Work detail

Efficiency of EU Merger Control

Author: Mgr. Serdarevič Goran
Year: 2009 - winter
Leaders: prof. PhDr. Petr Teplý Ph.D.
Consultants:
Work type: Doctoral
Language: English
Pages: 114
Awards and prizes:
Link:
Abstract: Main goal of this thesis is to provide analysis of the key regulatory changes of the European merger
control and to evaluate their real impact on the efficiency of the merger regulation. Our main
contribution is the empirical analysis of the unique representative sample of 161 mergers covering
the final regulatory assessments in the period from 1990 to 2008. We use stock market data to
identify mergers wrongly assessed by the Commission. PROBIT model is then used to further
investigate the sources of these decision errors. Our results suggest that the Commission’s decisions
are not purely explained by the motive of protecting consumer welfare and that other political and
institutional factors do play a role. We did not find evidence that the Commission protect
competitors at the expense of consumers and foreign firms. Moreover, according to our results, the
regulatory reform in 2004 has significantly enhanced efficiency of the European merger control. To
the author’s best knowledge, this is the first study using stock market data to evaluate the recent
regulatory reform of the European merger control.
Downloadable: Rigorosus thesis

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