Regulating mergers and acquisitions of U.S. electric utilities industry concentration and corporate complication
"What happens when electric utility monopolies pursue their acquisition interests-undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the numb...
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| Formato: | Libro electrónico |
| Idioma: | Inglés |
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Northampton :
Edward Elgar Publishing
2020.
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| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009803337006719 |
Tabla de Contenidos:
- Part I: The transactions: Sales of public franchises for private gain, undisciplined by competition, producing a concentrated, complicated industry no one intended
- 1. Diverse strategies, common purpose: Selling public franchises for private gain
- 2. Missing from utility merger markets: Competitive discipline
- 3. The structural result: Concentration and complication no one intended
- Part II: The harms: Economic waste, misallocation of gain, competitive distortion, customer risks and costs
- 4. Suboptimal couplings cause economic waste
- 5. Merging parties divert franchise value from the customers who created it
- 6. Mergers can distort competition: Market power, anticompetitive conduct and unearned advantage
- 7. Hierarchical conflict harms customers
- Part III: Regulatory lapses: Visionlessness, reactivity, deference
- 8. Regulators' unreadiness: Checklists instead of visions
- 9. Promoters' strategy: Frame mergers as simple, positive, inevitable
- 10. How do regulators respond? By ceding leadership, underestimating negatives and accepting minor positives
- 11. Explanations: Passion gaps and mental shortcuts
- Part IV: Solutions: Regulatory posture, practices and infrastructure
- 12. Regulatory posture and practice: Less instinct, more analysis; less reactivity, more preparation
- 13. Regulatory infrastructure: Strengthen regulatory resources, clarify statutory powers, assess mergers' effects
- References
- Index.
