| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15699 |
| DP15699 Market Concentration in Europe: Evidence from Antitrust Markets | |
| Pauline Affeldt; Tomaso Duso; Klaus Gugler; Joanna Piechucka | |
| 发表日期 | 2021-01-23 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level while firm level revenues are a poor indicator of product sales. We use a novel database that identifies over 20,000 product/geographic antitrust markets affected by over 2,000 mergers scrutinized by the European Commission between 1995 and 2014. We show that concentration, as measured by the market-specific post-merger HHI, is larger than reported in the extant literature (at least) by a factor of ten. We also show that concentration has increased over time on average. Yet, there is a great deal of heterogeneity across geographic markets and within broader industries. In a regression analysis that exploits this within-industry variation, we show that barriers to entry are unambiguously positively related to concentration irrespective of time periods, sectors of activity, and geographical market dimension analyzed. Strict past merger enforcement negatively correlates with concentration. Yet, this effect is stronger in the earlier decade (1995-2004) than subsequently. Intangibility of investments consistently displays positive correlation with concentration only for EU wide and worldwide services markets. In contrast, the correlation is negative in national markets. This underscores the importance of the large heterogeneity present in concentration developments across markets. |
| 主题 | Industrial Organization |
| 关键词 | Concentration Hhi Market definition Entry barriers Mergers Merger control Intangibles |
| URL | https://cepr.org/publications/dp15699 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544706 |
| 推荐引用方式 GB/T 7714 | Pauline Affeldt,Tomaso Duso,Klaus Gugler,et al. DP15699 Market Concentration in Europe: Evidence from Antitrust Markets. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
