Thursday, September 3, 2009

Antitrust Policy and Uncertainty

One negative of antitrust policy is increased uncertainty and delay for relevant market participants. The pending purchase of Sun Microsystems by Oracle provides a good example:


The European Commission Thursday opened an in-depth antitrust investigation into Oracle Corp.'s planned $7.4 billion purchase of Sun Microsystems Inc.

The commission said it has "serious concerns" that the deal between Oracle, the world's second-largest software maker, and Sun Microsystems might lead to reduced competition in the market for computer databases.

This comes on the heels of a different outcome here. On August 25th


Oracle Corp. said antirust regulators at the U.S. Department of Justice have cleared its $7.4 billion deal to buy Sun Microsystems Inc., removing a major hurdle for the transaction.

The Justice Department's decision occurred five months after the deal was announced.

Meanwhile, competitors like HP and IBM have been trying to profit from the ill-defined status of the deal. The EU's investigation

could put the world's No. 3 software maker, Oracle, months behind its original plan for closing the deal, giving rivals -- including Hewlett-Packard Co and International Business Machines Corp -- more time to poach hardware customers from Sun, the No. 4 maker of computer servers.

HP and IBM have been offering discounts and other incentives to woo Sun customers since Oracle agreed to buy Sun in April, playing up concerns that software maker Oracle might have trouble running a hardware maker.

Reasonable people can make a case for some degree of antitrust enforcement. This case should recognize, however, that some beneficial mergers and acquisitions do not occur because of the costs imposed by antitrust investigations.

24 comments:

Mike Huben said...

"Reasonable people can make a case for some degree of antitrust enforcement."

Is professor Miron one of these reasonable people? If so, he's a rare libertarian indeed to endorse any antitrust. I'd love to see a list of big-name libertarians who endorse antitrust, or see which libertarian books endorse antitrust.

"This case should recognize, however, that some beneficial mergers and acquisitions do not occur because of the costs imposed by antitrust investigations."

Now that's fatuous. Anything that imposes costs, any minor change of fortunes, any delay can be partially responsible for halting a merger or acquisition. They are hardly "inevitable except fer when gubermint gits involvupated!" Stockholder lawsuits, poison pills, and tons of other non-accidents are common.

And I presume that when he talks about "costs", he doesn't mean monetary costs because in a 7.4 billion dollar deal, defense before an antitrust investigation is chicken feed.

The "costs" might also deter more bad deals than good: Miron probably has no numbers to say one way or the other. He just wants to present one side to make government look like a bad guy.

Gordon Hutton said...

It would seem that the EUs action to protect the market for databases could be compressing the market for hardware. Ah, unintended consequences...no one is so knowledgeable as to be immune to them.

While this deal will probably be approved, the investigation could have more to do with the SAP vs. Oracle enterprise and supply chain software struggles, than the DBMS market. A little slow down on the merger, much to Oracle's surprise, seems like a less than subtle signal for them to tread lightly with the cheap acquisitions.

Anyone who thinks that government is only trying to preserve and protect consumers with this antitrust power doesn't get out much. It's not beneath either Leo or Larry (the respective CEOs) to involve regulatory powers in their struggles with each other.

TGGP said...

Mike, it doesn't sound like you actually disagree much with Jeffrey. I'm one of the unreasonable ones (though whether I qualify as a libertarian is another story). His statement that some beneficial deals don't go through because of government doesn't exclude the possibility that others don't because of stockholder lawsuits, poison pills and so on. He is saying we should acknowledge that cost. Not saying whether the costs outweighed the benefits is just being intellectually honest in the absence of other information.

Anonymous said...

Today is my lucky day :)
Apple is giving review copies of iPad to 100 lucky person. Go to http://bit.ly/cmmVr7 and apply for it.

