Showing archive for: “Market Definition”
Diversification Is At The Heart Of Competition
In his chapter 4, Petit lays out how this works with six of today’s large high-tech companies, adding Netflix to the usual Big Five of Amazon, Apple, Facebook, Google, and Microsoft. If I understand properly, what he means by “moligopoly” is that these large firms have their hands in many different relevant markets. Because they ... Diversification Is At The Heart Of Competition
Rising Concentration: Drifters Followup Is Worse Than the Original
Germán Gutiérrez and Thomas Philippon have released a major rewrite of their paper comparing the U.S. and EU competitive environments. Although the NBER website provides an enticing title — “How European Markets Became Free: A Study of Institutional Drift” — the paper itself has a much more yawn-inducing title: “How EU Markets Became More Competitive ... Rising Concentration: Drifters Followup Is Worse Than the Original
Will Montesquieu Rescue Antitrust?
In an age of antitrust populism on both ends of the political spectrum, federal and state regulators face considerable pressure to deploy the antitrust laws against firms that have dominant market shares. Yet federal case law makes clear that merely winning the race for a market is an insufficient basis for antitrust liability. Rather, any ... Will Montesquieu Rescue Antitrust?
Uber/Grubhub: Pandemic Profiteering, Merger Moratoriums, and Rising Concentration … Or Not
Earlier this week, merger talks between Uber and food delivery service Grubhub surfaced. House Antitrust Subcommittee Chairman David N. Cicilline quickly reacted to the news: Americans are struggling to put food on the table, and locally owned businesses are doing everything possible to keep serving people in our communities, even under great duress. Uber is ... Uber/Grubhub: Pandemic Profiteering, Merger Moratoriums, and Rising Concentration … Or Not
Let’s (NOT) Stop All the Mergers: The Case for Letting the Agencies Do Their Jobs
Never let a crisis go to waste, or so they say. In the past two weeks, some of the same people who sought to stop mergers and acquisitions during the bull market took the opportunity of the COVID-19 pandemic and the new bear market to call to ban M&A. On Friday, April 24th, Rep. David ... Let’s (NOT) Stop All the Mergers: The Case for Letting the Agencies Do Their Jobs
What Can the Stock Market Tell Us About the T-Mobile/Sprint Merger?
On Monday evening, around 6:00 PM Eastern Standard Time, news leaked that the United States District Court for the Southern District of New York had decided to allow the T-Mobile/Sprint merger to go through, giving the companies a victory over a group of state attorneys general trying to block the deal. Thomas Philippon, a professor ... What Can the Stock Market Tell Us About the T-Mobile/Sprint Merger?
Symposium Wrap Up: The 2020 Draft Joint Vertical Merger Guidelines: What’s in, what’s out — and do we need them anyway?
Last Thursday and Friday, Truth on the Market hosted a symposium analyzing the Draft Vertical Merger Guidelines from the FTC and DOJ. The relatively short draft guidelines provided ample opportunity for discussion, as evidenced by the stellar roster of authors thoughtfully weighing in on the topic. We want to thank all of the participants for their ... Symposium Wrap Up: The 2020 Draft Joint Vertical Merger Guidelines: What’s in, what’s out — and do we need them anyway?
Manne & Stout 2: Against Incorporating a Contract/Merger Equivalency Assumption in Vertical Merger Guidelines
In our first post, we discussed the weaknesses of an important theoretical underpinning of efforts to expand vertical merger enforcement (including, possibly, the proposed guidelines): the contract/merger equivalency assumption. In this post we discuss the implications of that assumption and some of the errors it leads to — including some incorporated into the proposed guidelines. ... Manne & Stout 2: Against Incorporating a Contract/Merger Equivalency Assumption in Vertical Merger Guidelines
Manne & Stout 1: The Illogic of a Contract/Merger Equivalency Assumption in the Assessment of Vertical Mergers
[TOTM: The following is part of a symposium by TOTM guests and authors on the 2020 Vertical Merger Guidelines. The entire series of posts is available here. This post is authored by Geoffrey A. Manne (President & Founder, ICLE; Distinguished Fellow, Northwestern University Center on Law, Business, and Economics ); and Kristian Stout (Associate Director, ... Manne & Stout 1: The Illogic of a Contract/Merger Equivalency Assumption in the Assessment of Vertical Mergers
White: The Missing Market Definition Standard in the Draft Vertical Guidelines
[TOTM: The following is part of a symposium by TOTM guests and authors on the 2020 Vertical Merger Guidelines. The entire series of posts is available here. This post is authored by Lawrence J. White (Robert Kavesh Professor of Economics, New York University; former Chief Economist, DOJ Antitrust Division).] The DOJ/FTC Draft Vertical Merger Guidelines ... White: The Missing Market Definition Standard in the Draft Vertical Guidelines
Sher: Implications of the Draft Vertical Merger Guidelines for Vertical Mergers Involving Technology Start-Ups
[TOTM: The following is part of a symposium by TOTM guests and authors on the 2020 Vertical Merger Guidelines. The entire series of posts is available here. This post is authored by Scott Sher (Partner, Wilson Sonsini Goodrich & Rosati) and Matthew McDonald (Associate, Wilson Sonsini Goodrich & Rosati).] On January 10, 2020, the United ... Sher: Implications of the Draft Vertical Merger Guidelines for Vertical Mergers Involving Technology Start-Ups
Pozen: The Missed Opportunity for International Harmonization in the Draft Vertical Merger Guidelines
[TOTM: The following is part of a symposium by TOTM guests and authors on the 2020 Vertical Merger Guidelines. The entire series of posts is available here. This post is authored by Sharis Pozen (Partner, Clifford Chance; former Vice President of Global Competition Law and Policy, GE; former Acting Assistant Attorney General, DOJ Antitrust Division); ... Pozen: The Missed Opportunity for International Harmonization in the Draft Vertical Merger Guidelines
