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The Economic Assessment of Mergers under European Competition Law

The Economic Assessment of Mergers under European Competition Law

  • Author:
  • Publisher: Cambridge University Press
  • ISBN: 9781107007727
  • Published In: April 2013
  • Format: Hardback , 556 pages
  • Jurisdiction: European Union ? Disclaimer:
    Countri(es) stated herein are used as reference only

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  • Description 
  • Contents 
  • Author 
  • Details

    This concise and practical guide to the most important economic techniques and evidence employed in modern merger control draws on the authors' extensive experience in advising on European merger cases. It offers an introduction to the relevant economic concepts and analytical tools, and stand-alone chapters provide an in-depth overview of the theoretical and practical issues related to market definition, unilateral effects, coordinated effects and non-horizontal mergers. Each form of economic evidence and analysis is illustrated with practical examples and an overview of key merger decisions.

    • Provides non-economists with an accessible and non-technical overview of the relevant economics

    • Draws extensively on European merger case law in order to demonstrate how techniques and evidence are used in practice

    • Practical examples illustrate the application of economic principles to merger analysis

  • Table of Merger Decisions
    viii
    Acknowledgments
    xiii
    Foreword by Nicholas Levy
    xv
    A Comment on the Text by Professor Jeffrey Church
    xvii
    1       Introduction
    1
    1.      Purpose and scope of this book
    1
    2.      Legal framework and Commission procedure
    3
    2.1     The Merger Regulation
    3
    2.2     Procedure for notification and assessment
    7
    3.      The role of economics in EU merger control
    12
    4.      Basic economic concepts
    13
    4.1     The demand curve
    14
    4.2     The cost curve
    20
    4.3     Profit maximisation
    23
    4.4     Market power
    24
    5.      Empirical economic evidence
    27
    2       Market definition
    31
    1.      Introduction
    31
    2.      Conceptual framework
    33
    2.1     The hypothetical monopolist/SSNIP test
    33
    2.2     Issues and complications arising in market definition
    36
    3.      Empirical techniques to assess market definition
    43
    3.1     Critical loss analysis
    46
    3.2     Demand estimation
    64
    3.3     Survey evidence
    74
    3.4     Analysis of sales patterns
    81
    3.5     Analysis of price levels
    93
    3.6     Price correlation analysis
    105
    3.7     Stationarity analysis
    127
    3.8     Shock analysis
    134
    3       Horizontal mergers I: unilateral effects
    148
    1.      Introduction
    148
    2.      Important competitive constraints: economic theory and the EC Horizontal Merger Guidelines
    150
    2.1     Economic theory and key concepts
    150
    2.2     Important competitive constraints in the EC Horizontal Merger Guidelines
    158
    2.3     Commission's recent enforcement practice
    163
    3.      Important competitive constraints between the parties: empirical techniques
    176
    3.1     Survey evidence
    177
    3.2     Customer switching analysis
    183
    3.3     Price/concentration studies and analysis of the impact of rivals' presence
    191
    3.4     Entry analysis
    207
    3.5     Natural experiments
    211
    3.6     Merger simulation
    214
    3.7     Win/loss and bidding analysis
    231
    4.      Further issues relevant in the assessment of unilateral effects
    251
    4.1     Introduction
    251
    4.2     Elimination of potential competition
    252
    4.3     Rivals' ability to increase supply
    258
    4.4     Switching costs
    275
    4.5     Partial ownership
    282
    5.      Countervailing factors
    288
    5.1     Introduction
    288
    5.2     Buyer power
    288
    5.3     Product repositioning and new entry
    298
    5.4     Efficiency analysis
    304
    5.5     Failing firm defence
    310
    4       Horizontal mergers II: coordinated effects
    318
    1.      Introduction
    318
    2.      Economic concepts
    321
    2.1     Textbook tacit coordination
    321
    2.2     Factors that affect the critical discount factor
    326
    3.      Framework for the assessment of coordinated effects
    335
    3.1     Will the merged entity and remaining competitors be able to reach a tacit understanding?
    337
    3.2     Are market characteristics such that any tacit understanding would likely be sustained?
    349
    3.3     Will the proposed transaction make it significantly more likely that tacit coordination will occur or make tacit coordination more effective?
    368
    5       Non-horizontal mergers
    378
    1.      Introduction
    378
    2.      Economic concepts
    380
    2.1     Pro-competitive effects
    380
    2.2     Foreclosure and anti-competitive foreclosure
    385
    2.3     Other anti-competitive effects
    389
    3.      Vertical mergers: input foreclosure
    391
    3.1     Ability to engage in input foreclosure
    393
    3.2     Incentive to engage in input foreclosure
    409
    3.3     Effect of input foreclosure
    428
    4.      Vertical mergers: customer foreclosure
    430
    4.1     Ability to engage in customer foreclosure
    432
    4.2     Incentive to engage in customer foreclosure
    439
    4.3     Effect of customer foreclosure
    446
    4.4     Customer foreclosure: EU case law
    448
    5.      Conglomerate mergers
    452
    5.1     Ability to foreclose in conglomerate mergers
    455
    5.2     Incentive to foreclose in conglomerate mergers
    458
    5.3     Effects of foreclosure in conglomerate mergers
    461
    5.4     Foreclosure in conglomerate mergers: an example
    464
    5.5     Assessment of foreclosure in conglomerate mergers: EU case law
    480
    6.      Diagonal mergers
    502
    6.1     Diagonal mergers: an example
    503
    6.2     Case study: Google/Doubleclick – assessment of diagonal effects
    504
    Appendix ARegression analysis and econometrics
    507
    1.      Regression analysis and statistical inference
    507
    2.      Regression analysis, endogeneity and the identification of economic effects
    515
    Appendix BModels for demand estimation
    520
    1.      Introduction
    520
    1.1     Alternative models for continuous demand estimation
    520
    1.2     Models for discrete demand estimation
    522
    Index
    526
  • Daniel Gore
    RBB Economics LLP, London

    Stephen Lewis
    RBB Economics LLP, Brussels

    Andrea Lofaro
    RBB Economics LLP, Brussels

    Frances Dethmers
    Clifford Chance LLP, Brussels

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