Market Power and Joint Dominance in U.K. Brewing

Market power and joint dominance are examined in U.K. brewing. I assess unilateral and coordinated effects, where the latter is equated with joint dominance, and show how one can distinguish between the two econometrically. The application makes use of two demand equations: the nested logit of McFadden [1978a] and the distance-metric of Pinkse, Slade, and Brett [2002] . The two equations yield very different predictions concerning elasticities and markups. Nevertheless, although there is evidence of market power using either demand model, that power is due entirely to unilateral effects. In other words, neither model uncovers evidence of coordinated effects (tacit collusion).     

U.S. merger policy and the 1992 Merger Guidelines

This article reviews the empirical evidence regarding the effects of mergers on corporate efficiency. In light of this evidence it then evaluates the effectiveness of U.S. merger policy as articulated in the 1992 Guidelines of the Department of Justice. It argues that the 1992 Guidelines and the U.S. Government's policies toward business more generally over the past 12 years have been characterized by a bias for bigness. It concludes that this bias will only be eliminated when government authorities in charge of merger policy recognize that many mergers lower economic efficiency and design and enforce their policies accordingly.     

Market Definition and the Merger Guidelines

The recently issued revision of the US Horizontal Merger Guidelines, like its predecessors and mirrored by similar guidelines throughout the world, devotes substantial attention to the market definition process and the implications of market shares in the market that is selected. Nevertheless, some controversy concerning the revised Guidelines questions their increased openness toward more direct, economically based methods of predicting the competitive effects of mergers. By contrast, this article suggests that, as a matter of economic logic, the Guidelines revision can only be criticized for its timidity. Indeed, economic principles unambiguously favor elimination of the market definition process altogether.     

Inward Investment and Host Country Market Structure: The Case of the U.K.

Multinational enterprises are seen as vehicles for theinternational transfer of investment capital,protecting and increasing profits by transferringownership advantages across national boundaries. Assuch, the argument often follows that foreign directinvestment then exacerbates the monopoly problem inhost countries, by increasing concentration andfacilitating collusion. This paper however reveals thereverse, that inward investment into the U.K. acts toreduce concentration at the industry level, byincreasing competitive pressures on domesticindustry.     

Market,organizational and managerial correlates of economic performance in the U.K. Electrical Engineering Industry

Hypotheses relating to market, organizational and managerial determinants of profitability and growth are developed and tested using data collected by structured interviews in 45 randomly selected companies in the electrical engineering industry. Multiple regression analysis suggests that market share and barriers to entry are the principal determinants of profit margins, but that tightness of control of working capital and aggressive management style also have an important influence. Centralization of decision-taking among smaller companies, too, was associated with greater profitability, whilst more extensive budgetary control and planning of acquisitions or diversification were both negatively correlated with the latter. Profitability was the single most important predictor of the rate of company growth of sales but constraints from organized labor, from sources of finance, and conservative management styles, the rate of product change, R&D intensity, and decentralization all entered significantly.     

Winning in the U.S.Activewear Market

A revolution in the U.S. activewear marker is being driven by the convergence of several consumer and retail trends.According to Cotton ncorporated＇s 2014 Sports Apparel Survey,more than nine in ten consumers say they wear athletic wear for activities other than exercise.ncreased consumer demand has prompted U.S athletic apparel sales o grow at double the rate of non-active apparel sales for several years.Strong sales growth has convinced mass merchants,fast-fashion etailers,and luxury brands to enter or increase offerings in this S33billion dollar morket previously dominated by o smaller cadre ofoutdoor and sports apparel retailers and brands     

Comparing technology education in the U.S. and U.K.

British and American discourses and experiences with respect to technology education are compared. Out of this comparison important issues are identified that have implications for the larger ongoing conversation on technology beyond these countries. They include the role of the state in establishing and validating the subject, the dual claims of technology literacy and technological capability, and dual curricular approaches — content and process.     

Privatized Default Risk and Real Estate Recessions: The U.K. Mortgage Market

A mortgage pricing model is developed when a borrower goes through a series of distress states, including delinquency, long-term nonpayment and ultimate default. These steps are sequential, and depend on prices and alternatives faced by the borrower. The multistate default model is applied to the mortgage market in the United Kingdom. As a byproduct, a pricing structure for the U.K. endowment mortgage, which combines a good and a life insurance policy, is developed. Income and liquidity constraints are shown to affect the decision to keep a mortgage current in different states of distress. Solvent borrowers may thus keep their mortgages current, even when equity is negative.     

The Impact of Product Market Competition on Employment Determination in Unionised and Non-Unionised Firms: Firm Level Evidence for the U.K.

In this paper we investigate the effect of increasedcompetition on employment inunionised andnon-unionised firms. We model product and labourmarket imperfections, and their interactions, in Nashequilibrium. The model predicts that employment lossin unionised firms in the face of increasedcompetition will be lower compared with non-unionisedfirms. This paradoxical outcome results from anoffsetting beneficial employment effect ofcompetition, which eliminates wage mark-ups inunionised firms. We find empirical support for thetheoretical prediction using U.K. firm level data overthe period 1985–1989.     

Geographic Market Definition in the Merger Guidelines: A Retrospective Analysis

Since the initial Merger Guidelines in 1968, the Department of Justice and Federal Trade Commission have revised their merger enforcement screen over the course of six versions. This article examines the evolution of the geographic market component of the Guidelines and the economic implications of changing standards of market delineation on merger enforcement. Using an illustration from the beer industry, we chronicle the development of geographic market definition and its varying effects on merger enforcement over the past 50 years.     

