An Empirical Assessment of the 2004 EU Merger Policy Reform
基于1990-2007年欧盟委员会审查的368个并购案例，评估2004年欧盟并购立法改革的经济影响，发现改革提高了决策可预测性并减少了第一类错误，但弱化禁令作为政策工具和威慑机制的做法缺乏充分依据。
Based on a database of 368 merger cases scrutinized by the European Commission (EC) between 1990 and 2007, we evaluate the economic impact of the change in European merger legislation in 2004. We propose a general framework to assess merger policy effectiveness, focusing on four different policy dimensions: 1) predictability, 2) decision errors, 3) reversion of anti-competitive rents, and 4) \ndeterrence. We compare the results before and after the reform, finding that the "more economic approach" resulted in improved ex-ante predictability of decisions and a reduction of the frequency of type I errors. Merger policy enforcement deters anti-competitive mergers without over-deterring pro-competitive transactions. Yet, the policy shift away from prohibitions, which are effective as a policy tool and as a deterrence mechanism, does not seem to be well grounded. (authors' abstract)