反垄断政策对并购构成的影响：对“隐形合并”的进一步思考

IF 1.4 3区经济学 Q2 ECONOMICS

International Journal of Industrial Organization Pub Date : 2025-04-03 DOI:10.1016/j.ijindorg.2025.103162

John W. Mayo, Robert Press

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引用次数: 0

摘要

2000年立法强制要求提高拟议合并的报告门槛，这是否导致公司内生地进行了现在低于门槛的合并，目的是避免监管审查？最近的研究发现了对这种行为的支持，并将这种行为称为“隐形整合”。我们将这一探索扩展到理论逻辑暗示的新方向。我们的实证研究结果与隐性合并理论不一致，并表明有必要进行更多的研究来解释合并构成的演变。

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The role of antitrust policy on the composition of mergers: Further reflections on “stealth consolidation”

Did a 2000 legislatively-mandated increase in the reporting thresholds for proposed mergers lead firms to endogenously undertake mergers that now lie below the threshold, with the aim of avoiding regulatory scrutiny? Recent research finds support for this behavior, dubbing this activity “stealth consolidation.” We extend this exploration in new directions logically implied by the theory. Our empirical findings are inconsistent with the theory of stealth consolidations, and suggest that more research is necessary to explain the evolving composition of mergers.

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来源期刊

International Journal of Industrial Organization ECONOMICS-

CiteScore

2.50

自引率

6.70%

发文量

审稿时长

77 days

期刊介绍： The IJIO is an international venture that aims at full coverage of theoretical and empirical questions in industrial organization. This includes classic questions of strategic behavior and market structure. The journal also seeks to publish articles dealing with technological change, internal organization of firms, regulation, antitrust and productivity analysis. We recognize the need to allow for diversity of perspectives and research styles in industrial organization and we encourage submissions in theoretical work, empirical work, and case studies. The journal will also occasionally publish symposia on topical issues.