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Unilateral effects screens for partial horizontal acquisitions: the generalized HHI and GUPPI

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dc.contributor.authorBrito, Duarte
dc.contributor.authorOsório, António
dc.contributor.authorRibeiro, Ricardo
dc.contributor.authorVasconcelos, Hélder
dc.date.accessioned2019-02-01T12:14:10Z
dc.date.available2019-02-01T12:14:10Z
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 a generalization of the two most traditional indicators used to screen unilateral anti-competitive effects - the Herfindahl–Hirschman Index and the Gross Upward Price Pressure Index - to partial horizontal acquisition settings. The proposed generalized indicators are endogenously derived under a probabilistic voting model in which the manager of each firm is elected in a shareholder assembly between two potential candidates who seek to obtain utility from an exogenous rent associated with corporate office. The model (i) can cope with settings involving all types of owners and rights: owners that can be internal to the industry (rival firms) and external to the industry; and rights that can capture financial and corporate control interests, can be direct and indirect, can be partial or full, (ii) yields an endogenous measure of the owners ultimate corporate control rights, and (iii) can also be used - in case the potential acquisition is inferred to likely enhance market power - to devise divestiture structural remedies. We also provide an empirical application of the two proposed generalized indicators to several acquisitions in the wet shaving industry, with the objective of providing practitioners with a step-by-step illustration of how to compute them in antitrust cases.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationBrito, D.; Osório, A.; Ribeiro, R.; Vasconcelos, H. (2018) Unilateral effects screens for partial horizontal acquisitions: The generalized HHI and GUPPI. International Journal of Industrial Organization, 59 (2018) 127-189pt_PT
dc.identifier.doi10.1016/j.ijindorg.2018.03.005
dc.identifier.eid85045120802
dc.identifier.eissn1873-7986
dc.identifier.issn0167-7187
dc.identifier.urihttp://hdl.handle.net/10400.14/26794
dc.identifier.wos000439391000006
dc.language.isoengpt_PT
dc.publisherElsevier
dc.relationECO2016-75410-P
dc.subjectPartial horizontal acquisitionspt_PT
dc.subjectScreening indicatorspt_PT
dc.subjectHHIpt_PT
dc.subjectGUPPIpt_PT
dc.subjectCorporate controlpt_PT
dc.subjectBanzhaf power indexpt_PT
dc.titleUnilateral effects screens for partial horizontal acquisitions: the generalized HHI and GUPPIpt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/5876/UID%2FECO%2F04007%2F2013/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/5876/UID%2FECO%2F04105%2F2013/PT
oaire.citation.titleInternational Journal of Industrial Organizationpt_PT
oaire.citation.volume59pt_PT
oaire.fundingStream5876
oaire.fundingStream5876
person.familyNameBrito
person.familyNameOsório
person.familyNameRibeiro
person.familyNameVasconcelos
person.givenNameDuarte
person.givenNameAntónio
person.givenNameRicardo
person.givenNameHelder
person.identifierR-000-PSN
person.identifier.ciencia-id3311-E182-C3A3
person.identifier.ciencia-idFE1B-059C-9DAF
person.identifier.ciencia-id731D-7968-08ED
person.identifier.orcid0000-0003-2971-9572
person.identifier.orcid0000-0003-3376-0164
person.identifier.orcid0000-0003-4627-4261
person.identifier.orcid0000-0002-2584-4352
person.identifier.ridB-9620-2009
person.identifier.ridL-6243-2014
person.identifier.ridR-9464-2017
person.identifier.scopus-author-id7004510546
person.identifier.scopus-author-id55710742100
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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