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| Registros recuperados: 29 | |
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| Hopkins, Yvette S.; Connor, John M.. |
| A growing body of empirical studies have been interpreted as support for a laissez-faire policy towards mergers. These "event studies" examine the reaction of stock market prices of firms that announce an agreement to merge. The type ~f reaction reveals whether a merger is motivated by a desire for market power or purely to improve market efficiency. In this paper, a version of the capital asset pricing model (CAPM) is applied to determine if abnormal returns are earned by rivals of 22 pairs of firms whose attempted horizontal mergers were challenged by the federal antitrust agencies. At most eight, and possibly only five, of the cases were found to be motivated by efficiency in seeking merger, and at most six, and possibly only one, were motivated by... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Industrial Organization. |
| Ano: 1992 |
URL: http://purl.umn.edu/116105 |
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| Connor, John M.. |
| Both market structure and corporate practices of Archer Daniels Midland fostered the implementation of the largest price-fixing conspiracies seen in modern times. The overcharges imposed on U.S. buyers of lysine and citric acid during 1994-1995 by ADM and its co-conspirators amounted to at least $250 million, and the total amount of public penalties, private damages, and legal costs exceeds $666 million. Perpetrators of price-fixing now face monetary exposures that are five times the amount of the harm caused to buyers. These events have spurred renewed attention by U.S. antitrust authorities in prosecuting international cartels. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2000 |
URL: http://purl.umn.edu/28664 |
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| Connor, John M.. |
| While there are suggestions in applied cartel studies that price dispersion changes when cartelization of a market occurs, there are few theoretical or empirical analyses of this effect. This paper surveys the thin economic literature on the link between overt collusion and price dispersion. Formal theories and observation of cartel behavior suggest that during successfully collusive periods prices become less variable and more negatively skewed compared to relatively competitive periods. Four empirical studies of cartels verify these predictions. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agribusiness; Demand and Price Analysis. |
| Ano: 2004 |
URL: http://purl.umn.edu/28639 |
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| Connor, John M.. |
| In a paper published in the Journal of Economic Perspectives in the fall of 2003, Robert Crandall and Clifford Winston all but call for the repeal of the Nation's antitrust laws. Their qualifications to make such a radical proposal are in doubt, but more importantly their purported review of empirical studies of overt price-fixing effects is shallow, biased, and naive. Crandall and Winston's assertion that the direct benefits of convicting price-fixers are slight is central to their paper's thesis. Their review is shallow because the five studies that they examine comprise less than 2% of the economic literature that quantitatively estimates the price effects of explicit price-fixing schemes; it is biased because the chosen studies find no or weak price... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agricultural and Food Policy. |
| Ano: 2004 |
URL: http://purl.umn.edu/28659 |
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| Connor, John M.. |
| This paper surveys developments in analytical models and empirical findings concerning the strategic use of manufacturers' coupons for U.S. grocery products. Traditional theories examine the horizontal effects of coupons as a strategy to charge various classes of consumers different prices. Recent developments focus on the use of coupons in manufacturer-retailer vertical competition. The paper provides data on trends in couponing: numbers, face values, redemption rates, total promotional costs, and international usage. The paper further analyses the effective price discounts provided by coupons across brands and segments of ready-to-eat cereals during 1992-1995. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Coupons; Sales strategies; Vertical competition; Food products; Ready-to-eat cereals.; Industrial Organization; Marketing. |
| Ano: 1997 |
URL: http://purl.umn.edu/14344 |
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| Connor, John M.. |
| With the end of the Supermarket Revolution in the 1970s, new forms of horizontal, vertical, and geographic competition have appeared to challenge the supremacy of the supermarket format. New retail formats like warehouse stores, supercenters, and fast-food outlets appear to affect local retail supermarket prices. Slotting allowances, coupons, and electronic data gathering have intensified retailer-manufacturing rivalry. Foreign direct investment offers the promise of new European-style management styles in U.S. grocery retailing. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness; Demand and Price Analysis. |
