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  1. Market concentration in Europe
    evidence from antitrust markets
    Autor*in: Affeldt, Pauline Luise; Duso, Tomaso; Gugler, Klaus; Piechucka, Joanna
    Erschienen: January 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are... mehr

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    DS 63
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    An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level while firm level revenues are a poor indicator of product sales. We use a novel database that identifies over 20,000 product/geographic antitrust markets affected by over 2,000 mergers scrutinized by the European Commission between 1995 and 2014. We show that concentration, as measured by the market-specific post-merger HHI, is larger than reported in the extant literature (at least) by a factor of ten. We also show that concentration has increased over time on average. Yet, there is a great deal of heterogeneity across geographic markets and within broader industries. In a regression analysis that exploits this within-industry variation, we show that barriers to entry are unambiguously positively related to concentration irrespective of time periods, sectors of activity, and geographical market dimension analyzed. Strict past merger enforcement negatively correlates with concentration. Yet, this effect is stronger in the earlier decade (1995-2004) than subsequently. Intangibility of investments consistently displays positive correlation with concentration only for EU wide and worldwide services markets. In contrast, the correlation is negative in national markets. This underscores the importance of the large heterogeneity present in concentration developments across markets.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/232463
    Schriftenreihe: CESifo working paper ; no. 8866 (2021)
    Schlagworte: concentration; HHI; market definition; entry barriers; mergers; merger control; intangibles
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  2. Assessing EU merger control through compensating efficiencies
    Autor*in: Affeldt, Pauline Luise; Duso, Tomaso; Gugler, Klaus; Piechucka, Joanna
    Erschienen: November 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Worldwide, the overwhelming majority of large horizontal mergers are cleared by antitrust authorities unconditionally. The presumption seems to be that efficiencies from these mergers are sizeable. We calculate the compensating efficiencies that... mehr

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    Worldwide, the overwhelming majority of large horizontal mergers are cleared by antitrust authorities unconditionally. The presumption seems to be that efficiencies from these mergers are sizeable. We calculate the compensating efficiencies that would prevent a merger from harming consumers for 1,014 mergers affecting 12,325 antitrust markets scrutinized by the European Commission between 1990 and 2018. Compensating efficiencies seem too large to be achievable for many mergers. Barriers to entry and the number of firms active in the market are the most important factors determining their size. We highlight concerns about the Commission’s merger enforcement being too lax.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/248948
    Schriftenreihe: CESifo working paper ; no. 9403 (2021)
    Schlagworte: compensating efficiencies; efficiency gains; merger control; concentration; screens; HHI; mergers; unilateral effects; market definition; entry barriers
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  3. Credit supply shocks and firm dynamics
    evidence from Brazil
    Autor*in: Bazzi, Samuel; Muendler, Marc-Andreas; Oliveira, Raquel F.; Rauch, James E.
    Erschienen: September 2023
    Verlag:  CESifo, Munich, Germany

    We explore how financial constraints distort the entry decisions among otherwise productive entrepreneurs and limit growth of promising young firms. A model of liquidity-constrained entrepreneurs suggests that the easing of credit constraints can... mehr

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    We explore how financial constraints distort the entry decisions among otherwise productive entrepreneurs and limit growth of promising young firms. A model of liquidity-constrained entrepreneurs suggests that the easing of credit constraints can induce more entry of firms with greater long-run growth potential than the easing of conventional entry barriers would bring about. We explore this growth mechanism using a large-scale program to expand the supply of credit to small and medium enterprises in Brazil. Local credit supply shocks generate greater firm entry but also greater exit with no effect on short-run employment growth in the formal sector. However, credit expansions increase average capability among entering firms, which enter at larger size, survive longer, and grow faster. These firm dynamics are more pronounced in areas with weaker credit markets ex ante and consistent with local bank branches using cheap targeted credit lines to expand lending more broadly. Our findings provide new evidence on the general equilibrium effects of credit supply expansions.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/282360
    Schriftenreihe: CESifo working papers ; 10672 (2023)
    Schlagworte: credit constraints; entry barriers; growth barriers; startups
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  4. Perfect competition, market power, and contestability
    Autor*in: Budzinski, Oliver; Stöhr, Annika
    Erschienen: May 2024
    Verlag:  Ilmenau University of Technology, Institute of Economics, Ilmenau ; Universitätsbibliothek

    The model of perfect competition is one of the most famous, most important, and most misunderstood concepts in economics. Rather than aiming to be a full-blown model of real-world competitive markets, the perfect competition model isolates the... mehr

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    WIR 2024
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    Thüringer Universitäts- und Landesbibliothek
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    The model of perfect competition is one of the most famous, most important, and most misunderstood concepts in economics. Rather than aiming to be a full-blown model of real-world competitive markets, the perfect competition model isolates the decentralized coordination mechanism inherent in all competitive markets. Coordinating supply and demand is not the only feature of market competition, but it plays a central role regarding to its virtues, and understanding the working mechanism of this coordination is valuable for economic thinking and economic theory. However, the implications of the perfect competition model for competition law and policy are limited. Market power is a multifaceted phenomenon that consists of several distinguishable types. This contribution explains absolute market power (single-firm monopoly and dominance), collective market power, relative market power, and systemic market power. Due to the possibility of merit-driven paths to market power positions (especially disruptive innovations), market power is difficult to prohibit – despite its welfare-reducing effects within the affected markets (anticompetitive effects) and in other parts of the economy and society (rent-seeking, lobbying, distributional issues). Therefore, competition policy usually focuses on preventing non-merit paths to market power (merger control) and on combating the (anticompetitive) abuse of market power. Contestability refers to the openness of markets. More specifically, it is the ability of companies to overcome barriers to entry and exit as well as to expansion on markets. While the original economic theory of contestability defines very strict conditions for perfectly contestable markets, antitrust has employed the term contestability in broader and in varying ways, emphasizing the role of potential competition and potential market entries to discipline the behavior of powerful incumbents on monopoly or dominance markets. Recently, contestability is rising to new prominence as a major goal of the European regulation of digital ecosystems.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    RVK Klassifikation: QR 300 ; QC 133
    Schriftenreihe: Ilmenau economics discussion papers ; vol. 29, no. 189
    Schlagworte: perfect competition; atomistic competition; coordination of supply and demand; market power; monopoly; market concentration; dominance; digital ecosystems; price setting; economic power; contestability; entry barriers; exit barriers; potential competition; open markets; Digital Markets Act (EU)
    Umfang: 1 Online-Ressource (34 Seiten)