Слияние — путь к использованию рыночной власти или повышению эффективности? Анализ последствий трех горизонтальных слияний на российских высококонцентрированных рынках
The article is devoted to the assessment of the impact of three large-scale horizontal mergers — in the production of aluminum, in the production of cement and in the production of grain-oriented steel, — on the prices, which are quoted by the companies for the buyers. All mergers resulted in market structure close to monopoly in domestic market. Using differencein-difference estimation of price increase it was shown that in six out of nine products analyzed mergers influenced prices significantly. But only in two out of six cases statistical significant price increase is reported. We consider these results as an evidence, though indirect, that despite the serious competition concerns the most important effects of mergers are efficiency gains in contrast to monopolistic price increase.
This paper tests the behavioral firm theory by examining exogenous economic shocks to explore whether switching to an innovative strategy is always reasonable. A quasi-experimental design – difference-in-difference – has been run on 1000 companies for 11 years to explore the consequences of strategic shifts towards innovations. It is found that companies that introduced innovations do not have any substantial differences from those that kept the ‘status quo’. However, those few companies that decided to follow a proactive strategy during the crisis by introducing new R&D projects outperform their rivals in the medium-term. A nonlinear relation between the decision to switch to an innovative strategy and related performance suggests that returns to scale exist. Only those cases of innovative shifts that enable the growth of more than 50% in intangible assets on average and more than 30% in a recession appear to be successful and lead to higher performance for companies.
The paper analyzes the merger between three universities in Saint Petersburg. This merger is a result of the processes taking place in the field of higher education in Russia. It includes consolidation and reduction of some other universities, formation of federal universities, reduction of numerous non-core specialties. As it is well known, the integration processes in oligopolistic markets are accompanied with increasing concentration, and hence growing of market power. It results in a decline in output, higher prices and higher profits of all firms in the industry. The merger of these universities is not motivated by these economic incentives that need to be evaluated. The article aims to predict the economic consequences of this merger within the framework of the commercial forms of education for a bachelor’s degree. In particular, our analysis shows the forthcoming price growth due to the low elasticity of demand for the higher education and other factors. The empirical analysis in the paper is based on the method of merger simulation with the use of open data on the positions available for entrants in the considered universities at Saint Petersburg.
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.