title: Regulatory contract usage in case of antitrust mergers and acquisitions control
metadata.name: dc.contributor.author
metadata.value: Shastitko, Andrey E.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Markova, Olga A.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Meleshkina, Anna I.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2021-06-07T19:43:46Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2021-06-07T19:43:46Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2021-03
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Shastitko A. E., Markova O. A., Meleshkina A. I. (2021) Regulatory contract usage in case of antitrust mergers and acquisitions control. St Petersburg University Journal of Economic Studies, vol. 37, iss. 1, pp. 3–33.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2021.101
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/29240
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: The article provides an analysis of counterparties’ benefits and costs within the framework of
  regulatory contracts the object of which is structural prescriptions issued by the antimonopoly
  authority controlling mergers and acquisitions. The purpose of the study is to identify discrete
  institutional alternatives for creating credible commitments in regulatory contracts with the
  participation of the monitoring trustee (taking into account the risk of distorted incentives).
  The object of the study is the regulatory contract between the regulator, the trustee, and the
  company (merger participant) in the case of divestiture, since this situation is the most sensitive
  in terms of setting incentives and risks of opportunism. The subject of the study is credible
  commitments in such regulatory contracts. The analysis is based on methods of new institutional
  economics and of law and economics, and it employs mathematical modeling. The
  comparative analysis of discrete institutional alternatives is used as the main methodological
  approach, and it is based on an analysis of action coordination forms and harmonization of
  economic agents’ expectations — in this case, the antimonopoly agency, a trustee, and companies
  involved in mergers and acquisitions transactions. Advantages and disadvantages of
  the following contracting options were identified: independent monitoring by the regulator;
  monitoring with the involvement of a trustee whose activities are financed by the competition
  authority or the company; a hybrid approach financing trustee activities; distribution of
  income from penalties as a way for financing trustee activities; and a system of pledges in a
  tripartite contract. The article also defines the conditions for credible commitments within the
  framework of regulatory contracts. The results of this research can be used as a guideline for
  institutional design in the Russian antitrust enforcement system.
metadata.lang: en_GB
metadata.name: dc.description.sponsorship
metadata.value: The article was prepared as part of the research work of the state task of the RANEPA.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 37; Issue 1
metadata.lang: -
metadata.name: dc.subject
metadata.value: trustee
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: credible commitments
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: antitrust order
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: merger
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: fifth antimonopoly package
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Regulatory contract usage in case of antitrust mergers and acquisitions control
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 3-33.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/29240/1/3-33.pdf
resources.format: Adobe PDF
resources.size: 1,66 MB