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Effective European Antitrust: Does EC Merger Policy Generate Deterrence?

Referierte Aufsätze Web of Science

Joseph A. Clougherty, Tomaso Duso, Miyu Lee, Jo Seldeslachts

In: Economic Inquiry 54 (2016), 4, S. 1884-1903


We estimate the deterrence effects of European Commission (EC) merger policy instruments over the 1990–2009 period. Our empirical results suggest phase-1 remedies uniquely generate robust deterrence as—unlike phase-1 withdrawals, phase-2 remedies, and preventions—phase-1 remedies lead to fewer merger notifications in subsequent years. Furthermore, the deterrence effects of phase-1 remedies work best in high-concentration industries, that is, industries where the Herfindahl Hirschman Index is above the 0.2 cut-off level employed by the EC. Additionally, we find phase-1 remedies do not deter clearly pro-competitive mergers, but do deter potentially anti-competitive mergers in high-concentration industries.

Jo Seldeslachts

Research Associate in the Firms and Markets Department

Tomaso Duso

Head of Department in the Firms and Markets Department

JEL-Classification: K21;K40;L40

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