Read what we write
Our economists publish research papers, write notes and make presentations on projects we have worked on. Have a look to our publications below:
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1 July 2013 - Research Papers
, Competition Economics, Mergers
The Effect of EU Antitrust Investigations and Fines on a Firm’s Valuation
EU antitrust investigations involve a sequence of events which affect the investigated firm’s market value. We model these relationships and estimate their impact on firms’ share prices. On average, a surprise inspection reduces a firm’s share price by 2.89%, an infringement decision reduces it by 3.57%. The Court judgments do not have a statistically significant […] Read more
1 June 2013 - Research Papers
, Competition Economics, Mergers
Ex-Post Merger Evaluation in the UK Retail Market for Books
This paper empirically evaluates the price effects of the merger of two major book retail chains in the UK: Waterstone’s and Ottakar’s. We employ differences-in-differences techniques and use a rich dataset containing monthly scanner data information on a sample of 200 books sold in 60 stores in 50 different local markets for a period of […] Read more
23 May 2013 - Lear Competition Notes
, Abuse of Dominance, Competition Economics, Cooperation and Vertical Agreements
Vertical Restraints in Electronic Commerce: an economic perspective
Vertical Restraints (VRs) are commonly defined as agreements between two parties at different levels of the supply chain. These agreements might be driven by efficiency reasons but could also lead to anti-competitive effects. In the past decade, the development of electronic commerce has raised new issues concerning the dynamics underpinning competition in the digital environment […] Read more
12 February 2013 - Lear Competition Notes
, Competition Economics, Mergers
Merger screen and the use of price pressure test
Mergers between competitors might generate relevant anti-competitive effects. Therefore, competition authorities need effective tests to make a preliminary assessment of the likelihood of unilateral effects of horizontal mergers. These tests are usually based on market shares and rely on the definition of the relevant market. However, in some market settings, this approach might fail to […] Read more
30 November 2012 - Lear Competition Notes
, Cartels, Competition Economics, Cooperation and Vertical Agreements
Price Relationship Agreements: economic analysis and implications for competition
Price Relationship Agreements (PRAs) are agreements linking one supplier’s price to those charged to other customers or by competitors. Firms adopt PRAs for many different reasons and the competitive effects of these agreements may vary substantially. This note summarizes the main findings of a comprehensive literature review of PRAs, bringing together different economic theories of […] Read more
9 September 2012 - Research Papers
, Competition Economics, Cooperation and Vertical Agreements
Can ‘Fair’ Prices Be Unfair? A Review of Price Relationship Agreements
The report, prepared for the OFT by LEAR, examines the various forms these agreements can take, their potential benefits and anti-competitive effects, drawing on economic literature and relevant case law. The OFT will present the findings today at a joint workshop held by the US Federal Trade Commission and Department of Justice on the implications […] Read more
6 November 2011 - Lear Competition Notes
, Abuse of Dominance, Competition Economics, Regulation
Which test for bundled discounts
Bundled discounts are a form of price cutting which are presumptively beneficial to consumers. However, bundle offers from a dominant firm might exploit market power to foreclose competitors, thus harming consumers. The European Commission and the DoJ set out a framework to analyze the potential exclusionary effects of bundled discounts by dominant firms. Focusing on […] Read more
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