Autor según el artículo: Brito D; Osório A; Ribeiro R; Vasconcelos H

Departamento: Economia

Autor/es de la URV: Osório da Costa, António Miguel

Palabras clave: Screening indicators Partial horizontal acquisitions Hhi Guppi Corporate control Banzhaf power index

Resumen: © 2018 Elsevier B.V. Recent years have witnessed an increased interest, by competition agencies, in assessing the competitive effects of partial acquisitions. We propose a generalization of the two most traditional indicators used to screen unilateral anti-competitive effects - the Herfindahl–Hirschman Index and the Gross Upward Price Pressure Index - to partial horizontal acquisition settings. The proposed generalized indicators are endogenously derived under a probabilistic voting model in which the manager of each firm is elected in a shareholder assembly between two potential candidates who seek to obtain utility from an exogenous rent associated with corporate office. The model (i) can cope with settings involving all types of owners and rights: owners that can be internal to the industry (rival firms) and external to the industry; and rights that can capture financial and corporate control interests, can be direct and indirect, can be partial or full, (ii) yields an endogenous measure of the owners ultimate corporate control rights, and (iii) can also be used - in case the potential acquisition is inferred to likely enhance market power - to devise divestiture structural remedies. We also provide an empirical application of the two proposed generalized indicators to several acquisitions in the wet shaving industry, with the objective of providing practitioners with a step-by-step illustration of how to compute them in antitrust cases.

Áreas temáticas: Strategy and management Science and technology studies Industrial relations Industrial and manufacturing engineering Engineering (miscellaneous) Economics, econometrics and finance (miscellaneous) Economics and econometrics Economics Economia Ciencias sociales Business and management Aerospace engineering

Acceso a la licencia de uso: https://creativecommons.org/licenses/by/3.0/es/

ISSN: 01677187

Direcció de correo del autor: antonio.osoriodacosta@urv.cat

Identificador del autor: 0000-0003-3376-0164

Fecha de alta del registro: 2023-02-19

Versión del articulo depositado: info:eu-repo/semantics/acceptedVersion

Enlace a la fuente original: https://www.sciencedirect.com/science/article/abs/pii/S0167718716304143

URL Documento de licencia: http://repositori.urv.cat/ca/proteccio-de-dades/

Referencia al articulo segun fuente origial: International Journal Of Industrial Organization. 59 127-189

Referencia de l'ítem segons les normes APA: Brito D; Osório A; Ribeiro R; Vasconcelos H (2018). Unilateral effects screens for partial horizontal acquisitions: The generalized HHI and GUPPI. International Journal Of Industrial Organization, 59(), 127-189. DOI: 10.1016/j.ijindorg.2018.03.005

DOI del artículo: 10.1016/j.ijindorg.2018.03.005

Entidad: Universitat Rovira i Virgili

Año de publicación de la revista: 2018

Tipo de publicación: Journal Publications