Mergers in Regulated Industries
| Author | : Dennis W. Carlton |
| Publisher | : |
| Total Pages | : 24 |
| Release | : 2007 |
| Genre | : Consolidation and merger of corporations |
| ISBN | : |
Mergers In Regulated Industries
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Regulating Mergers and Acquisitions of U.S. Electric Utilities: Industry Concentration and Corporate Complication
| Author | : Scott Hempling |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 576 |
| Release | : 2020-10-30 |
| Genre | : Law |
| ISBN | : 1839109467 |
What happens when electric utility monopolies pursue their acquisition interests—undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the number of local, independent utilities. Mostly debt-financed, these transactions have converted retiree-suitable investments into subsidiaries of geographically scattered conglomerates. Written by one of the U.S.’s leading regulatory thinkers, this book combines legal, accounting, economic and financial analysis of the 30-year march of U.S. electricity mergers with insights from the dynamic field of behavioral economics.
Merger Review in Regulated Industries
| Author | : Margaret Sanderson |
| Publisher | : |
| Total Pages | : 21 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
In this article, we discuss the economics of many regulated industries in order to determine whether there are unique issues that are likely to arise in the context of mergers in regulated industries that the current merger review framework under the Competition Act is unable to address. In our view, the existing legislation is adequate to deal with the potential competitive issues. At the same time, the Competition Bureau's examination does not extend beyond competitive issues and hence an examination of merger review also needs to consider the industry regulator's role. We discuss the prevalence of parallel merger review by industry regulators and the Competition Bureau and the inherent tensions that this system generates. We close by discussing the virtues and flaws of four potential models of regulatory interaction, including commenting on certain proposals for reform that have been advanced by others as a means of clarifying roles when reviewing mergers in regulated industries. In this respect, we strongly disagree proposal that the Competition Bureau cede jurisdiction to review a merger where there is a specialized industry regulator with concurrent jurisdiction to review a merger.
Mergers in Regulated Industries
| Author | : Alan J. Cox |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2000 |
| Genre | : |
| ISBN | : |
Merging utilities are frequently required to share the economic benefits of a merger with ratepayers. These benefits are often measured using stock price movements at the time of the merger announcement. While event studies of this sort can be a powerful and appropriate tool, improper application and interpretation can lead to misleading conclusions. In this paper, we review the basic event study approach to merger evaluation and discuss some of the complicating factors. We describe both flawed and correctly done event studies submitted in the merger application of SBC Communication and Pacific Telesis before the California Public Utilities Commission and some additional case studies.
Mergers & Acquisitions
| Author | : Wendy B. Davis |
| Publisher | : William s Hein & Company |
| Total Pages | : 1034 |
| Release | : 2007-01-01 |
| Genre | : Law |
| ISBN | : 9780837731339 |
Competition Policy and Merger Analysis in Deregulated and Newly Competitive Industries
| Author | : Peter C. Carstensen |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 265 |
| Release | : 2008-01-01 |
| Genre | : Business & Economics |
| ISBN | : 184844382X |
The thorough analyses presented in the book provide the reader with a good overview of the deregulation process in the respective industries. . . Competition Policy and Merger Analysis in Deregulated and Newly Competitive Industries is a valuable resource for researchers of law, economics, and political science. . . Volker Soyez, European Competition Law Review This comprehensive book contains case studies on the evolution of competition policy, with an emphasis on merger policy, for seven major US industries that have experienced substantial deregulation in the past forty years electricity, natural gas, telecommunications, railroads, airlines, hospitals and banking. Also included is a comparison of the EU s experience in attempting to bring about competition in the energy, finance, and airline industries. The contributors to the volume, each a recognized expert on the industry examined, explore the positive and negative implications of the substitution of market-oriented processes for historic patterns of command and control regulation. The chapters reveal clear similarities in the economic, legal and public policy issues that have arisen following deregulation of these economic sectors. Together they provide a good basis to discern the consistency of the problems and the relative success of differing responses to these issues over a range of industries going through similar transformation. While taking a basically positive view of the movement away from direct regulation, the contributors identify a number of continuing problems with achieving workable competition in these industries. The thorough analyses presented here will be of great value to law, economics, and political science researchers interested in deregulation, economic consultants advising government agencies or private parties, attorneys who focus on deregulated industries, policy planners at the agencies overseeing these industries, and students in advanced seminars on economic regulation.
