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Quantifying the coordinated effects of partial horizontal acquisitions

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dc.contributor.authorBrito, Duarte
dc.contributor.authorRibeiro, Ricardo
dc.contributor.authorVasconcelos, Helder
dc.date.accessioned2019-07-09T13:59:34Z
dc.date.available2019-07-09T13:59:34Z
dc.date.issued2018
dc.description.abstractRecent years have witnessed an increased interest, by competition agencies, in assessing the competitive effects of partial acquisitions. We propose an empirical structural methodology, which can deal with settings involving all types of owners and ownership rights, to quantify the coordinated effects of partial horizontal acquisitions on differentiated products industries, by evaluating the impact of such acquisitions on the minimum discount factors for which coordination can be sustained. We also provide an empirical application of the methodology to several acquisitions in the wet shaving industry that give rise to cross- and common-ownership structures. The results are as follows (i) the incentives to coordinate of the firms that the acquiring party is – pre-acquisition – able to influence are non-decreasing with any acquisition; (ii) the incentives to coordinate of the acquired firm are non-decreasing with acquisitions involving full or partial both financial and corporate control rights, but non-increasing with acquisitions involving full or partial solely financial rights; and (iii) the incentives to coordinate of the remaining firms in the industry are non-increasing with any acquisition. This implies that the coordinated effects of partial horizontal acquisitions are, in general, ambiguous, which illustrates the importance of an empirical structural methodology.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationBrito, D., Ribeiro, R., Vasconcelos, H. (2018). Quantifying the coordinated effects of partial horizontal acquisitions. European Economic Review, 110, 108-149pt_PT
dc.identifier.doi10.1016/j.euroecorev.2018.07.009pt_PT
dc.identifier.eid85053032551
dc.identifier.eissn1873-572X
dc.identifier.issn0014-2921
dc.identifier.urihttp://hdl.handle.net/10400.14/27874
dc.identifier.wos000450538900006
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherElsevierpt_PT
dc.relationPTDCEGE-ECO1179322010
dc.relationPOCI-01-0145-FEDER-007659
dc.subjectAntitrustpt_PT
dc.subjectCoordinated effectspt_PT
dc.subjectPartial acquisitionspt_PT
dc.subjectOligopolypt_PT
dc.subjectDifferentiated productspt_PT
dc.subjectDemand estimationpt_PT
dc.titleQuantifying the coordinated effects of partial horizontal acquisitionspt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/5876/UID%2FECO%2F04105%2F2013/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/5876/UID%2FECO%2F04007%2F2013/PT
oaire.citation.endPage149
oaire.citation.startPage108
oaire.citation.titleEuropean Economic Reviewpt_PT
oaire.citation.volume110
oaire.fundingStream5876
oaire.fundingStream5876
person.familyNameBrito
person.familyNameRibeiro
person.familyNameVasconcelos
person.givenNameDuarte
person.givenNameRicardo
person.givenNameHelder
person.identifierR-000-PSN
person.identifier.ciencia-idFE1B-059C-9DAF
person.identifier.ciencia-id731D-7968-08ED
person.identifier.orcid0000-0003-2971-9572
person.identifier.orcid0000-0003-4627-4261
person.identifier.orcid0000-0002-2584-4352
person.identifier.ridB-9620-2009
person.identifier.ridR-9464-2017
person.identifier.scopus-author-id7004510546
person.identifier.scopus-author-id56024991300
person.identifier.scopus-author-id9436106000
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsrestrictedAccesspt_PT
rcaap.typearticlept_PT
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