秘密合并:来自哈特-斯科特-罗迪诺法案修正案的证据

IF 8.1 1区经济学 Q1 ECONOMICS

American Economic Review-Insights Pub Date : 2019-06-01 DOI:10.1257/AERI.20180137

Thomas G. Wollmann

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引用次数: 75

摘要

前瞻性并购审查是反垄断法最常见的应用。它免除了基于规模的交易，尽管在细分行业，小额交易可能会产生巨大的反竞争效应。在美国突然提高豁免门槛的背景下，我研究了它对反垄断执法和并购活动的影响。我发现，在新获得豁免的交易中，反垄断调查几乎降至零，而竞争对手之间的合并则急剧上升。实际上，所有这些上涨都反映了企业对合并前审查减少的内生反应，这与反垄断执法的巨大威慑作用是一致的。(凝胶g34, g38, k21, l41)

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Stealth Consolidation: Evidence from an Amendment to the Hart-Scott-Rodino Act

Prospective merger review is the most frequent application of antitrust law. It exempts transactions on the basis of size, though small deals can have large anticompetitive effects in segmented industries. I examine its impact on antitrust enforcement and merger activity in the context of an abrupt increase in the US exemption threshold. I find that among newly-exempt deals, antitrust investigations fall to almost zero while mergers between competitors rise sharply. Effectively all of the rise reflects an endogenous response of firms to reduced premerger scrutiny, consistent with large deterrent effects of antitrust enforcement. (JEL G34, G38, K21, L41)

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来源期刊

American Economic Review-Insights ECONOMICS-

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期刊介绍： The journal American Economic Review: Insights (AER: Insights) is a publication that caters to a wide audience interested in economics. It shares the same standards of quality and significance as the American Economic Review (AER) but focuses specifically on papers that offer important insights communicated concisely. AER: Insights releases four issues annually, covering a diverse range of topics in economics.