{"title":"Denmark ∙ Insufficient Market Analysis: The Danish Eastern High Court Overturns Decision from the Danish Competition Council","authors":"E. Kjær-Hansen","doi":"10.21552/core/2023/3/6","DOIUrl":"https://doi.org/10.21552/core/2023/3/6","url":null,"abstract":"","PeriodicalId":84502,"journal":{"name":"Core journals in pediatrics","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136367985","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Annotation on the Judgment of the Court (Third Chamber) of 29 June 2023 in Case C-211/22 Super Bock Bebidas SA and Others v Autoridade da Concorrência In its judgment of 29 June 2023, following six questions referred for a preliminary ruling, the Court of Justice of the EU provided clarity in dealing with a vertical case involving resale price maintenance (RPM).1 A topic that had already undergone considerable evolution in existing case law, from a phenomenon that was considered as restrictive by object, following among others the Binon case, to a much more nuanced view in which the Court noted that the agreements should be assessed in their appropriate legal and economic context where the restrictive effect should be established first.
欧盟法院(第三分庭)于2023年6月29日对案件c - 221 /22 Super Bock Bebidas SA和其他人诉Autoridade da Concorrência的判决注释。在其2023年6月29日的判决中，在提交初步裁决的六个问题之后，欧盟法院在处理涉及转售价格维持(RPM)的垂直案件时提供了明确的说明这个问题在现有判例法中已经有了相当大的演变，从宾农案之后被认为是客体上具有限制性的一种现象，发展到一种更加微妙的观点，法院在其中指出，应在适当的法律和经济背景下评估协议，首先确定限制作用。
{"title":"Brewing Control: the Case of Super Bock","authors":"S. Maes, C. Buts, M. Jegers","doi":"10.21552/core/2023/3/11","DOIUrl":"https://doi.org/10.21552/core/2023/3/11","url":null,"abstract":"Annotation on the Judgment of the Court (Third Chamber) of 29 June 2023 in Case C-211/22 Super Bock Bebidas SA and Others v Autoridade da Concorrência In its judgment of 29 June 2023, following six questions referred for a preliminary ruling, the Court of Justice of the EU provided clarity in dealing with a vertical case involving resale price maintenance (RPM).1 A topic that had already undergone considerable evolution in existing case law, from a phenomenon that was considered as restrictive by object, following among others the Binon case, to a much more nuanced view in which the Court noted that the agreements should be assessed in their appropriate legal and economic context where the restrictive effect should be established first.","PeriodicalId":84502,"journal":{"name":"Core journals in pediatrics","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136367738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Netherlands ∙ The Key Questions on the Entry Into Force of the Vifo Act","authors":"T. Raats","doi":"10.21552/core/2023/3/8","DOIUrl":"https://doi.org/10.21552/core/2023/3/8","url":null,"abstract":"","PeriodicalId":84502,"journal":{"name":"Core journals in pediatrics","volume":"45-46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136367762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Cartel investigations and subsequent Commission decisions can negatively impact a company’s reputation and stock market value. Using an event study methodology, this paper quantifies the effect of a Commission decision on the market value of companies involved and investigates whether the fact that a dawn raid took place has an additional effect on the impact of the subsequent decision. The findings are based on an exhaustive recent sample of 373 observations of listed firms involved in cartel cases between 2001 and 2022. We conclude that a dawn raid has a clear negative effect of -2.04% on a firm’s stock price in the anticipation period prior to a decision. We attribute this to the fact that a dawn raid generates media coverage, bringing more attention to the case and making it widely known to investors. An anticipation effect is absent in cartels where no dawn raid took place, suggesting that a dawn raid entails a more prolonged and more negative effect on stock prices. Keywords: antitrust; cartel; dawn raid; European Commission; event study
