Competition between market centers is a driving force for innovation, dynamic growth, and reasonable pricing structures. Consolidating the order flow amasses liquidity, sharpens price discovery, and lowers trading costs. This book addresses such timely topics as the impact of technology on financial markets and includes contributions from prominent academics, policymakers and professionals in the field. It is the latest title in established conference proceedings series.
Economics scholars and policymakers have rung alarm bells about the increasing threat of consolidation within industrial sectors. This paper examines the importance of industrial concentration in U.S. defense acquisition in two ways: first, a direct relationship between concentration and performance outcomes; and second, a mediating relationship, where concentration influences performance through reduced competition for defense acquisition. The study created a large contract dataset incorporating economic statistics on industrial sectors and analyzed it using multilevel logit models. The study finds that subsector concentration correlates with greater rates of termination. Contrary to the hypothesis, competition is associated with higher rates of termination, and only single-offer competition is significantly associated with lower rates of cost ceiling breaches. Taken together, the results are consistent with the literature on the risk of concentration’s connection with market power but also suggest that the mechanisms of competition are worthy of future study.
An oligopoloy (from the Greek, few sellers ) is a market that is dominated by a few large and powerful players. As Steve Hannaford documents with numerous examples, virtually every industry today--from medical equipment to airlines, toy retailing to oil--is trending in this direction, in the greatest movement toward industry consolidation and concentration since the turn of the 20th century. Everyone who reads the newspapers is aware of the dizzying pace of mergers, acquisitions, buyouts, and alliances, between big companies and small companies in every industry. Such deals, along with the growing social and political clout of the biggest companies, are critical issues for the economy and for our future as consumers. Charting the course of this trend around the world, Hannaford examines the motivations behind consolidation into corporate empires, how companies exert political pressure to their advantage, and how the actions of the most dominant players, such as Coca-Cola, Wal-Mart, Viacom, Dell, ExxonMobil, Citigroup, and others, affect the choices we have at the supermarket, the drugs we are prescribed, and the movies we watch. Considering the implications of industry concentration on competition, technological innovation, business management, strategy, consumer behavior, and politics, Hannaford paints a provocative, but ultimately balanced, picture of big business and its impact on society.
Author: United States. Congress. Senate. Committee on Commerce, Science, and Transportation. Subcommittee on Communications, Technology, and the Internet
This book constructs an innovative theoretical analysis framework for corporate consolidation through M&A under the condition of government competition during the transition period. Under the condition of transitional economy, the government is an important agent in economic development. Government behaviors, especially government competitions, are institutional variables that affect enterprise behaviors and corporate consolidation. Based on the perspective of local government competition, starting from the essential problems of China's enterprise M&A during the transition period, and taking “the existence of M&A waves-the occurrence mechanism of M&A under government competition-the process of corporate consolidation under government competition—the macro and micro effects of M&A” as the main line, this book reveals the mechanism and effects of enterprise M&A on the evolution of industrial economic structure and regional economic structure under the paradigm of government competition. At the same time, taking “the motivations for government competition-conducts of government competition-effects of government competition” as the hidden line, the path of government competition and its impact mechanism are investigated. Relevant analysis of government competition is embodied in the logical framework of M&A and corporate consolidation.
Consolidated Treaties of International Agreements is the only up-to-date publication available that offers the full-text coverage of all new treaties and international agreements to which the United States is a party. Treaties that have been formally ratified but not officially published, as well as those pending ratification, are included to guarantee the most comprehensive treaty information available. Executive agreements that have been made available by the Department of State in the previous year are also included. A unique and thorough indexing system, with indices appearing in each volume, allows quick and easy access to treaties.
