We study the factors that influence the decisions that are made by the Brazilian competition authority on mergers and compare these factors with the Brazilian merger policy guidelines. Estimates of discrete choice models show that high post-merger market share and adverse entry conditions—both of which are included in the guidelines—significantly increase the likelihood of mergers’ being challenged. Market regulation—a factor that is not included in the guidelines—also influences these decisions. Our analysis indicates that the guidelines do not cover all relevant aspects of the decision-making process and shows evidence of the interaction between merger and regulatory policies.

我们研究了影响巴西竞争管理机构对合并决策的因素，并将这些因素与巴西合并政策指南进行了比较。离散选择模型的估计表明，合并后较高的市场份额和不利的进入条件（均已包含在指南中）显着增加了合并受到挑战的可能性。市场监管是指南中未包括的因素，也会影响这些决策。我们的分析表明，该指南并未涵盖决策过程的所有相关方面，并显示了合并与监管政策之间相互作用的证据。