Fusões entre firmas de bens complementares, conforme o senso comum, não causam preocupações anticoncorrenciais. Assim, as autoridades de defesa da concorrência não costumam questioná-las. Entretanto, apresentase um modelo mostrando que, em uma indústria oligopolística de bens complementares e diferenciados em que as firmas competem em preços, o sentido da mudança no nível de bem-estar do consumidor, após a integração das firmas líderes de qualidade dos respectivos bens complementares, depende da distribuição de valoração que os consumidores atribuem a tais produtos. Usa-se a família de distribuições sobre arcos elípticos, parametrizados pelo semi-eixo menor da elipse correspondente para se derivar o resultado.
According to common wisdom, mergers between complementary-goods firms should not raise anti-competitive concerns. Regulatory authorities rarely challenge them indeed. In this paper, I offer an alternative perspective in a model of price-competition in a complementary oligopoly industry with differentiated goods. The sign of the change in the consumer surplus, after the merger between the quality leaders of the respective complementary goods, depends however upon the consumers' valuation distribution over these products. A family of elliptic-arc distributions, parameterized by the elliptic small semi-axis, is usedto derive the result. * As opiniões e idéias colocadas nesse artigo não refletem, necessariamente, as das instituições às quais estou ou estive afiliado.Agradeço a Serdar Dalkir e David Eisenstadt pelas discussões, sugestões e comentários, mas assumo toda a responsabilidade por quaisquer eventuais falhas encontradas no texto.
Policy discussions and a U.S. Supreme Court decision interpret retailer services induced by retail price maintenance (RPM) as enhancing consumer surplus (CS) and welfare enhancing, marginalizing dissenting opinions that use similar models but with different parameters. However, if presales services stimulate demand by providing information about a product's value, they need not raise postsale value in use. Inframarginal consumers' presales perceived value may increase, but their postsale value may be unchanged, so their supposed CS gains are ephemeral, and their actual surplus falls proportional to price increase. We show that, even adding in gains to marginal consumers, effects on CS are far more negative than conceived of in this literature. Consequently, in a rule-of-reason antitrust environment, if RPM is challenged without alleging collusion or exclusion, presales demand-inducing information provision is a flimsy defense if CS is the standard and not always convincing if total surplus is the standard.JEL Classification: L42
How do the parties’ stockholders share the dollar M&A synergies as perceived by the stock market reactions upon the deals’ announcements? Consistent with a recent and mounting body of the literature, this paper reports robust statistical evidence that M&A dollar synergies are equally shared between acquirers’ and targets’ stockholders in a sample of domestic deals in Australia over the period 2013-2020. Strikingly, however, testing separately the parties' corresponding percent abnormal returns, preliminary results are consistent with the "received wisdom", i.e., the acquirers’ percent abnormal returns are not statistically different from zero while the targets’ percent abnormal returns are statistically positive. The reversal of conclusion emerges from the application of the share methodology that uses a much less demanding approach in terms of technical and data intensity requirements than acclaimed approaches that have recently challenged the received wisdom.
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