| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16905 |
| DP16905 Price Pressure Indices, Innovation and Mergers Between Commonly Owned Firms | |
| Roman Inderst; Stefan Thomas | |
| 发表日期 | 2022-01-15 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The potentially anticompetitive effects of common ownership are being discussed controversially. While the US agencies still display reluctance, the Commission has already invoked common ownership has part of a theory of harm in Dow/DuPont and Bayer/Monsanto. In our paper we focus on how common ownership can bear on the application of price pressure indices in unilateral effects analysis of horizontal mergers between portfolio companies. We do not assess whether the underlying premise of common ownership to lead to an internalization of shareholders’ expectations of high overall market returns is convincing. Rather, we hypothesize such common shareholder influence. Our main conclusion is that common ownership should still not be considered a general circumstantial factor indicating competitive harm with respect to post-merger price increases or effects on innovation competition. Rather, it calls for case-by-case analysis. |
| 主题 | Industrial Organization |
| 关键词 | Common ownership Herfindahl-hirschman index Horizontal effects Innovation competition Merger control Unilateral effects Upward pricing pressure |
| URL | https://cepr.org/publications/dp16905 |
| 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/545837 |
| 推荐引用方式 GB/T 7714 | Roman Inderst,Stefan Thomas. DP16905 Price Pressure Indices, Innovation and Mergers Between Commonly Owned Firms. 2022. |
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