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L’efficacité du Contrôle Communautaire des Concentrations : une approche par la méthode événementielle

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  • Béatrice DUMONT

    (Université de Rennes 1 - CREDEG-CNRS)

Abstract

Le Tribunal de Première Instance des Communautés Européennes (TPICE) a récemment rétorqué trois vetos des autorités communautaires de la concurrence. Au-delà du camouflet que représentent ces décisions, c'est principalement l'insuffisance de preuves et la faiblesse de l'analyse économique de la Commission Européenne qui sont à chaque fois critiquées. Afin d'évaluer la véracité de ces critiques, nous cherchons à analyser de manière précise si les décisions de la Commission sont corroborées par l'anticipation des marchés. Pour se faire, nous utilisons et étendons la méthodologie d'Eckbo-Stillman (1983), plus communément appelée méthode événementielle. Le principe de base en est simple. Il consiste à tester l'hypothèse de pouvoir de marché (ou de collusion) en analysant comment le cours des actions réagit à des événements importants. L'hypothèse testée est la suivante : si la concentration projetée est susceptible de réduire l'intensité de la concurrence (de se traduire par un surcroît d'efficacité), alors les firmes rivales doivent voir leur valeur boursière augmenter (baisser) lors de l'annonce d'un événement augmentant la probabilité de réalisation de la concentration et se déprécier (augmenter) lorsque la probabilité de survenance de celle-ci diminue. Nos résultats montrent que dans la majorité des affaires, il est impossible de valider l'hypothèse d'effets anti-concurrentiels.

Suggested Citation

  • Béatrice DUMONT, 2004. "L’efficacité du Contrôle Communautaire des Concentrations : une approche par la méthode événementielle," Discussion Papers (REL - Recherches Economiques de Louvain) 2004033, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:2004033
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    References listed on IDEAS

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    More about this item

    Keywords

    Concentration horizontale; Cours boursier; Efficience; Méthode événementielle;
    All these keywords.

    JEL classification:

    • L4 - Industrial Organization - - Antitrust Issues and Policies
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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