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Creator: Stutzer, Michael J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 197 Abstract:
Antitrust regulators often attempt to prevent proposed corporate market-extension mergers or acquisitions by arguing that doing so will result in the proposer entering the market as an additional, smaller, independent competitor. In cases where this so-called doctrine of probable future competition is valid, regulators still need guidance in ranking the priority of cases to pursue. This paper modifies the approach of Dansby and Willig to compute measures of the gross benefits arising from valid regulation. Such measures relate the change in consumer plus producer surplus caused by regulation, to measures of market concentration, firm conduct assumptions, small firm profits, and market demand data.
Palabra clave: Market extension, Merger, Acquisition, and Antitrust regulation Tema: K21 - Regulation and business law - Antitrust law, L40 - Antitrust issues and policies - General, and L13 - Market structure, firm strategy, and market performance - Oligopoly and other imperfect markets
Creator: Boyd, John H. and Graham, Stanley L. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 398 Abstract:
This study estimates the effects of allowing bank holding companies (BHCs) to enter several lines of financial business not now permitted. A simulation technique is used to estimate the risk and return of hypothetical financial corporations after merger between a BHC and a large firm in each of these industries: securities, real estate, life insurance, property and casualty insurance, and insurance agencies. The study concludes that a merger between a BHC and a life insurance company may decrease the probability of bankruptcy for the merged firm relative to the BHC alone. This result does not hold true, however, for BHC mergers with firms in the other industries. In particular, BHC mergers with securities or real estate firms are found to increase the probability of bankruptcy.
Palabra clave: Bank holding company, Securities, Insurance, Risk, Merger, Bank holding companies, Bankruptcy, and Real estate Tema: G28 - Financial institutions and services - Government policy and regulation, G21 - Financial institutions and services - Banks ; Other depository institutions ; Micro finance institutions ; Mortgages, and G32 - Corporate finance and governance - Financing policy ; Financial risk and risk management ; Capital and ownership structure