The European union

Introduction An overview of media markets shows that rapid growth and the integration of some of the most dynamic market segments are characteristics of this fast-moving industry. The main players are the established incumbents upstream and the delivery segments of media downstream. The presence of incumbents, inheritors of previous public monopolies, has led Member States to use regulation in a complementary role with competition. In these markets, strategies to deliver new products and services and to serve new geographic markets focus less on organic growth than on alliances and mergers in order to create multi-media offshoots, bid for control of content rights, increase the diffusion of products and services, and develop technologies for conditional access and transmission standards to capture advantages through proprietary technology. As a result, vertically integrated dominant positions either upstream or downstream have tended to emerge. There is nothing wrong with vertical integration except when there is market power at one stage of the vertical chain. Indeed, as far as the media industry is concerned, there are some specific challenges at the European level. The new EU regulatory framework grants some specific competition principles which can be integrated into ex ante regulation. EU merger control may also prevent potential distortion of competition resulting from the creation or the strengthening of a single or collective dominant position in the media sector at a horizontal level, or from foreclosure effects at a vertical level.

O direito antitruste na economia digital : implicações concorrenciais do acesso a dados

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Direito, Programa de Pós-Graduação em Direito, 2016.

Losses from Horizontal Merger: an Extension to a Successive Oligopoly Model with Product Differentiation

This paper generalizes the model of Salant et al. (1983; Quarterly Journal of Economics, Vol. 98, pp. 185–199) to a successive oligopoly model with product differentiation. Upstream firms produce differentiated goods, retailers compete in quantities, and supply contracts are linear. We show that if retailers buy from all producers, downstream mergers do not affect wholesale prices. Our result replicates that of Salant's, where mergers are not profitable unless the size of the merged firm exceeds 80 per cent of the industry. This result is robust to the type of competition.

Impacto de fusões e aquisições na eficiência e produtividade de operadoras de infraestruturas do mercado financeiro e sistemas de negociação

Dissertação (mestrado)—Universidade de Brasília, Departamento de Administração, Programa de Pós-graduação em Administração, 2016.

The implications of family control and political connections: evidence from China

This thesis investigates the implications of family control and political connections. The empirical results indicate that in emerging markets with an undeveloped legal system, controlling families have incentive to expropriate minority shareholders. It also reveals the importance of political connections in the M&A market in China.

Foreign-born CEOs, Country-Specific Skills, Selection, and Strategic Consequences

In this dissertation, I first suggest an extension of the managerial rents model and more specifically the managerial skills typology that it offers. Building on research in international business, I propose adding country-specific skills (CSS) to this typology in addition to firm-specific, industry-specific, and generic skills. I define CSS as managers’ abilities that are applicable and specific to a particular national institutional context. Such skills are distinct from the other three types identified and are likely to influence managers’ performance and the performance of their firms. So if CSS are distinct skills, what are the implications for strategy and international business research? In an attempt to respond to this question, I conduct two empirical essays in which I examine the implications of this refinement of the typology of managerial skills for CEO selection and firms’ mergers and acquisitions (M&A) strategy. In the first empirical essay, I puzzle at the fact that although CSS constitute a barrier to high-level executive mobility across countries, there have been a growing number of foreign-born CEOs being appointed across the globe. Why are these individuals being selected for the post of CEO? Using information on the appointment of foreign-born and national CEOs from 2005 to 2010 among global 500 companies, I show that internationalization pressures help explain their selection and that two types of firms are likely to appoint foreign leaders: highly internationalized firms and firms that are likely to internationalize. In the second empirical essay, I examine the strategic implications of country-specific skills. Employing the same sample as the one used in the first empirical essay, I demonstrate that given that their mindset is likely to be less focused on firms’ home market, foreign-born CEOs may be prone to institute more changes in firms’ cross-border M&A strategy than their domestic counterparts. I also theorize on the moderating influence of CEOs’ insiderness.

The SHIVir Survey: A Dynamical Catalogue of Virgo Cluster Galaxies and their Scaling Relations

By virtue of its proximity and richness, the Virgo galaxy cluster is a perfect testing ground to expand our understanding of structure formation in the Universe. Here, we present a comprehensive dynamical catalogue based on 190 Virgo cluster galaxies (VCGs) in the "Spectroscopy and H-band Imaging of the Virgo cluster" (SHIVir) survey, including kinematics and dynamical masses. Spectroscopy collected over a multi-year campaign on 4-8m telescopes was joined with optical and near-infrared imaging to create a cosmologically-representative overview of parameter distributions and scaling relations describing galaxy evolution in a rich cluster environment. The use of long-slit spectroscopy has allowed the extraction and systematic analysis of resolved kinematic profiles: Halpha rotation curves for late-type galaxies (LTGs), and velocity dispersion profiles for early-type galaxies (ETGs). The latter are shown to span a wide range of profile shapes which correlate with structural, morphological, and photometric parameters. A study of the distributions of surface brightnesses and circular velocities for ETGs and LTGs considered separately show them all to be strongly bimodal, hinting at the existence of dynamically unstable modes where the baryon and dark matter fractions may be comparable within the inner regions of galaxies. Both our Tully-Fisher relation for LTGs and Fundamental Plane analysis for ETGs exhibit the smallest scatter when a velocity metric probing the galaxy at larger radii (where the baryonic fraction becomes sub-dominant) is used: rotational velocity measured in the outer disc at the 23.5 i-mag arcsec^{-2} level, and velocity dispersion measured within an aperture of 2 effective radii, respectively. Dynamical estimates for gas-poor and gas-rich VCGs are merged into a joint analysis of the stellar-to-total mass relation (STMR), stellar TFR, and Mass-Size relation. These relations are all found to contain strong bimodalities or dichotomies between the ETG and LTG samples, alluding to a "mixed scenario'' evolutionary sequence between morphological/dynamical classes that involves both quenching and dry mergers. The unmistakable differentiation between these two galaxy classes appears robust against different classification schemes, and supports the notion that they are driven by different evolutionary histories. Future observations using integral field spectroscopy and including lower-mass galaxies should solidify this hypothesis.

Industry expertise, information leakage and the choice of M&A advisors

This paper examines the impacts of M&A advisors’ industry expertise on firms’choice of advisors in mergers and acquisitions. We show that an investment bank’s expertise in merger parties’ industries increases its likelihood of being chosen as an advisor, especially when the acquisition is more complex, and when a firm in M&A has less information about the merger counter party. However, due to the concerns about information leakage to industry rivals through M&A advisors, acquirers are reluctant to share advisors with rival firms in thesame industry, and they are more likely to switch to new advisors if their former advisors have advisory relationship with their industry rivals. In addition, we document that advisors with more industry expertise earn higher advisory fees and increase the likelihood of deal completion.