Effects of mergers and acquisitions on market equilibrium performance measures for processed milk market in Kenya
Notice bibliographique
Résumé
The evaluation of the mergers and acquisitions effects on the main equilibrium performance measures is essential to the understanding of the competition policy dynamics in a market with few players. There is need for adoption of a robust mergers analysis model to address the shortcoming of the traditional SSNIP model which only focuses of prices and leaving out other important aspects of mergers and acquisitions. This study aimed to determining the effects of the mergers and acquisitions on market prices, consumer welfare, and aggregate profit of the merging firms and those of the non-merging firms and therefore answering the question on the overall effect of mergers and acquisitions on the equilibrium performance measures on milk market using data from all the 34 licensed and active milk processors in Kenya. A new model of analysis as developed from the Canadian Competition Policy maker i.e. The Canadian Competition Policy Merger Simulation Model was used. The study found that mergers and acquisitions lead to increase in market shares of the merging firms. Their non-merging counterparts also record a significant increase in their market shares after mergers and acquisitions have taken place even though they are not directly involved in the merger or acquisition. Herfindahl-Hirschman Index, or HHI which is a measure of the size of the firms in relation to the industrial and an indicator of competition and the concentration ratio (CR4) of the four largest firms in the industry increased. The study also found that mergers and acquisitions have a significant effect on product price. From the findings, the study concludes that mergers and acquisition not only leads to increase in market shares of both merging and non-merging firms but also creates market dominance due to reduction in the number of market players in the industry. This firms ends up dictating major terms of trade affecting different equilibrium measures such as product prices, volume of output released in the market, quantity produced and the social welfare. Therefore there is need for all competition policy practitioners to carry out robust analysis for proposed mergers or acquisitions before approval. However, due to the short-comings of the Canadian Competition Policy merger Simulation Model where only companies with a market share of one percent and above can be used, a mixed model approach can be used to help arrive to near accurate conclusions.
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Comment cette classification a été obtenuedéplier
Prédiction machine sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Le volet Gemma est une étiquette directe du modèle pour chaque travail de la base, lue sur la notice réduite au titre. Le volet Codex est un classifieur appris des 10 348 étiquettes directes de Codex et calibré sur les taux pondérés de l'échantillon; les champs sans appui suffisant ne portent aucun appel Codex. Le mode candidate est l'union des deux volets; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont pas des étiquettes humaines.
Scores du classifieur distillé par catégorie (deux têtes)
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,001 | 0,004 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,001 | 0,001 |
| Études des sciences et des technologies | 0,000 | 0,000 |
| Communication savante | 0,001 | 0,001 |
| Science ouverte | 0,000 | 0,000 |
| Intégrité de la recherche | 0,000 | 0,001 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,002 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découleClassification
machine, non validéePrédiction automatique; un appel candidat d’une seule source (Gemma direct ou Codex distillé), pas un consensus.
Le détail, modèle par modèle et score par score, se trouve en fin de page sous « Comment cette classification a été obtenue ».