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49 results, from 41
  • Refereed essays Web of Science

    Common Ownership Patterns in the European Banking Sector: The Impact of the Financial Crisis

    We provide a description of ownership patterns in the top 25 European banks for the period 2003–2015, where we especially focus on the global financial crisis. Investment managers, such as Blackrock, are dominant in terms of number of blockholdings in different banks, maintaining fairly stable “common ownership” networks throughout our sample. However, the financial crisis led to capital injections ...

    In: Journal of Competition Law & Economics 18 (2022), 1, S. 135–167 | Albert Banal-Estañol, Nuria Boot, Jo Seldeslachts
  • Refereed essays Web of Science

    A Retrospective Evaluation of the GDF/Suez Merger: Effects on the Belgian Gas Hub

    We present an ex-post analysis of the effects of GDF's acquisition of Suez in 2006, which created one of the world's largest energy companies. We perform a series of econometric analyses on the market for trading at the Zeebrugge gas hub in Belgium. Removing barriers to entry and facilitating access to the hub through ownership unbundling were an important part of the objectives of the remedies imposed ...

    In: The Energy Journal 42 (2021), 6, S. 199-228 | Elena Argentesi, Albert Banal-Estañol, Jo Seldeslachts
  • Refereed essays Web of Science

    Transformational Strategies and Productivity Growth: A Transformational‐Activities Perspective on Stagnation in the New‐Normal Business Landscape

    Declines in productivity growth substantially explain new‐normal business stagnation; yet in order to address situations of slack productivity growth, firms can choose from six generic transformational strategies: retirement, renewal, retrenchment, replication, redeployment, and recombination. While the extant literature focuses on specific transformational strategies that particular firms, ...

    In: Journal of Management Studies 57 (2020), 3, S. 537-568 | Joseph A. Clougherty, Tomaso Duso, Jo Seldeslachts, Lorenzo Ciari
  • Refereed essays Web of Science

    The Impact of Competition Policy Enforcement on the Functioning of EU Energy Markets

    We investigate the impact of competition policy enforcement on the functioning of European energy markets while accounting for sectoral regulation. For this purpose, we compile a novel dataset on the European Commission's (EC) and EU member states' competition policy decisions in energy markets and combine it with firm- and sector-level data. We find that EC merger policy has a positive and robust ...

    In: The Energy Journal 40 (2019), 5, S. 97-120 | Tomaso Duso, Jo Seldeslachts, Florian Szücs
  • Refereed essays Web of Science

    Effective European Antitrust: Does EC Merger Policy Generate Deterrence?

    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: Economic Inquiry 54 (2016), 4, S. 1884-1903 | Joseph A. Clougherty, Tomaso Duso, Miyu Lee, Jo Seldeslachts
  • Refereed essays Web of Science

    Collusion through Joint R&D: An Empirical Assessment

    This paper tests whether upstream R&D cooperation leads to downstream collusion. We show that a sufficient condition for identifying collusive behavior is a decline in the market share of RJV-participating firms. Using information from the U.S. National Cooperation Research Act, we estimate a market share equation correcting for the endogeneity of RJV participation and R&D expenditures. We find robust ...

    In: The Review of Economics and Statistics 96 (2014), 2, S. 349-370 | Tomaso Duso, Lars-Hendrik Röller, Jo Seldeslachts
  • Other refereed essays

    Common Ownership in the U.S. Pharmaceutical Industry: A Network Analysis

    We investigate patterns in common ownership networks between firms that are active in the U.S. pharmaceutical industry for the period 2004–2014. Our main findings are that “brand firms”—that is, firms that have research and development capabilities and launch new drugs—exhibit relatively dense common ownership networks with each other that further increase significantly in density over time, whereas ...

    In: The Antitrust Bulletin 66 (2021), 1, S. 68–99 | Albert Banal-Estañol, Melissa Newham, Jo Seldeslachts
  • Other refereed essays

    Diversification, Common Ownership, and Strategic Incentives

    We argue that within-industry investor diversification is directly related to common ownership incentives (profit loads on rival firms by the manager of a firm) in product markets. Because of their respective investment strategies, passive investors are naturally more diversified than active investors. If more money flows from active toward passive investors, then common ownership incentives increase. ...

    In: AEA Papers and Proceedings 110 (2020, S. 561-564 | Albert Banal-Estanol, Jo Seldeslachts, Xavier Vives
  • Zeitungs- und Blogbeiträge

    Deterrence in EU Merger Policy

    In: VoxEU.org (09.04.2016), [Online-Artikel] | Joseph A. Clougherty, Tomaso Duso, Jo Seldeslachts
49 results, from 41
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