February 2008 -- (Presentation) XM-Sirius Merger: Sidak 5. Not counting reports, op-eds, ex parte filings. Hazlett 2. Numerical count not quality-adjusted. Public Service: No argument left unturned. No need to wait for Prof. Sidak’s “Fifth Supplemental” to arrive in our In Boxes.
(Published Article) Horizontal merger evaluation is heavily reliant on market definition. An SSNIP
framework formats the analysis, and demand elasticity evidence used to apply
the test is often sparse, as is often found in high-technology industries. This
paper examines other sources of evidence that reveal the dynamics of market
structure, data that are also probative in the evaluation of competitive effects.
These sources include capital valuations of firms, financial event studies, and
the public positions taken with respect to the merger by interested parties. Such
evidence is examined in the XM–Sirius merger (2007–08) and shown—in two
of the three instances—to be relatively informative in merger welfare analysis.
Citation
"Antitrust in Orbit: Some Dynamics of Horizontal Merger Analysis in General and with Respect to XM-Sirius" by Thomas W. Hazlett, Journal of Competition Law & Economics, 4(3), 753–773 (Sept. 2008), Quick Links: Merger Analysis in High Tech Markets Conference
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"Antitrust in Orbit: Some Dynamics of Horizontal Merger Analysis in General and with Respect to XM-Sirius" by Thomas W. Hazlett, Journal of Competition Law & Economics, 4(3), 753–773 (Sept. 2008) , Quick Links: Merger Analysis in High Tech Markets Conference
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