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71 Calif. L. Rev. 1580 (1983)
Efficiency Considerations in Merger Enforcement

handle is hein.journals/calr71 and id is 1594 raw text is: California Law Review
VOL. 71                    DECEMBER 1983                        No. 6
Copyright © 1983 by California Law Review, Inc.
Efficiency Considerations in Merger
Enforcement
Alan A. Fisher
Robert H. Lande
TABLE OF CONTENTS
PAGE
I.  INTRODUCTION   ...........................................  1582
II. THE RELATIVE IMPORTANCE OF MARKET POWER AND
EFFICIENCIES IN ANTIMERGER LEGISLATION ............. 1587
A. Legislative History of the Antimerger Laws ........... 1588
B. Judicial Treatment of Efficiencies in Merger Cases .... 1593
L   Consideration Under Section 7 of the Clayton Act.
from Negative to Neutral ......................... 1593
2 The Legality of an Efficiencies Defense Under
Section 5 of the Federal Trade Commission Act ... 1596
III. THE NATURE AND EXTENT OF EFFICIENCIES FROM
M ERGERS   ................................................  1599
A.   Types and Extent of Effciencies from Mergers ........ 1599
B. Evidence of Efficiencies from Mergers ................ 1604
L  Indirect Evidence on the Extent of Potential
Efficiencies from Mergers ......................... 1606
2  Direct Evidence .................................. 1609
a. Studies Based on Accounting Data ............ 1610
b. Stock Market Studies ......................... 1614
c.  Case  Studies  ..................................  1619
IV. THE TRADEOFF BETWEEN EFFICIENCIES AND MARKET
POW  ER  ...................................................  1624
4.  Introduction  .........................................  1624
B.   Williamson's Waive Model ......................... 1626
C   Qual#Fcations to Williamson's Naive Model ........... 1630

1580

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