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Mergers and Merger Remedies in the EU
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Mergers and Merger Remedies in the EU

Assessing the Consequences for Competition

9781847207418 Edward Elgar Publishing
Stephen Davies, Professor of Economics and Member of ESRC Centre for Competition Policy (CCP), University of East Anglia, UK and Bruce Lyons, Professor of Economics and Deputy Director, ESRC Centre for Competition Policy (CCP), University of East Anglia, UK
Publication Date: 2008 ISBN: 978 1 84720 741 8 Extent: 288 pp
Headlines are made when the European Commission prohibits a merger, but this is actually very rare. Clearances subject to conditions (i.e. remedies) happen ten times as frequently, but have received far less attention in academic literature. This book provides an empirical assessment of the effectiveness of merger remedies, employing a novel simulation methodology based on formal economic theory. The authors were given unprecedented access to data available to case handlers, concerning a range of remedied mergers covering 21 markets. Using this they have adapted simple simulation techniques to appraise the competitive effects of these mergers and the impact of potential and actual remedies. Ex-ante results are then compared with ex-post impact to examine the actual effectiveness of remedies. The results provide a critique of both simple market share analysis and remedy design. This research thus contributes to economics research and practical merger policy.

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Contents
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Headlines are made when the European Commission prohibits a merger, but this is actually very rare. Clearances subject to conditions (i.e. remedies) happen ten times as frequently, but have received far less attention in academic literature. This book provides an empirical assessment of the effectiveness of merger remedies, employing a novel simulation methodology based on formal economic theory. The authors were given unprecedented access to data available to case handlers, concerning a range of remedied mergers covering 21 markets. Using this they have adapted simple simulation techniques to appraise the competitive effects of these mergers and the impact of potential and actual remedies. Ex-ante results are then compared with ex-post impact to examine the actual effectiveness of remedies. The results provide a critique of both simple market share analysis and remedy design. This research thus contributes to economics research and practical merger policy.

This rare empirical assessment of the efficacy of remedies in competition policy will be of great significance and interest to policy makers, as well as to economists, lawyers, practitioners and students in competition law.
Critical Acclaim
‘. . . for practitioners considering whether to use economists to evaluate merger proposals, this book provides a relevant insight into the types of information that would be necessary to develop even a basic simulation model, and some guidance as to circumstances where such technique may be appropriate.’
– Vanessa Holliday, Competition and Consumer Law Journal

‘. . . highly recommended for practitioners as well as academics interested in merger remedies.’
– Arndt Christiansen, European Competition Law Review
Contents
Contents: Preface 1. Mergers and Remedies in the EU: Overview 2. The Literature on Merger Remedies 3. Classification of Merger Remedies 4. Methodology for Assessment of Mergers and Remedies 5. Structure and Competitive Process in Paper and Board Markets 6. Assessment of Remedies Adopted by the EC in Paper Mergers 7. Structure and Competitive Process in Pharmaceuticals Markets 8. Assessment of Remedies Adopted by the EC in Pharmaceuticals Mergers 9. Conclusions and Recommendations References Index
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