Market dominance under U.S. antitrust

Much has transpired since Walter Adams and Horace Gray warned in 1955 about the dangers of state creation of monopoly. The dangers remain the same. But mainstream researchers have led the efforts for deregulation in railroads, airlines, gas and electric utilities, stock markets, banking, and other markets. Chicago-UCLA doctrines have played a part in the 1980s, but they have often run to excess, in advocating deregulation at any cost. One result of that approach has been the savings and loan scandal of the 1980s, where a wholesale removal of all restraints led to unforeseen economic damage.Also among the mainstream instruments, Section 2 has been applied to reduce market dominance in a number of important industries. Section 2 will continue to be only one tool for reducing market power, but it can be important. A renunciation of such an effective instrument is unwise. By helping to lead the mainstream critique of monopoly, Walter Adams has added to important policy actions. The policy-oriented tradition in the profession has been enriched by his skill and erudition.     

美国市场对化妆品包装和标签的要求

据报道,近年来全球化妆品消费增势迅猛,年递增率达10%以上,年消费额达500亿美元。美国是世界上妆化品消费的主要市场,对进口依赖很强。美国对化妆品管理已有50多年的历史,对化妆品标签上的说明要求严格。在美国市场上,无论是本国产化妆品或是进口化妆品,均须符合《联邦食品、药品和化妆品法》、《商品包装和标签法》以及其它一些相关的法规。对化妆品标签,美国要求必须标明以下各项内容。一、产品名称。包括对名称、产品性质、用途以及内容物准确净重的描述。如果产品的安全性未经充分检测,则标签上必须注明:本产品的安全性未经确定。二、生…     

Strategic Responses to Regulatory Policies: What Lessons Can Be Learned from the U.K. Contract Gas Market?

The gas industry was first privatisedin 1986, and the regulator, Ofgas, identified thecontract gas market as a possibility for introducinginitial competition into the industry. Nevertheless,competing shippers were slow in entering the market.Subsequently, Ofgas introduced a series ofpro-competitive policies. It, however, invoked aseries of strategic behaviour by the incumbentshipper, British Gas. The effectiveness of thesemeasures are analysed here with respect to theevolving competitive process. The issues it raised,especially when formulating future regulatory policiesand theories, are also considered.     

欧洲成品油零售市场发展给我们的启示

欧洲成品油市场发展已相对成熟,但竞争仍十分激烈。为客户最大限度地提供便利服务、降低销售成本和积极应用先进的技术手段是加油站发展的方向。重视HSE(健康、安全、环保)建设是油品销售企业发展的重要社会责任。面对国内市场国际化的挑战,中国成品油销售企业必须学习和借鉴国际大石油公司的发展经验,加速管理理念更新,进一步强化五种观念,即网络化观念、市场观念、信息观念、细节服务观念和HSE观念,加快推进油品销售管理的信息化建设,加速提高加油站管理水平和竞争能力。     

1600只“熊猫”现身巴黎广场吁环保

10月18日．在法国首都巴黎，1600只纸制熊猫被放置在广场上供人们参观。这一活动由世界自然基金会（WWF）发起，旨在呼吁人们保护为数不多的大熊猫，同时提醒人们保护赖以生存的自然环境。     

The Effect of the Repsol-YPF Merger on the Argentine Gasoline Market

This paper presents alternative models of oligopoly behaviorfor the Argentine gasoline market and applies parametric estimations to analyze the effect that the Repsol-YPFmerger had on that market. Using monthly data for the different provinces of Argentina during 1998–2000,we make an evaluation of that effect. After performing a series of nested and non-nested hypothesis tests, weconclude that we cannot reject the hypothesis that the market was a Cournot oligopoly before the merger,and after that it became one with a price leader (Repsol-YPF). This implies an efficiency loss estimatedin more than $36 million per month.     

审计市场中的合并、产业专用化投资和价格竞争

本文从产业组织的角度，分析了审计市场的合并、产业专用化和价格竞争等竞争行为，并进一步探讨了这些行为对审计质量和社会福利的影响。本文认为，审计质量的信号传递机制推动了产业中的合并行为，而审计产业的专用化投资行为在于策略性地阻止进入。由于审计产品的异质性、信任品特性以及强大的买方谈判能力使得审计市场存在激烈的价格竞争，而合并和产业专用化投资有助于事务所降低成本。因而，审计市场的竞争提高了社会福利。     

Performance of Pairs Trading Strategy in the U.S. REIT Market

We examine the performance of pairs trading in the U.S. REIT market compared with that in the U.S. general stock market over the period 1987 to 2008. The results suggest that the REIT market provided superior profit opportunities for this strategy over common stocks after accounting for the effect of the bid‐ask bounce between 1993 and 2000. This was likely because of the unique characteristics of REITs, which permitted the selection of good pairs of close substitutes and the structural changes that occurred in 1993 in the REIT market. The superior trading profits in REITs disappear after 2000.     

Market structure and U.S. trade flows

Using samples of input-output table detailed industries, we test the impact of various elements of market structure on U.S. trade flows, at the industry level, holding factor proportions constant. Industry demand characteristics and the extent of scale economies have significant impacts on trade flows. Labor intensity at the industry level has the effects on trade flows which are predicted by the factor proportions theory. Capital intensity increases both import and export flows; this result, together with certain others, suggests the importance of trade among industrialized countries in producer goods.     

美国软包装市场发展走势

随着包装材料和加工技术的不断提高,软包装在许多领域正扮演着越来越重要的角色。 未来两年,软包装在食品业的销售额将超过包装加工业97亿美元销售额的56％,其余的为消费品工业市场。其在食品业的销售额平均分配在易腐食品和干燥食品上。