NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Philip L. Williams

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NBER Working Papers and Publications

January 2004Antitrust Merger Policy: Lessons from the Australian Experience
with Graeme Woodbridge
in Governance, Regulation, and Privatization in the Asia-Pacific Region, NBER East Asia Seminar on Economics, Volume 12, Takatoshi Ito and Anne O. Krueger, editors
April 2003Antitrust Merger Policy: Lessons from the Australian Experience
with Graeme Woodbridge: w9600
A study of the operation of Australia's merger policy over the last twenty-seven years can yield lessons for countries that are contemplating the introduction of their own merger policy. If it is to be used to enhance value, merger policy should provide that any possible increase in monopoly power be weighed against any increases in efficiency. The process by which this is achieved should be undertaken with speed and secrecy so as not to deter efficiency-enhancing mergers. The twin requirements of speed and secrecy will, in turn, present problems in achieving fair process and the creation of precedent.

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