of expanding Article 101(3) TFEU to take account of the third-party environmental and public policy factors are examined.","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43487154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Common Ownership Patterns in the European Banking Sector—The Impact of the Financial Crisis1","authors":"Albert Banal-Estañol, Nuria Boot, J. Seldeslachts","doi":"10.1093/joclec/nhab023","DOIUrl":"https://doi.org/10.1093/joclec/nhab023","url":null,"abstract":"\u0000 We provide a description of ownership patterns in the top 25 European banks for the period 2003–2015, where we especially focus on the global financial crisis. Investment managers, such as Blackrock, are dominant in terms of number of blockholdings in different banks, maintaining fairly stable “common ownership” networks throughout our sample. However, the financial crisis led to capital injections by governments in several banks in trouble, which in turn led to a jump in holdings by governments, which typically are “non-common owners” (i.e., they hold only shares in only one bank). This jump translated into these investors temporarily being the top investor with a large share, and non-common owners being the majority among large shareholders. A brief comparison with US banks uncovers large ownership differences between the European and US banking sectors. We briefly discuss what these ownership patterns might imply for competition, stability and performance in the banking industry.","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45463002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"On the Risks of Using the Sequential Product-Level SSNIP Approach to Identify Relevant Antitrust Markets‡","authors":"Jorge Padilla, S. Piccolo, Pekka Sääskilahti","doi":"10.1093/joclec/nhab020","DOIUrl":"https://doi.org/10.1093/joclec/nhab020","url":null,"abstract":"\u0000 In a recent influential paper Coate et al. (2021) have criticized the sequential product-level approach to market definition in merger review. They argue that a simultaneous market-level approach to critical loss is more appropriate than a product-level critical loss analysis, because under certain plausible demand scenarios (nonlinear demand functions) the latter could yield the wrong answer on market definition—i.e., excessively broad or narrow markets. We extend their analysis by showing that a sequential product-level approach actually leads to an excessively narrow market definition when the typical nonlinear demand functions used in merger analysis are employed.","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":"1 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61532420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Prospective Welfare Analysis—Extending Willingness-To-Pay Assessment to Embrace Sustainability","authors":"R. Inderst, Stefan Thomas","doi":"10.1093/joclec/nhab021","DOIUrl":"https://doi.org/10.1093/joclec/nhab021","url":null,"abstract":"\u0000 In this paper, we outline how a future change in consumers’ willingness-to-pay can be accounted for in a consumer welfare effects analysis in antitrust. Key to our solution is the prediction of preferences of new consumers and changing preferences of existing consumers in the future. The dimension of time is inextricably linked with that of sustainability. Taking into account the welfare of future cohorts of consumers, concerns for sustainability can therefore be integrated into the consumer welfare paradigm to a greater extent. As we argue in this paper, it is expedient to consider changes in consumers’ willingness-to-pay, in particular if society undergoes profound changes in such preferences, for example, caused by an increase in generally available information on environmental effects of consumption, and a rising societal awareness about how consumption can have irreversible impacts on the environment. We offer suggestions on how to conceptionalize and operationalize the projection of such consumers’ changing preferences in a “prospective welfare analysis.” This increases the scope of the consumer welfare paradigm and can help to solve conceptual issues regarding the integration of sustainability into antitrust enforcement while keeping consumer surplus as a quantitative gauge.","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44046103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Using the Statistical Concept of “Severity” to Assess the Compatibility of Seemingly Contradictory Statistical Evidence (With a Particular Application to Damage Estimation)","authors":"Peter Bönisch, R. Inderst","doi":"10.1093/joclec/nhab017","DOIUrl":"https://doi.org/10.1093/joclec/nhab017","url":null,"abstract":"\u0000 When parties present divergent econometric evidence, the court might either combine such evidence in an ad hoc way or view such evidence as contradictory and thus ignore it completely, without conducting closer analysis of the possible sources of the contradiction. We believe that the reasons for this development are (i) that the statistical evidence is often interpretated in a simplistic manner and (ii) that the fact is ignored that any statistical test tests within the boundary of a prespecified model which might be wrong. Contradictory evidence might therefore either occur by chance or because the underlying assumptions contradict each other. Based on the concept of severity, we propose a