当前位置: X-MOL 学术Rev. Ind. Organ. › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
The 2010 HMGs Ten Years Later: Where Do We Go From Here?
Review of Industrial Organization ( IF 1.313 ) Pub Date : 2021-01-09 , DOI: 10.1007/s11151-020-09809-4
Steven C Salop 1 , Fiona Scott Morton 2
Affiliation  

In this article, which is part of the Symposium on the Tenth Anniversary of the 2010 Horizontal Merger Guidelines, we suggest a number of improvements that should be considered in the next revision of the Guidelines. Our analysis is based on the observation that horizontal merger policy has suffered from under-enforcement. We provide evidence that the enforcement agencies face significant resource constraints that require a triage process that inevitably leads to under-enforcement. In light of merger law placing greater weight on avoiding false negatives and under-deterrence than false positive and over-deterrence, the article suggests a number of ways in which the under-enforcement bias might be corrected, including (among others): rolling back the increase in the HHI “red zone” thresholds; mandating anticompetitive presumptions for mergers with high GUPPIs, acquisitions of mavericks, and acquisitions by dominant firms; closer analysis of common ownership by financial funds; and expanded analysis of potential competition mergers.



中文翻译:

十年后的 2010 年 HMG:我们将何去何从?

本文是 2010 年横向并购指南十周年研讨会的一部分,我们建议在指南的下一次修订中应考虑的一些改进。我们的分析基于横向合并政策执行不力的观察。我们提供的证据表明,执法机构面临着严重的资源限制,需要一个不可避免地导致执法不足的分类过程。鉴于合并法更重视避免假阴性和威慑不足而不是假阳性和过度威慑,本文提出了一些可以纠正执法不足偏见的方法,包括(除其他外):回滚HHI“红色区域”阈值的增加;对与高 GUPPI 的合并、对特立独行的收购以及占主导地位的公司的收购强制执行反竞争推定;对金融基金的共同所有权进行更仔细的分析;并对潜在的竞争合并进行扩展分析。

更新日期:2021-01-10
down
wechat
bug