The Merger Clearance Decision Process in New Zealand: Application of a New Two-Stage Probit Model |
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Authors: | Qing Gong Yang Michael Pickford |
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Affiliation: | 1. Independent Economic Consultant and Researcher, 130 Cecil Road, Wellington, New Zealand
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Abstract: | This paper analyses empirically the factors that influence the merger decision-making process of the New Zealand Commerce Commission using discrete-choice econometric modelling. Previous studies in various countries have typically modelled this process as involving a single step, even when a formal two-step process is actually used. We apply a new approach that treats merger decision-making as a two-step process, and compare the results with those from applications of the conventional one-step and ordered probit models. We expect the new approach to avoid biases inherent in the previous models, and therefore to produce statistically superior results. |
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