摘要:

Two recent developments reduce predictability and accountability in merger analysis. First, the 1984 Merger Guidelines adopt a multifactor method of analysis that focuses upon market structure, other market factors, financial trends, and efficiencies. Little guidance is given concerning the relative importance of these factors or how they will be measured and balanced. Second, current enforcement agencies appear to take a “regulatory” approach to merger enforcement. They issue “no‐action” decisions in 90–95 percent of the mergers reviewed and reach “fix‐it‐first” consent settlements before complaints are filed in most remaining cases.These developments provide mixed blessings. Enforcement agencies gain flexibility and discretion. However, the business community suffers a reduction in predictability in merger analysis, which makes planning more difficult. Congress loses ability to carry out its oversight responsibilities, and the public's understanding of the government's policies is impaired.Systematic, regular reports of information used by the government analyzing significant “second‐request” mergers should replace the present system of providing either no information or, at best, only selected information through ad hoc press releases and official speeches. Reporting on these transactions would not be burdensome, because their number is relatively small and the information already has been produced by the investigating enforcement agency. This information could easily be incorporated into the annual Hart‐Scott‐Rodino Act reports.For each of these mergers, the information reported should include the government's views concerning the relevant market and the degree of concentration in that market. It also should specify the type and magnitude of other market factors, efficiencies, and/or defenses that might have played a role in reaching a decision not to prosecute the merger or a fix‐it‐first settlement. This information could be provided with

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1986.tb00845.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

The dual antitrust goals of predictable law enforcement and accurate decisions in individual cases have been in conflict for decades. There are three dimensions to this conflict. First, there may be insufficient information on how the courts and enforcement agencies interpret the antitrust statutes. Second, the enforcement agencies may not use consistent standards to evaluate actual and potential antitrust cases. Third, antitrust guidelines may differ significantly from case law.Unfortunately, attempts to improve one dimension of antitrust policy generally create conflicts elsewhere. Thus, the search for better antitrust decision making in individual cases has made antitrust counseling more complex and expensive. Over time, standards have evolved at different rates at the Department of Justice (DOJ), the Federal Trade Commission (FTC), and the courts, and inconsistencies among these three decision‐making bodies have further complicated the task of antitrust counseling. In this environment, improved and updated information on antitrust standards can potentially be very valuable to the business communit

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1986.tb00846.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper reviews the arguments concerning the role of hostile tender offers in today's corporate world. Some observers suggest that “corporate raiders” do not pay shareholders a fair price for their holdings and that they disrupt firms' day‐to‐day operations. Others point to the significant premiums paid to shareholders in tender offers, and they suggest that raiders play an important role in forcing changes in corporations. The paper also presents the authors' views on the viability of proposed regulations in the corporate contr

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1986.tb00847.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

Poulsen and Jarrell (hereafter PJ) review the literature on hostile takeovers and conclude that such takeovers are beneficial to society in general and to shareholders of the target firm in particular. Their prediction that a coalition of corporate and community leaders will eventually succeed in neutralizing hostile bids does not bode well for the market for corporate control. Despite their assertion as to the social cost of antitakeover measures either regulated by the states or implemented by incumbent management of target firms, PJ do not support intervention to limit abusive practices of target firms.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1986.tb00848.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

The two papers that follow both deal with prospects for achieving efficiency in education. Psacharopoulos identifies the extent of government‐induced distortions directly or indirectly related to education, and assesses the likely effects of such distortions on social welfare. He concludes that, among other things, governments should not attempt directly to provide or manage schooling services. Levin's article focuses upon one particular management decision…namely, extending the length of the school day and increasing the number of school days per year. He argues that mechanically increasing school sessions through legislative acts or through administrative mandates does not appear, in itself, to be a promising use of scarce resour

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1986.tb00849.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

Distortive effects of government intervention, especially in international trade, have received considerable attention. But not much literature exists on similar effects of public policies toward education. This paper provides a review of government intervention in education and its likely effects on economic growth and equity. Although governments may act with good intentions, educational policies often have adverse effects on social welfare. Less government involvement in education might actually lead to greater and more equally distributed real income, especially in developing countries.Section I of this paper identifies and documents the extent of government‐induced distortions directly or indirectly related to education. Section II assesses the likely effect of such distortions on social welfare. The final section discusses the role of government in educatio

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1986.tb00850.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

Educational reform for elementary and secondary schools has become a major industry in the past three years. At the national and state levels, commissions and legislatures have begun to act (e.g., National Commission on Excellence in Education 1983; Task Force on Education for Economic Growth 1983; Griesemer and Butler 1983; U.S. Department of Education 1984). One central recommendation of these reports is to adopt longer school days and longer school years. The most publicized of the reports, “A Nation at Risk,” called for seven‐hour school days in place of the present five to six hours, and 200‐to‐220‐day school years in place of the typical 180 days at present (National Commission on Excellence in Education 1983, 29). In response, some states have increased already both daily and annual school sessions (U.S. Department of Education 1984). For example, California appropriated $257 billion in 1984 to increase the amount of instruction by abou

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1986.tb00851.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY