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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