The Competitive Effects Of Minority Shareholdings PDF Download
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Author | : Panagiotis Fotis |
Publisher | : Bloomsbury Publishing |
Total Pages | : 509 |
Release | : 2016-04-07 |
Genre | : Law |
ISBN | : 1509900896 |
Download The Competitive Effects of Minority Shareholdings Book in PDF, ePub and Kindle
The objective of this book is twofold. First, it presents the economics of minority shareholdings, under both merger and antitrust law. In particular, economic analysis provides both an overall assessment of minority shareholdings in the context of concentrations, and Articles 101 and 102 TFEU and the examination of the link between non-controlling minority shareholdings, merger control and antitrust law. Second, the book also provides a legal assessment and an analysis of selected case law. According to settled European case law, minority shareholdings are analysed not only under Regulation 139/2004, but also under Articles 101 and 102 TFEU. Nevertheless, according to current enforcement practice at European and international levels, several national competition authorities have adopted different approaches. The million dollar question is whether the existing regulatory framework is sufficient to cover all possible cases. In summary, the book will be a useful tool for students, practitioners, researchers, economic and legal experts and competition authorities. It provides a comprehensive survey of the subject, which has been missing until now and answers many questions that have been raised in the literature in the last decades.
Author | : Daniel P. O'Brien |
Publisher | : |
Total Pages | : 45 |
Release | : 2017 |
Genre | : |
ISBN | : |
Download The Competitive Effects of Common Ownership Book in PDF, ePub and Kindle
Recent empirical research purports to show that common ownership by institutional investors harms competition even when all financial holdings are minority interests. This research has received a great deal of attention, leading to both calls for and actual changes in antitrust policy. This paper examines the research on this subject to date and finds that its conclusions regarding the effects of minority shareholdings on competition are not well established. Without prejudging what more rigorous empirical work might show, we conclude that researchers and policy authorities are getting well ahead of themselves in drawing policy conclusions from the research to date. The theory of partial ownership does not yield a specific relationship between price and the MHHI. In addition, the key explanatory variable in the emerging research - the MHHI - is an endogenous measure of concentration that depends on both common ownership and market shares. Factors other than common ownership affect both price and the MHHI, so the relationship between price and the MHHI need not reflect the relationship between price and common ownership. Thus, regressions of price on the MHHI are likely to show a relationship even if common ownership has no actual causal effect on price. The instrumental variable approaches employed in this literature are not sufficient to remedy this issue. We explain these points with reference to the economic theory of partial ownership and suggest avenues for further research.
Author | : Frank P. Maier-Rigaud |
Publisher | : |
Total Pages | : 14 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download The Role of Non-Coordinated Effects in the Assessment of Minority Shareholdings Book in PDF, ePub and Kindle
Following the standard (acquisition of control) merger logic, merger control regimes have typically treated horizontal minority shareholdings as a matter of coordinated effects. As in a standard horizontal merger case, the transaction implies full control of the target firm and joint profit maximization post-merger, it is easy to see the acquisition of minority shares being analysed as a matter of information flows and influencing conduct. In that sense, competitive effects of shareholdings are not systematically different from a standard merger, although the effects of the shareholding are attenuated by the more limited degree of influence exerted by the minority shareholder. This has led to a focus on the acquired rights of minority shareholders in an effort to gauge the actual influence that such a shareholder may exert on the company. In other words, the focus has been on coordinated effects resulting from the influence of the minority shareholder to the detriment of a non-coordinated effects analysis. This article focusses on the non-coordinated effects of minority shareholdings in oligopolistic markets. It is demonstrated that minority shareholdings even when they fall below the usual thresholds can lead to a significant impediment of effective competition (SIEC) on a purely non-coordinated basis. This is particularly likely in a market with differentiated products, when a firm partially acquires shareholdings in its closest competitor and when the next best alternative products are only weak substitutes. While share thresholds may be a decent rough proxy for coordinated effects to the extent that they convey different degrees of direct influence, it is shown that such thresholds are much less meaningful in the context of non-coordinated effects as general market conditions and in particular closeness of competition, which is independent of the magnitude of the shares, becomes much more important.
Author | : Panagiotis Fotis |
Publisher | : Bloomsbury Publishing |
Total Pages | : 336 |
Release | : 2016-04-07 |
Genre | : Law |
ISBN | : 1509900888 |
Download The Competitive Effects of Minority Shareholdings Book in PDF, ePub and Kindle
The objective of this book is twofold. First, it presents the economics of minority shareholdings, under both merger and antitrust law. In particular, economic analysis provides both an overall assessment of minority shareholdings in the context of concentrations, and Articles 101 and 102 TFEU and the examination of the link between non-controlling minority shareholdings, merger control and antitrust law. Second, the book also provides a legal assessment and an analysis of selected case law. According to settled European case law, minority shareholdings are analysed not only under Regulation 139/2004, but also under Articles 101 and 102 TFEU. Nevertheless, according to current enforcement practice at European and international levels, several national competition authorities have adopted different approaches. The million dollar question is whether the existing regulatory framework is sufficient to cover all possible cases. In summary, the book will be a useful tool for students, practitioners, researchers, economic and legal experts and competition authorities. It provides a comprehensive survey of the subject, which has been missing until now and answers many questions that have been raised in the literature in the last decades.
