Quantifying the Coordinated Effects of Partial Horizontal Acquisitions

Brito, Duarte; Ribeiro, Ricardo; Vasconcelos, Helder

Publication

Quantifying the Coordinated Effects of Partial Horizontal Acquisitions

2017Working paper

dc.contributor.author	Brito, Duarte
dc.contributor.author	Ribeiro, Ricardo
dc.contributor.author	Vasconcelos, Helder
dc.date.accessioned	2018-07-05T16:22:16Z
dc.date.available	2018-07-05T16:22:16Z
dc.date.issued	2017
dc.description.abstract	Recent years have witnessed an increased interest, by competition agencies, in assessing the com- petitive e§ects of partial acquisitions. We propose an empirical structural methodology to quantify the coordinated e§ects of such acquisitions on di§erentiated products industries, by evaluating the impact of such acquisitions on the minimum discount factors for which coordination can be sustained. The methodology can deal with settings involving all type of owners and ownership rights: owners that can be internal to the industry (rival Örms) and external to the industry; and ownership rights that can involve Önancial interests and corporate control, can be direct and indirect, can be partial or full. We provide an empirical application of our proposed methodology to several acquisitions in the wet shaving industry that give rise to cross- and common-ownership structures. The results seem to suggest that the incentives of (i) the acquiring partyís Örm to coordinate are non-decreasing after an acquisition (independently of whether it involves full or partial Önancial or corporate control rights, by internal or external owners), (ii) the acquired Örm to coordinate are non-decreasing after acquisitions involving full or partial corporate control rights, but non-increasing after acquisitions involving full or partial Önancial rights, and (iii) the remaining Örms in the industry to coordinate are non-increasing after an acquisition (again, independently of whether it involves full or partial Önancial or corporate control rights, by internal or external owners).	pt_PT
dc.description.version	info:eu-repo/semantics/publishedVersion	pt_PT
dc.identifier.citation	Brito, D., Ribeiro, R., Vasconcelos, H. (2017). Quantifying the Coordinated Effects of Partial Horizontal Acquisitions. Working papers: Economics. N.º 1, 74 p.	pt_PT
dc.identifier.uri	http://hdl.handle.net/10400.14/25184
dc.language.iso	eng	pt_PT
dc.peerreviewed	no	pt_PT
dc.relation.publisherversion	https://ideas.repec.org/p/cap/wpaper/012017.html	pt_PT
dc.rights.uri	http://creativecommons.org/licenses/by/4.0/	pt_PT
dc.subject	Antitrust	pt_PT
dc.subject	Coordinated Efects	pt_PT
dc.subject	Partial Acquisitions	pt_PT
dc.subject	Oligopoly	pt_PT
dc.subject	Diferentiated Products	pt_PT
dc.subject	Demand Estimation	pt_PT
dc.title	Quantifying the Coordinated Effects of Partial Horizontal Acquisitions	pt_PT
dc.type	working paper
dspace.entity.type	Publication
oaire.citation.title	Working papers: Economics	pt_PT
rcaap.rights	openAccess	pt_PT
rcaap.type	workingPaper	pt_PT