Reliance on the merger guidelines
, however, was by no means universal.
(18.) Alternatively, one may think of Model 1 as simply reflecting the agencies applying the DOJ-FTC Horizontal Merger Guidelines
. I am thankful to an anonymous referee for pointing out this interpretation.
(19) Unfortunately, the European Union presently does not have anything like the Department of Justice and Federal Trade Commission Horizontal Merger Guidelines
to elucidate exactly how efficiencies will be assessed for the purposes of merger review.
This information becomes particularly important in merger analysis under the Merger Guidelines
in order to calculate Herfindahl indices.
Baxter not only brought the Orlando case, he wrote the merger guidelines
. He says he would not have sued in Orlando without checking whether starting up new weeklies was easy enough to disarm antitrust concerns.
In the early 1980s, the focus of merger analysis changed in the form of the Federal Trade Commission's (FTC) 1982 Statement Concerning Horizontal Mergers and the DOJ's 1984 Merger Guidelines
. Although market shares and concentration retained significance, the potential for new market entry or expansion became the focal point of merger analysis.
Also included in this timely treatise are the recently issued Department of Justice and Federal Trade Commission Horizontal Merger Guidelines
. Up-to-date case law is presented on a circuit-by-circuit basis so the lawyer is never at a loss for the latest legal rulings and analysis from both a plaintiff's and a defendant's perspective.
Nevertheless, one cannot deny a significant Reagan imprint: the professional staff was slashed almost by half, with lawyers suffering more of the cutbacks than the economists, and the 1982 "Merger Guidelines
" presented a sophisticated economic model designed to establish standardized criteria, understandable to all, for determining whether a merger would be challenged by the government.
Part II argues that the structural presumption is deeply established in the case law and has been a central element of the Horizontal Merger Guidelines
for a full fifty years.
In consolidated markets (defined by the Federal Trade Commission's Horizontal Merger Guidelines
), prices for inpatient procedures were 79% higher and outpatient physician prices ranged from 35% to 63% higher (depending on the physician specialty) than less-concentrated markets.
Turning to mergers, the Horizontal Merger Guidelines
issued jointly by the DOJ and FTC come to the same conclusion.