method to avoid common fallacies in the interpretation of empirical evidence. We further set out a simple method for distinguishing between actual and merely apparent contradiction based on the statistical concept of the “severity” of the furnished evidence. Our chosen application is that of damage estimation in follow-on cases.","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48159113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Evaluating the Effectiveness of the Italian Interlocking Ban: An Empirical Analysis of the Personal Ties Among The Largest Banking and Insurance Groups in Italy","authors":"F. Ghezzi, Chiara Picciau","doi":"10.1093/joclec/nhab014","DOIUrl":"https://doi.org/10.1093/joclec/nhab014","url":null,"abstract":"\u0000 In 2011, Italy introduced a ban on interlocking directorates in the financial sector, prohibiting members of the boards of directors and of the internal control bodies, as well as top managers of banking, insurance, and financial companies, from holding any such office in a competing company or group. Empirical studies have demonstrated conflicting results concerning the effectiveness of the Italian anti-interlocking provision. Some studies claim that interlocking directorates have decreased but have not been completely eliminated, which suggests possible persisting limits to competition. Other studies instead show the ban to have a procompetitive effect, at least in the banking sector, which would be at odds with a slight reduction in personal ties. Our article addresses this inconsistency by mapping the interlocking directorates among the 25 largest banking groups and the 25 largest insurance groups operating in Italy before and after the introduction of the ban. We show that although interlocking directorates were widespread at the end of 2010, the interlocking ban reached its goal in the banking and insurance sectors. Anticompetitive effects may, however, still exist, especially considering that the anti-interlocking provision does not affect ownership connections among competing financial companies and groups.","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":"1 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41431952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Incentivizing Private Antitrust Enforcement to Promote Leniency Applications","authors":"Sinchit Lai","doi":"10.1093/JOCLEC/NHAB009","DOIUrl":"https://doi.org/10.1093/JOCLEC/NHAB009","url":null,"abstract":"\u0000 Both leniency programs and private antitrust enforcement are essential in combating cartels. The literature demonstrates that society benefits from both increased private actions and leniency applications. However, the present view is that private enforcement discourages cartel members from seeking leniency. Proponents of this view blame follow-on civil actions in the wake of successful public antitrust enforcement cases. This concern hinders the development of private antitrust enforcement. Nevertheless, the literature that expresses such a concern fails to consider standalone civil actions’ impact. Building on a game theory model of leniency programs by Professor Joseph E. Harrington, this article reinvestigates the relationship between the two seemingly contradictory procedural devices of leniency programs and private enforcement. Considering a revised leniency game, this article reveals that incentivizing private antitrust enforcement does not necessarily discourage leniency applications. Accordingly, this article proposes ways for legislators to use private enforcement as a tool to promote leniency applications.","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47211277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Patent Assertion Entities and Patent Ownership Transparency: Strategic Recording of Patent Transactions at the Uspto","authors":"Valerio Sterzi","doi":"10.1093/JOCLEC/NHAB013","DOIUrl":"https://doi.org/10.1093/JOCLEC/NHAB013","url":null,"abstract":"\u0000 Many patent assertion entities (PAEs) hide behind multiple unknown subsidiaries or shell companies with obscure ownership. Meanwhile, the United States Patent and Trademark Office (USPTO), like many other patent offices, does not impose a strict time period for recording the change of ownership of a patent, allowing the holder to gain an advantage by controlling the timing of its ownership disclosure. In this paper, we study to which extent PAEs delay the recording of the U.S. patent reassignments of patents that they will subsequently use in infringement patent lawsuits. On average, PAEs notify the change of ownership more quickly than producing firms, but this is not the case for the patents that they will litigate relatively far in time. In particular, the correlation between the recording lag of the patent transaction and the litigation spell is higher when the patent acquirer is a PAE (than when it is a producing firm) or when the acquirer will litigate the patent in the Eastern District of Texas, famously home to opportunistic litigations. Finally, we find that transactions involving unknown subsidiaries of PAEs are recorded at the USPTO significantly later than those involving PAE parent companies or their known subsidiaries.","PeriodicalId":45547,"journal":{"name":"Journal of Competition Law & Economics","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48710234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}