Anonymous said...

panic away -
pc tv 4 me -
pdf creator -
perfect optimizer -
pick the gender of your baby -
plr wholesaler -
private niche empire -
project quick cash -
public records pro -
pull your ex back -
quick article pro -
quit smoking today -
reality creation secrets -
reg clean -
regi cleanse -
registry easy -
registry fix -
registry winner -
reg sweep -
reg tool -
reverse mobile -
reverse phone detective -
richard mackenzie direct -
rich garbage man -
rocket chinese -
rocket french -
seize cars -
shop until you drop -
six figure yearly 2009 -
sleep tracks -
spyware nuker -
spyware stop -
sunshine 4u -
the bad breath report -

Anonymous said...

the cash1234 system -
thedietsolutionprogram -
the diet solution program -
the free car -
the lazy marketer -
tonsil stones remedies -
truth about abs -
truth about diets -
turbulence training -
vincedelmontefitness -
vince del monte fitness -
violin master pro -
warp speed fat loss -
wedding speech 4u -
xp repair pro -
yeast infection no more -
2ip hosting -
10 minute forex wealth builder -
30 minute back links -
500 love making tips -
acid alkaline diet -
advanced defrag -
affiliate jackpot -
anti spyware -
art of approaching -
battery reconditioning -
blogging to the bank -
burnthefat -
burn the fat -
carb rotation diet -
carp evolution -
cb bonus domination -
combat the fat -
content website builder -

Anonymous said...

conversationalhypnosis -
conversational hypnosis -
cure angular cheilitis -
cure morning sickness -
dirty talking guide -
driver robot -
earth4energy -
earth 4 energy -
easy launcher -
easy system cleaner -
eatstopeat -
eat stop eat -
error smart -
evidence eraser -
evidence smart -
fatburningfurnace -
fat loss 4 idiots -
fitness model program -
fit yummy yummy -
flattenyourabs -
flatten your abs -
forex trading machine -
forex trading made ez -
get your exgirlfriend back -
google snatch -
governmentregistry -
government registry -
grow taller 4 idiots -
guy gets girl -
hcg recipes -
homemadeenergy -
home made energy -
how to break 80 -
hyper vre -

Anonymous said...

instant domain cash -
i software tv -
jamo rama acoustic -
linden method -
lose the back pain -
magni work -
maternityacupressure -
maternity acupressure -
musclegainingsecrets -
muscle gaining secrets -
negative calorie diet -
one minute cure -
one week marketing -
only 4 gamers -
paid surveys online -
panic away -
pc on point -
pc tv 4 me -
perfect optimizer -
phone number scan -
pick the gender of your bady -
power 4 home -
profit lance -
public records pro -
quantum mind power -
quit smoking today -
recipe secrets -
reg clean -
regi cleanse -
registry easy -
registry winner -
reg sweep -
reverse mobile -
reverse phone detective -

Anonymous said...

revolutioniz -
richard markenzie direct -
sale hoo -
simple php -
smtp 2 go -
spyware nuker -
surveys 4 checks -
tax liens made easy -
the bad breath report -
thedietsolutionprogram -
the diet solution program -
the handcrafters companion -
the retired millionaire -
the super mind evolution system -
truth about abs -
truth about diets -
turbulence training -
ultimate content creator -
video piggy -
vincedelmontefitness -
vince del monte fitness -
viral tweets -
warp speed fat loss -
webstigate -
win clear -
win spy -
worlds best compost -
xp repair pro -
yeast infection no more -
your approved -
500 love making tips -
acid alkaline diet -
advanced defrag -

Anonymous said...

amazing resume creator -
anti spyware -
art of approaching -
av advance -
banish tonsil stones -
bookmarking demon -
burnthefat -
burn the fat -
carb rotation diet -
catch spouse cheating -
cb affiliate blueprints -
combat the fat -
conversationalhypnosis -
conversational hypnosis -
cure angular cheilitis -
directory of ezines -
dirty talking guide -
dish tv for pc -
dog training online -
domain sales machine -
driver robot -
earth4energy -
earth 4 energy -
easy tech videos -
eatstopeat -
eat stop eat -
error killer -
error smart -
evidence eraser -
evidence smart -
fatburningfurnace -
fat burning furnace -
fatloss4idiots -
fat loss 4 idiots -