| Ano: 1999 |
URL: http://purl.umn.edu/31285 |
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| Connor, John M.. |
| This paper presents two major economic arguments relevant to a decision facing the U.S. Supreme Court in early 2004. In Empagran v. F. Hoffmann-LaRoche the Court must decide whether companies like Empagran, an Ecuadorian animal-feed manufacturer, ought to be permitted to sue for treble damages under the 1890 Sherman Act, even though Empagran bought vitamins from a convicted global cartel wholly outside U.S. territory. Because of ineffective antitrust enforcement in its home country, Empagran and similarly situated buyers favor having this right, whereas Roche and 19 other members of the vitamins cartel oppose it. The first argument in favor of extraterritorial expansion concerns the effects on U.S. consumers and the competitiveness of U.S. markets. I... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agribusiness; Agricultural and Food Policy. |
| Ano: 2004 |
URL: http://purl.umn.edu/28686 |
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| Connor, John M.. |
| This paper presents two major economic arguments relevant to a decision facing the U.S. Supreme Court in early 2004. In Empagran v. F. Hoffmann-LaRoche the Court must decide whether companies like Empagran, an Ecuadorian animal-feed manufacturer, ought to be permitted to sue for treble damages under the 1890 Sherman Act, even though Empagran bought vitamins from a convicted global cartel wholly outside U.S. territory. Because of ineffective antitrust enforcement in its home country, Empagran and similarly situated buyers favor having this right, whereas Roche and 19 other members of the vitamins cartel oppose it. The first argument in favor of extraterritorial expansion concerns the effects on U.S. consumers and the competitiveness of U.S. markets. I... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: International Relations/Trade. |
| Ano: 2005 |
URL: http://purl.umn.edu/19499 |
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| Connor, John M.. |
| International cartelists face investigations and possible fines in a score of national and supranational jurisdictions, but the three with the most consistent legal responses to global cartels are the United States, Canada, and the EU. This paper examines the antitrust fines and private penalties imposed on the participants of 167 international cartels discovered during 1990-2003. While more than US$ 10 billion in penalties has been imposed, it is doubtful that such monetary sanctions can deter modern international cartels. The apparently large size of government fines is distorted by one overwhelming case. Moreover, deterrence is frustrated by the failure of compensatory private suits to take hold outside of North America and the near absence of fines... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agribusiness; Agricultural and Food Policy. |
| Ano: 2004 |
URL: http://purl.umn.edu/28610 |
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| Binkley, James K.; Connor, John M.. |
| This paper examines the relationship of 1987 retail grocery prices to supermarket sales concentration across 95 U.S. metropolitan areas. The regression model incorporates a large number of population, retail-cost, and retail competition factors and separate prices by type of grocery item. We find that the concentration-price relationship is sensitive to item type: positive for packaged, branded, dry groceries and unrelated for produce, meat, and dairy product prices. As for market rivalry, we find that small grocery stores provide no grocery price competition for supermarkets. However, branded grocery prices are driven down by fast-food places and by rapid price churning, whereas for unbranded foods the presence of warehouse stores places downward... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Retail grocery trade; Pricing policy; Variable price merchandising; Market competition; Category management; Market structure; Sales concentration; Price discrimination; Price rivalry; Oligopoly; Food demand; Food prices; Consumer/Household Economics. |
| Ano: 1996 |
URL: http://purl.umn.edu/25988 |
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| Connor, John M.; Peterson, Everett B.. |
| This paper estimates the relationships between market structure and the Lerner index of monopoly constructed from price data on processed food products sold through grocery stores. A theoretical model of a differentiated oligopoly specifies two determinants of price-cost margins: the Herfindahl-Hirschman index of seller concentration adjusted for the elasticity of demand and the industry advertising-to-sales ratio. The results indicate that the three principal determinants of price-cost margin variation, in order of their impacts, are: advertising intensity, elasticity of demand, and concentration. Previous structure-performance studies that did not incorporate the elasticity of demand were probably misspecified. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agribusiness; Demand and Price Analysis. |
| Ano: 1991 |
URL: http://purl.umn.edu/116099 |
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| Registros recuperados: 29 | |
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