Сдерживающие эффекты российского контроля слияний: эмпирическое исследование
The present study focuses on the deterrence effects of Russian merger control. The impact of merger control instruments (remedies and prohibitions) on future merger activity reflects the mechanism of the deterrence effects. We use panel data on merger control decisions to estimate empirically the ability of antitrust actions to deter firms from merging. The estimation procedure was based on several methods including Arellano— Bond estimator. The findings of the research illustrate the presence of deterrence effects of Russian merger control. At the same time remedies do not involve deterrence effects in Russia whereas prohibitions can deter future merger activity. Studying deterrence effects of merger policy tools may be an essential step in understanding benefits of merger control as deterrent effects may be even more substantial than direct effects of merger control.
The research is devoted to the analysis of reasons and risks of use of the essential facilities doctrine in Russian antitrust policy. Basing on the comparative analysis of the US and European experience it is shown that the results of the doctrine application depend very much on the legal system. According to the considered cases Russian experience of following the principles of the Doctrine in antitrust cases against natural monopolies is quite successful. However, the efficiency of the instrument becomes questionable when it is used outside of the infrastructure sectors due to the high probability of errors of law enforcement.
Many antitrust cases in Russia continue to be a challenge for the assessment of competition policy. The question is that the impact of several antitrust decisions is rather questionable because of poor legal and economic proceeding. In fact, one of the key factors of the antitrust enforcement quality is the way of decision making by the judges in antitrust cases. This project proposal investigates the factors, affecting final antitrust cases results as the key element of the competition policy’s tools in Russia – antitrust regulation. Using a unique dataset of the appeals of infringement decisions from 2008-2012 this paper empirically examines the impact of competition policy instruments on national economy; development of the criteria for evaluating the effectiveness of antitrust policy; analysis of data on facts influencing the final court decision of antitrust investigations against Russian companies.
Economic analysis is an important tool for the modern antitrust. This article provides an empirical study of its role in the Russian antitrust law enforcement practice in order to answer the following question: Has the understanding of the usefulness and importance of economic analysis in the Russian antitrust been achieved, or has economic analysis been applied formally? The study is based on the sample of official records on published decisions by the Supreme Court of Arbitration of the Russian Federation, created specifically for this research.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.