Anonymous said...

fitnessmodelprogram -
fitness model program -
fit yummy yummy -
flattenyourabs -
flatten your abs -
flat to fab -
forex derivative -
gas 4 free -
get better grades -
golf swing guru -
governmentregistry -
government registry -
heartburn no more -
homemadeenergy -
home made energy -
hyper vre -
i software tv -
legit online jobs -
linden method -
london forex rush -
master word smith -
maternityacupressure -
maternity acupressure -
max pro system -
meet your sweet -
membership gold rush -
minute sites -
musclegainingsecrets -
muscle gaining secrets -
negative calorie diet -
one minute cure -
one week marketing -
pc on point -
pc tv 4 me -

Anonymous said...

perfect optimizer -
php link cloaker -
pick the gender of your baby -
profit lance -
public records pro -
quit smoking today -
recipe secrets -
reg clean -
regi cleanse -
registry easy -
registry winner -
reg sweep -
reverse mobile -
reverse phone detective -
richard mackenzie direct -
rocket piano -
rocket spanish -
satellite tv to pc -
smtp 2 go -
spam bully -
spyware nuker -
the bad breath report -
thedietsolutionprogram -
the diet solution program -
the stop snoring exercise program -
the super mind evolution system -
trading stock indices -
truth about abs -
turbulencetraining -
turbulence training -
twitter annihilation -
twitter rockstar -
twitter traffic machine -

Anonymous said...

ultimate content creator -
ultimate font download -
ultimate wow guide -
video piggy -
vincedelmontefitness -
vince del monte fitness -
warp speed fat loss -
web investigator -
win clear -
win spy -
yeast infection no more -






3d covers -
500 scrapbooking sketches -
acid alkaline diet -
acne free in 3 days -
advanced pc tweaker -
apple patch diet -
art of approaching -
auction inspector -
av advance -
build a nice store -
burnthefat -
burn the fat -
carb rotation diet -
catch spouse cheating -
chikara reiki do -
combat the fat -
conversationalhypnosis -

Anonymous said...

conversational hypnosis -
copy that game -
cure gout now -
dl guard -
dog training online -
driver checker -
driver robot -
drop shipping wholesalers -
earth4energy -
earth 4 energy -
easy backup wizard -
eatstopeat -
eat stop eat -
error fix -
error killer -
error smart -
evidence eraser -
evidence nuker -
ex girlfriend guru -
fatburningfurnace -
fat burning furnace -
fatloss4idiots -
fat loss 4 idiots -
final uninstaller -
fitnessmodelprogram -
fitness model program -
fit yummy yummy -
flattenyourabs -
flatten your abs -
flat to fab -
forex grid bot -
get google ads free -
get paid to draw -
get this off my chest now -

Cinthya said...

Aaliyah Jolie
Aaliyah Yi
Aaralyn Barra
Aarielle Alexis
Aaron Colt
Aaron Stuart
Abata Kupffer
Abbey Brooks
Abbie Lebon
Abby Rode
Adam Harlow
Adam Wilde
Adam Wood
Addision Rose
Adicktion
Adina Jewel
Adriana Amante
Adriana Davis
Adriana Deville
Adriana Esteve
Adriana Faust
Adriana Russo
Adriana Sage
Adriana Wild

Cinthya said...

anime gfs
anime girls
anime girlfriends
wild anime gfs
black teen girlfriends
black gfs
young black gfs
cute black gfs
daddys little gfs
teen gfs
young gfs
little gfs
real emo girlfriends
emo gfs
emo girlfriends
alt gfs
real teenie gfs
teenie gfs
teen gfs
horny teen gfs
really wasted gfs
wasted gfs
durnk gfs
trashed gfs
stick gfs
gfs cumshots
gfs blowjobs
amateur gfs
young asian gfs
asian gfs
wild asian gfs
teen asian gfs