Merger in a Regulated Industry
| Author | : United States. Congress. House. Committee on the Judiciary. Subcommittee No. 5 |
| Publisher | : |
| Total Pages | : 76 |
| Release | : 1956 |
| Genre | : Consolidation and merger of corporations |
| ISBN | : |
Antitrust and Regulation
| Author | : Franklin M. Fisher |
| Publisher | : MIT Press |
| Total Pages | : 336 |
| Release | : 1985 |
| Genre | : Business & Economics |
| ISBN | : 9780262060936 |
This collection of original essays by economists and lawyers addresses important aspects of antitrust and regulation, such as the U.S. government's merger guidelines, antitrust in regulated industries, the connection between profitability and market share, and the question of what constitutes anticompetitive behavior. The book combines economic and legal analysis to inform policymaking with theory as well as the lessons of experience in the petroleum, electric power, computer, retail food, and telecommunications industries. Antitrust and Regulationopens with John McGowan's previously unpublished background paper, "Mergers for Power or Progress," for the merger guidelines taskforce which recommended the rules adopted by the Antitrust Division of the Justice Department in 1982. This is followed by "Competition and Antitrust in the Petroleum Industry: An Application of the Merger Guidelines," by George A. Hay and Robert J. Reynolds; "Anticompetitive Mergers: Prevention and Cure," by William J. Kolasky, Jr., Philip A. Proger, and Roy T Englert, Jr.; "Industrial Markets: Another Look at the SIC Approach," by James W McKie; "Profitability and Market Share," by Morris A. Adelman and Bruce E. Stangle; "Non-Price Anticompetitive Behavior by Dominant Firms Toward the Producers of Complementary Products," by J. A. Ordover, A. O. Sykes, and R. D. Willig; "Market Conduct: When is it Anticompetitive?" by Robin C. Landis and Ronald S. Rolfe; "Can Exclusive Franchises Be Bad?" by F. M. Fisher; "Mixing Regulatory and Antitrust Policies in the Electric Power Industry: The Price Squeeze and Retail Market Competition," by Paul L. Joskow; "Preferences of Policy Makers for Alternative Allocations of the Broadcast Spectrum," by Forrest Nelson and Roger Noll; "The Financial Interest and Syndication Rules in Network Television: Regulatory Fantasy and Reality," by F. M. Fisher; and "Borrowing from Peter to Pay Paul: More on Departures of Price from Marginal Cost," by Almarin Phillips and Gary L. Roberts. Franklin M. Fisher is Professor of Economics at MIT. He is a coauthor with John McGowan and Joen Greenwood of Folded, Spindled, and Mutilated: Economic Analysis and U.S. v IBM, an MIT Press paperback.
Competition in Regulated Industries
| Author | : Dieter Helm |
| Publisher | : OUP Oxford |
| Total Pages | : 302 |
| Release | : 1998 |
| Genre | : Social Science |
| ISBN | : 019829252X |
The UK has pioneered the introduction of competition into service industries. The radical policy innovations have been controversial. This volume looks at the lessons which have emerged from the UK so far, and considers the implications for future policy in the UK and for other countries following its precedent.
Mergers, Acquisitions and International Financial Regulation
| Author | : Daniele D'Alvia |
| Publisher | : Routledge |
| Total Pages | : 253 |
| Release | : 2021-11-29 |
| Genre | : Business & Economics |
| ISBN | : 1000507912 |
This is a much-needed work in the financial literature, and it is the first book ever to analyse the use of Special Purpose Acquisition Companies (SPACs) from a theoretical and practical perspective. By the end of 2020, more than 240 SPACs were listed in the US (on NASDAQ or the NYSE), raising a record $83 billion. The SPAC craze has been shaking the US for months, mainly because of its simplicity: a bunch of investors decides to buy shares at a fixed price in a company that initially has no assets. In this way, a SPAC, also known as a "blank check company", is created as an empty shell with lots of money to spend on a corporate shopping spree. Could the trend be here to stay? Are SPACs the new legitimate path to traditional IPO? This book tackles those questions and more. The author provides a thorough analysis of SPACs including their legal framework and how they are used as a risk mitigation tool to structure transactions. The main objectives of the book are focused on finding a working definition for SPACs and theorising on their origins, definition, and evolution; identifying the objectives of financial regulation within the context of the recent financial crisis (2007–2010) and the one that is currently unfolding (Covid-19); and also describing practical examples of SPACs through a comparative study that, for the first time, outlines every major capital market on which SPACs are listed, in order to identify a possible international standard of regulation. The book is relevant to academics as well as policymakers, international financial regulators, corporate finance lawyers as well as to the financial industry tout court.
