文献详情
The Politics of M&A Antitrust
文献类型：期刊
通讯作者：Mehta, MN (reprint author), Univ Michigan, Ann Arbor, MI 48109 USA.
期刊名称：JOURNAL OF ACCOUNTING RESEARCH
年：2020
卷：58
期：1
页码：5-53
ISSN：0021-8456
关键词：D72; G34; G38; K21; political economy; antitrust; FTC; DOJ; Senate Committee on the Judiciary; House Judiciary Committee; mergers and acquisitions
摘要：Antitrust regulators play a critical role in protecting market competition. We examine whether the political process affects antitrust reviews of merger transactions. We find that acquirers and targets located in the political districts of powerful U.S. congressional members who serve on committees with antitrust regulatory oversight receive relatively favorable antitrust review outcomes. To establish causality, we use plausibly exogenous shocks to firm-politician links and a falsification test. ...More
Antitrust regulators play a critical role in protecting market competition. We examine whether the political process affects antitrust reviews of merger transactions. We find that acquirers and targets located in the political districts of powerful U.S. congressional members who serve on committees with antitrust regulatory oversight receive relatively favorable antitrust review outcomes. To establish causality, we use plausibly exogenous shocks to firm-politician links and a falsification test. Additional findings suggest congressional members' incentives to influence antitrust reviews are affected by three channels: special interests, voter and constituent interests, and ideology. In aggregate, our findings suggest that the political process adversely interferes with the ability of antitrust regulators to provide independent recommendations about anticompetitive mergers. ...Hide

DOI：10.1111/1475-679X.12291
百度学术：The Politics of M&A Antitrust
语言：外文
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