An Empirical Analysis of Mexican Merger Policy

• Tác giả: Marcos Avalos
• Ngôn ngữ: eng
• Ký hiệu phân loại: 598.19 Ayes (Birds)
• Thông tin xuất bản: 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 300438
• Chủ đề: 1. Acquisitions; 2. Mergers; 3. Proxy Contests; 4. Restructuring; 5. Voting

Tóm tắt

A newly created dataset including 239 decisions made by the Mexican Federal Competition Commission on horizontal mergers is used to estimate the different factors affecting the Commission's resolution decisions. The decision-making process has been approximated by two different discrete choice models. Our results indicate that, contrary to the Commission's objective, the presence of efficiency gains increases the probability of a case being challenged. We also find that factors different from the ones explicitly mentioned by the Commission have a significant effect upon the Commission's final decision. In particular, the presence of a foreign company among the would-be merger firms significantly increases the likelihood of observing an allowed merger.