Statistical Analysis of the EC Merger Regime

The paper surveys econometric studies on EU merger control. It explains how to interpret the statistics they deliver on the influence of structural and political variables on merger decisions made by the European Commission. An emphasis is given on the use of econometrics based on so-called event studies. This method provides a means to compare stock market reactions to merger announcement and actual merger decisions.

*This article is an automatic translation of the original article in French, provided here for your convenience. Read the original article. To date, more than 2877 mergers have been notified to the European Commission, 204 have been cleared subject to conditions, 147 have been subject to an in-depth investigation and finally 45 have been prohibited or abandoned at the end of this phase. These figures, in particular the first three, reach orders of magnitude which lend themselves to statistical analysis. Several recent economic studies have sought to exploit this information. In order to illustrate the main methods followed and the results obtained, we will discuss five of them here (see Table 1). Before turning to econometric analysis, it should be recalled that the simple

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  • Ecole Nationale Superieure des Mines de Paris


François Lévêque, Statistical Analysis of the EC Merger Regime, December 2005, Concurrences N° 4-2005, Art. N° 539, pp. 20-26.

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