Study of the validity of merger simulation analysis in M&A regulation

2014 Fiscal Year Final Research Report

• Project/Area Number: 24530289
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic policy
• Research Institution: Tohoku University
• Principal Investigator: IZUMIDA Shigemi 東北大学, 経済学研究科(研究院), 教授 (50272505)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: 企業結合規制 / 合併シミュレーション / 関連市場の画定

Outline of Final Research Achievements

I take up some horizontal merger cases realized in 1990’s Japanese market, and compare the real price changes and the estimated result of merger simulation analysis. As a result, I find merger simulation have an overestimation bias to price change in Japan. In addition, in some Japanese differentiated market, I attempt market definition analysis using SSNIP test. However, I cannot find the boundary of the relevant market, and as a result, I cannot run the merger simulation analysis. Therefore, when we use the merger simulation analysis in Japanese market, we should be careful and restrictive to the role of supplement to usual competitive market analysis.

Free Research Field

産業組織論