Cinthya said...

gf tits
gf boobs
girlfriend tits
girlfriend boobs
gfs huge boobs
gfs huge tits
natural tits
busty amateur
juicy boobies
girlfriend orgasms
girlfriend sexy
girlfriend amateur
gfs cute
gfs homemade
hottest tens
gfs young
real girlfriend
slut girlfriend
dirty gfs
jizz on my gf
gfs cum face
gfs cumshots
gfs creampies
gfs cum
jizz girlfriends
jizz gfs
girlfriend facials
gfs facial

Cinthya said...

amateur cumshots
me and my asian
asian gfs
cute asians
asian girlfriends
sexy asian gfs
teen asian gfs
asian amateur
amateur asian gfs
asian kinky gfs
hot asian girlfriends
my alternative gf
my suicide gf
emo gfs
punk gfs
alt gfs
indie gfs
emo girlfriends
alternative gfs
amateur emo
dirty emo gfs
my gf loves anal
anal gfs
anal girlfriends
amateur anal
homamade anal
tight anal
hot anal
sexy anal

Cinthya said...

amateur anal gfs
anal pleasure
oral girlfriends
oral gfs
amateur oral
dirty oral
homemade oral
oral cocksucking
oral blowjobs
kinky oral
naughty oral
sexy oral gfs
trashed girlfriends
trashed gfs
drunk gfs
drunk girlfriends
wasted gfs
wild gfs
drunk girls
wild girls drunk
party gfs
fest girlfriends
Benson and Hedges
Benson and Hedges Special Filter KS
Camel
Camel Blue
Camel Filter
Camel Orange Mild KS
Camel Silver Super Lights
Captain Black
Captain Black Regular Tobacco
Cohiba
Cohiba Mini cigarillos
Cohiba Siglo III Slb
Cohiba Siglo V Slb
Davidoff
Davidoff 2000
Davidoff 2000 Tubos

Cinthya said...

Davidoff Classic
Davidoff Light Gold
Davidoff Lights Gold Slims
Drum
Drum Halfzware Blue Tobacco + paper
Drum Mild Tobacco + paper
Dunhill
Dunhill Button Blue Lights KS
Dunhill Fine Cut Silver
Fortuna
Fortuna
Fortuna Blue KS
G.B.
G.B. Gold
G.B. Silver
Gauloises
Gauloises Blondes Blue
Gauloises Blondes Red
Gauloises Blondes Ultra Light Yellow
Gauloises Brunes Non Filter
Gitanes Brunes Non Filter
Gitanes Filter
Golden Gate
Golden Gate KS Hard Pack
Golden Virginia
Golden Virginia Tobacco
H. Upmann
H. Upmann Petit Corona
Henri Wintermans
Henri Wintermans Cafe Creme
Henri Wintermans Cafe Creme Arome
Henri Wintermans Cafe Creme Filter Arome
Henri Wintermans Cafe Creme Mild
Henri Wintermans Half Corona
Henri Wintermans Slim Panatellas
John Player Special
John Player Special KS
Karelia

cholesterol lowering diet said...

When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a remark is added I get 4 emails with the identical comment. Is there any means you may take away me from that service? Thanks

stop pre ejaculation said...

Thanks a lot for this time sharing about ANTITRUST POLICY AND UNCERTAINTY. This is really a nice reading to be sharing.

Cinthya said...

obsessed with myself
self-shooting hotties
sexy webcam girls
amateur webcam hotties
dirty wives exposed
hot wives
sexy housewives
amateur milf
amateur housewives
horny housewives
hot milf
sexy milf
gf melons
girlfriend boobs
gfs huge boobs
gfs huge tits
natural tits
busty amateur
juicy boobies
girlfriend sexy

felicity said...

This is an awesome blog post found here... Would like to say thanks very much for the share..

stop pre ejaculation
home treatments for hemorrhoids
No.1 Natural Cure From Japan