Brewing Wars of Attrition for Profit (and Concentration)

War of attrition, Profit, Advertising, Concentration dynamics, Brewing industry, L11, L66, M37,

Measuring the Extent of Structural Remedy in Section 7 Settlements: Was the US DOJ Successful in the 1990s?

This paper suggests an innovative measure of structural relief obtained in a typical Section 7 settlement. The fraction of competitive overlap subject to divestiture as a condition of the settlement is modeled as a function of merger-specific efficiencies, the proportion of the deal held “hostage” to antitrust review, the merger’s anticompetitive potential, and other factors. The model is applied to data on 86 recent Justice Department cases covering the period 1990–2003 and to the subsample of 1990s cases. All data are collected from publicly available documents only. The government is found to secure larger divestitures when the cost to the acquirer of delaying the settlement is high. The resulting estimates are used to predict several out-of-sample observations. Copyright Springer Science+Business Media, LLC 2007merger policy, U.S. Department of Justice, structural remedies, L44, C24,

Regulations, Supervision Approaches and Acquisition Likelihood in the Asian Banking Industry

Acquisitions, Asia, Banks, Regulations, Supervision,

Science with the Murchison Widefield Array: Phase I results and Phase II opportunities

The Murchison Widefield Array (MWA) is an open access telescope dedicated to studying the low-frequency (80-300 MHz) southern sky. Since beginning operations in mid-2013, the MWA has opened a new observational window in the southern hemisphere enabling many science areas. The driving science objectives of the original design were to observe 21 cm radiation from the Epoch of Reionisation (EoR), explore the radio time domain, perform Galactic and extragalactic surveys, and monitor solar, heliospheric, and ionospheric phenomena. All together 60+ programs recorded 20 000 h producing 146 papers to date. In 2016, the telescope underwent a major upgrade resulting in alternating compact and extended configurations. Other upgrades, including digital back-ends and a rapid-response triggering system, have been developed since the original array was commissioned. In this paper, we review the major results from the prior operation of the MWA and then discuss the new science paths enabled by the improved capabilities. We group these science opportunities by the four original science themes but also include ideas for directions outside these categories....FWN – Publicaties zonder aanstelling Universiteit Leide