Author | : Mario Cistaro |
Publisher | : |
Total Pages | : 32 |
Release | : 2020 |
Genre | : |
ISBN | : |
Download Horizontal Shareholdings and Effects on the Competitive Structure of the Market Book in PDF, ePub and Kindle
Recent studies have linked the concentration of common shareholding in competing corporations among the same group of minority shareholders with competition concerns. This paper will examine whether the correlation between the structure of corporate ownership captured by common shareholding and the structure of the market(s) in which the companies operate might determine anticompetitive effects and be considered illegal under antitrust laws. To this regard, after describing the main theoretical and empirical foundations for the competition concerns associated to common shareholding, I will analyze the arguments raised both in favor and against the enforcement of the antitrust laws and, in particular as regards the latter, the lack of evidence on the causal mechanism through which common shareholdings determine anticompetitive effects. While in the US, the Clayton Act seem to ban merger and stock acquisition that are likely to have anticompetitive effects regardless of whether the mechanism for those effects is known, a different conclusion should be reached with regard to the European Union antitrust laws. Under the EU merger regulation competitive effects of common shareholdings are captured if, and only, they confer control, being control the causal mechanism preidentified by the EU law to link competitive effects to a transaction that modifies the structure of the market.
Author | : Shirley Meadowcroft |
Publisher | : |
Total Pages | : 168 |
Release | : 1986 |
Genre | : Business & Economics |
ISBN | : |
Download Minority Share Acquisition Book in PDF, ePub and Kindle
Author | : Gian Diego Pini |
Publisher | : |
Total Pages | : 151 |
Release | : 2015 |
Genre | : |
ISBN | : |
Download Passive-Aggressive Investments Book in PDF, ePub and Kindle
Minority share acquisitions between competitors have been mistakenly considered of concern only in case they result in a change of control.First the economic theory, closely followed by courts and doctrine, explained and demonstrated that even the acquisition of non-controlling shareholdings may distort competition and requires a close scrutiny by competition authorities.This article analyzes the impact of minority shareholdings on the incentives of rival firms and ascertains whether the authorities are provided with adequate tools to investigate and address the potential anticompetitive effects.The results of the economic theory are the starting point to assess whether the legal treatment of minority shareholdings under the EU and US antitrust systems is appropriate and adequate.
Author | : Ariel Ezrachi |
Publisher | : Bloomsbury Publishing |
Total Pages | : 859 |
Release | : 2021-08-12 |
Genre | : Law |
ISBN | : 1509933409 |
Download EU Competition Law Book in PDF, ePub and Kindle
'This book should be in the library of every competition law practitioner and academic. The summary of cases is first class. But what makes it really stand out is the quality of the commentary and the selection of the material which includes not only the most important European judgements and decisions but also some of the leading cases from the US and European Member States.' Ali Nikpay, Gibson, Dunn & Crutcher LLP This unique book is designed as a working tool for the study and practice of European competition law, focused on case law analysis. Each chapter begins with an introduction which outlines the relevant laws, regulations and guidelines for each of the topics, setting the analytical foundations for the case entries. Within this framework, cases are reviewed in summary form, accompanied by useful analysis and commentary. The 7th edition includes recent judgments from the European Court of Justice on the scope of object and effects based analysis (including Generics and Budapest Bank), as well as those on abuse of dominance. It examines developments in parallel trade, online sales restrictions, advertising bans, enforcement powers and procedure. Expanding its coverage of merger decisions, it explores non-collusive oligopoly (including CK Telecoms) and the treatment of innovation and data under the EU Merger Regulation. This unique book offers the practitioner and competition law student an insightful guide to EU competition law cases, an understanding of which is crucial. Rigorous, comprehensive and authoritative, it simply is a must read.
Author | : Anne-Marie Van den Bossche |
Publisher | : Uitgeverij Larcier |
Total Pages | : 2783 |
Release | : 2015-10-21 |
Genre | : Law |
ISBN | : 2804485617 |
Download Sourcebook on EU Competition Law Book in PDF, ePub and Kindle
One risks to drown in the flood of ever more regulatory texts, judgments, books and articles on European competition law. The Sourcebook on EU Competition Law brings some order to this subject. It combines the advantages of a practical one-volume overview of the law as it stands with an extensive bibliography which puts the reader on the right track towards in-depth research. The Sourcebook on EU Competition Law offers: (a) a full-text collection of EU documents on competition law: core Articles of the post-Lisbon Treaties, relevant Protocols, secondary legislation, Commission notices and communications; (b) excerpts of relevant judgments of the General Court and the European Court of Justice; (c) an extensive bibliography with books, articles and overviews of case law in several EU languages; and (d) notification forms, brought together in a separate section for easy reference. The Sourcebook on EU Competition Law covers all areas of competition law: restrictive practices, abuse of dominant position, merger control, state aid and services of general economic interest. The book’s structure allows the reader to distinguish easily between the essential provisions and the implementing measures.
Author | : Debra Johnson |
Publisher | : Routledge |
Total Pages | : 720 |
Release | : 2015-10-06 |
Genre | : Business & Economics |
ISBN | : 113462204X |
Download European Business Book in PDF, ePub and Kindle
The third edition of European Business is published at a time of turbulence in Europe. This uncertainty puts Europe's unique business environment at risk. Key features of the new edition include: assessments of how individual member states affect the integration process and bring diversity to European business; new material on the links between Europe and the World’s other main regions, including emerging economies; new case studies on topics such as the rise of the BRICs, the energy crisis, enlargement and the Euro. The book retains popular pedagogical features to help students make sense of a confusing and complex environment. A unique and accessible text, the book is ideal reading for students of European and International Business and important additional reading for those interested in European politics and economics.