银行并购的反垄断经济学文献述评

20105ECONOMICREVIEWNo.520103:2060,,,,,,,,,:(Goodhart,1987;Goodhart,etal.,1998),,1963(),1981(Zuechner)(GroupofTen,2001),,(Holder,1993;Litan,1994),,,,,,:,1963,18901914,,(clusterofproductsandservices),(localmarket),,,:,,,;,,,:(metropolitanstatisticalareas,MSAs),(Jackson,1992;Kwast,Starr-McCluerandWolken,1997;Whitehead,1990;ElliehausenandWolken,1990);(Radecki,1998)9313,,:430205,,:430072,:[e-mail]:(:09CJY048),,http:laws.findlaw.com/U.S./374/321.html.1963,(clusterofbankingservices),,,(Radecki,1998;PetersonandRajan,2002),;(AustinandBernard,2001),,(Hannan,1991;HeitfieldandPrager,2004),,1982SSNIP,,(hypotheticalmonopolisttest),5%,,,RMAs(RanallyMetroAreas)RMAsRandMcNally(),,70,20%,MSAsLMAs(LaborMarketAreas)MSAs(),(officeofmanagementandbudget,OMB)SSNIP1997(NoticeofMarketsDefinition)HarrisSimons(1989),KatzShapiro(2003),Walters(2007),SSNIP,,,,,,,:,(one-shot),,,,(MS)(HHI),,,,HHI,MS,MSHHI,MSHHI,Molnr(2008),,,PanzarRosse(1987)(PR),;Bresnahan(1982)(conjecturalvariation,CV)DegryseOngena(2005):PR,;CV,HydePerloff(1995),PR;Corts(1999)Nevo(1998)041,(KaplowandShapiro,2007;FroebandWerden,2008),,,;,,CV,,,(EpsteinandRubinfeld,2001;Hausman,LeonardandZona,1994;Nevo,2000;WerdenandFroeb,1994)Oracle,,,(WerdenandRozanski,1994),,(),,,:(1),,(2),(3)(curvatureproperties)(Brodley,1995;Baker,1999;HovenKamp,2001),(Christiansen,2006;Neven,2006;RÊllerandStehmann,2006;Budzinski,2008):(1)Logit(thealmostidealdemandsystem,AIDS),,(front-end)(Werden,1997)(2)(3),,,(4),,,,(Kokkoris,2005)(2)-(4)(back-end),,,Dick(2002),,,,Nakane(2006)Ho(2007)Molnar(2007),,,(coordinatedeffect),,(check-listapproach):(1),,;(2),,;(3),,;(4),,,,;(5),,,,,:(1),;(2)(maverickfirms)()(Wal-marttype)(,);(3);(4),141U.S.v.OracleCorp.,331F.Supp.2d1098,1113-1123,1166-1173(N.D.Cal.2004),Availableathttp:(Chamberlin,1929,1933;Fellner,1949),,(Fisher,1898)19501960,,(Leonard,1994;Meyerson,1999):(1)();(2);(3),,:()()(),,,2004(ICN),Aigner(2008):,,,,;,,,,,(Williamson,1968):,Salant(1983),()FarrellShapiro(1990),,(),,,DeFoe(2008):,Banal-Esta‰nol(2006),,,,,(),(),,:WerdenFroebTschantz(2005)(compensatingmarginalcostreductions,CMCRs),,;Verboven(1999)RÊller(2001)StennekVerboven(2003)(minimumrequiredefficiencies,MREs):(1);(2);(3)LloydsTSBAbbeyNational,,,:,,(easyaccess),,,,,,,BergerDemsetzStrahan(1999)250:,,;,,,,Rhoades(1993)1981-1986898,3241Deutsche/Dresdner,28001/3BergerLeusnerMingo(1997),,,,BergerHumphrey(1992)1981-198957,,,;,,Peristiani(1997)20801000,HumphreyValverde(1999)1986-199820,,,,,,Brodley(1996):(KatzandShelanski,2007),OECD(2008),,,(DOJ)1982,,()35%,HHI1800;HHI200,,,,HHI250,HHI2200;,40%:(1)(2),,HHI,A,50%,100%,,HHI(3)(4)(5)(IndustrialBanks),HHI,(Amel,1997)(6)(7)(8)1,2006CitizensBankRepublicBank,CitizensRepublicBancorp,45,RepublicBank,FlintJackson,,,HHI:(1)17;(2);(3)Flint,Holder(1993),:HHI,,,Rhoades(1997):(1);(2);(3);(4),,Rhoades,DeYoungHasan(1997),,9BergerDick(2007)100001972-2002,,,1-15,,:(1)(thelumpsumcost);(2);(3)(BannonandBlack,1996)Klemperer(1995)::(shoecosts)341HHI,A(screenA),HHI50%100%;B(screenB),HHI,,(mergerrescue),,Kiser(2002),:,;,(ICN,2005),,,,,Shy(2002),,,KimVale(2003),,25%13.5(Shy,2001),,,,2070,(1800/200)(2200/250),(Pilloff,2002,2005;Burke,1998;Neven,etal.,1998)Pilloff(2005),,,,,,(HannanandPrager,2003;HeitfieldandPrager,2002;PilloffandRhoades,2002;Kahn,PennacchiandSopranzetti,2000;CyrnakandHannan,1999;BergerandHannan,1989),,(FTC)2002,;200510,:,,,(DOJ,1994),,,,;,:(1),,(2),,,,(documentsapproach),(3),,(4),,(5),,,,,:,(DOJ,1994)441,,,,,,,,,,,,,(),,,:(1),,(),,,,,(2),,,21,2008,578,()5,71.3,200810,,1991,,,,,,,(3),,2090,,,,,,,,,:1.Aigner,G.,O.Budzinski,andA.Christiansen.2006.TheAnalysisofCoordinatedEffectsinEUMergerControl:WhereDoWeStandafterSony/BMGandImpala?MarburgWorkingPapersonEconomics200614.Marburg:UniversityofMarburg.2.Amel,D.F.,andJ.N.Liang.1997.DeterminantsofEntryandProfitsinBankingMarkets.ReviewofIndustrialOrganization,12(1):59-78.3.Austin,D.V.,andC.D.Bernard.2001.TheCompetitiveAnalysisinBankingNoLongerReflectsReality.ProceedingsofaConference,TheFinancialSafetyNet:Costs,Benefits,andImplicationsforRegulation.624-647.Chicago,IL:FederalReserveBankofChicago.4.Baker,J.B.1999.DevelopmentsinAntitrustEconomics.JournalofEconomicPerspectives,13(1):181-194.5.Banal-EstaÌol,A.,andM.Ottaviani.2006.MergerswithProductMarketRisk.JournalofEconomicsandManagementStrategy,15(3):577-608.6.Bannon,S.,andK.Black.1996.BankingStructureinNewEngland1993-96.FederalReserveBankofBoston,ResearchReport74.7.Berger,A.N.1995.TheProfit-StructureRelationshipinBanking-TestsofMarket-PowerandEfficient-StructureHypotheses.JournalofMoney,CreditandBanking,27(2):404-431.8.Berger,A.N.,R.S.Demsetz,andP.E.Strahan.1999.TheConsolidationoftheFinancialServicesIndustry:Causes,Consequences,andImplicationsfortheFuture.JournalofBankingandFinance,23(2):135-194.9.Berger,A.N.,andT.H.Hannan.1989.ThePrice-ConcentrationRelationshipinBanking.ReviewofEconomicsandStatistics,71(2):291-299.10.Berger,A.N.,andD.B.Humphrey.1992.MegamergersinBankingandtheUseofCostEfficiencyas