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Title: Early settlement in Euopean merger control
Authors: Garrod, Luke
Lyons, Bruce
Keywords: Settlement
Merger remedies
Merger regulation
Policy decision
Issue Date: 2016
Publisher: Journal of Industrial Economics Editorial Board and John Wiley & Sons Ltd (© the authors)
Citation: GARROD, L. and LYONS, B., 2016. Early settlement in Euopean merger control. Journal of Industrial Economics, 64 (1), pp.27-63
Abstract: We analyse the determinants of early settlement between merging parties and the European Commission over remedies that remove concerns of anti- comeptitive effects. This extends the previously narrow range of econometric literature on early settlement. Consistent with the theory of early settlement, our results confirm the importance of delay costs and of uncertainty, measured by the complexity of the economic analysis required for each merger. We also find a non-monotonic effect of agency resourcing, which raises questions about the Commission's efficiency in times of high case load. Econometrically, we select a sample of merger decisions in which the European Commission intervened due to concerns of anticompetitive effects, and our selection model provides estimates of the factors determining intervention by the Commission. Conclusions are drawn for public policy.
Description: This is an Open Access Article. It is published by Wiley under the Creative Commons Attribution 4.0 Unported Licence (CC BY). Full details of this licence are available at: http://creativecommons.org/licenses/by/4.0/
Version: Published version
DOI: 10.1111/joie.12093
URI: https://dspace.lboro.ac.uk/2134/21634
Publisher Link: http://dx.doi.org/10.1111/joie.12093
ISSN: 0022-1821
Appears in Collections:Published Articles (Economics)

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