An Empirical Assessment of the 2004 EU Merger Policy Reform
An Empirical Assessment of the 2004 EU Merger Policy Reform
复制标题
2004年欧盟合并政策改革的实证评估
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Florian W Szücs
中科院分区：
文献类型：
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作者：
Tomaso Duso;K. Gugler;Florian W Szücs
基于1990年至2007年期间由欧盟委员会审查的326个合并案例的数据库，我们评估了2004年欧洲合并立法变化的经济影响。我们？我们？摘要本文以标准寡头垄断理论为基础，利用股票市场反应作为企业并购和并购控制决策的外部评价指标，提出了一个评估企业并购政策有效性的一般框架。然后，我们集中在四个不同的维度的有效性：1）法律的确定性; 2）频率和决定因素的第一和第二类错误; 3）租金返还实现不同的合并政策工具;和4）威慑反竞争合并。为了推断合并政策改革的经济影响，我们比较了合并政策出台前后四次检验的结果。我们的研究结果表明，政策改革似乎只是一个温和的改善欧洲合并政策。
Based on a database of 326 merger cases scrutinized by the European Commission between 1990 and 2007, we evaluate the economic impact of the change in European merger legislation in 2004. We ?rst propose a general framework to assess merger policy effectiveness, which is based on standard oligopoly theory and makes use of stockmarket reactions as an external assessment of the merger and the merger control decision. We then focus on four different dimensions of effectiveness: 1) legal certainty; 2) frequency and determinants of type I and type II errors; 3) rent-reversion achieved by different merger policy tools; and 4) deterrence of anti-competitive mergers. To infer the economic impact of the merger policy reform, we compare the results of our four tests before and after its introduction. Our results suggest that the policy reform seems to have been only a modest improvement of European merger policy.
影响因子：
8.2
作者：
Volker Nocke;M. Whinston
通讯作者：
Volker Nocke;M. Whinston