{"title":"Dawn Raids and Their Effect on the Stock Market","authors":"S. Maes, C. Buts, M. Jegers","doi":"10.21552/core/2023/3/4","DOIUrl":"https://doi.org/10.21552/core/2023/3/4","url":null,"abstract":"Cartel investigations and subsequent Commission decisions can negatively impact a company’s reputation and stock market value. Using an event study methodology, this paper quantifies the effect of a Commission decision on the market value of companies involved and investigates whether the fact that a dawn raid took place has an additional effect on the impact of the subsequent decision. The findings are based on an exhaustive recent sample of 373 observations of listed firms involved in cartel cases between 2001 and 2022. We conclude that a dawn raid has a clear negative effect of -2.04% on a firm’s stock price in the anticipation period prior to a decision. We attribute this to the fact that a dawn raid generates media coverage, bringing more attention to the case and making it widely known to investors. An anticipation effect is absent in cartels where no dawn raid took place, suggesting that a dawn raid entails a more prolonged and more negative effect on stock prices. Keywords: antitrust; cartel; dawn raid; European Commission; event study","PeriodicalId":84502,"journal":{"name":"Core journals in pediatrics","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136367980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Romania ∙ The Romanian Competition Council: Towards Becoming a Markets’ Authority","authors":"B. Marius Chirițoiu, V. Dan Roman","doi":"10.21552/core/2023/3/9","DOIUrl":"https://doi.org/10.21552/core/2023/3/9","url":null,"abstract":"","PeriodicalId":84502,"journal":{"name":"Core journals in pediatrics","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136367745","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
: The AEC principle could be conceived as the other side of a competition policy serving to protect competition on the merits. The principle is of primal significance to Article 102 TFEU, which the CJEU has long interpreted as applying not only to the exploitation of market power vis-à-vis customers and suppliers, but also to conduct having as its object or effect the exclusion of actual or potential competitors. The exit from the market of less efficient competitors seems to be in sync with long standing policies. However, a more nuanced interpretation of the AEC principle providing for the protection of potential and not yet as-efficient competitors would reinforce competition on the merits.
{"title":"From the As-Efficient Competitor to the Potentially As Efficient Competitor?","authors":"G. D. Theodorakopoulou","doi":"10.21552/core/2023/3/5","DOIUrl":"https://doi.org/10.21552/core/2023/3/5","url":null,"abstract":": The AEC principle could be conceived as the other side of a competition policy serving to protect competition on the merits. The principle is of primal significance to Article 102 TFEU, which the CJEU has long interpreted as applying not only to the exploitation of market power vis-à-vis customers and suppliers, but also to conduct having as its object or effect the exclusion of actual or potential competitors. The exit from the market of less efficient competitors seems to be in sync with long standing policies. However, a more nuanced interpretation of the AEC principle providing for the protection of potential and not yet as-efficient competitors would reinforce competition on the merits.","PeriodicalId":84502,"journal":{"name":"Core journals in pediatrics","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136367981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Annotation on the Judgment of the General Court (Sixth Chamber, Extended Composition) of 15 June 2022 in Case T-235/18 Qualcomm v Commission In 2018, the European Commission adopted a decision finding that Qualcomm had abused its dominant position on the relevant worldwide open market for LTE chipsets by offering exclusivity payments to its customer Apple. The EU General Court upheld Qualcomm’s challenge of that decision. The ruling came shortly after another high-profile Commission defeat concerning Article 102 TFEU’s application on presumed foreclosure effects, caused by a loyalty rebate scheme employed by another chipmaker (Intel). The Qualcomm judgment points out a number of procedural and substantive flaws, and its repercussions seem to have already changed the way the Commission conducts antitrust proceedings. It may have fuelled the Commission’s recently launched process to update its approach for the assessment of exclusionary conduct by dominant undertakings.
{"title":"Qualcomm: Numerous Procedural and Substantive Shortcomings Lead to Spectacular Commission Defeat","authors":"A. Gerber","doi":"10.21552/core/2023/3/10","DOIUrl":"https://doi.org/10.21552/core/2023/3/10","url":null,"abstract":"Annotation on the Judgment of the General Court (Sixth Chamber, Extended Composition) of 15 June 2022 in Case T-235/18 Qualcomm v Commission In 2018, the European Commission adopted a decision finding that Qualcomm had abused its dominant position on the relevant worldwide open market for LTE chipsets by offering exclusivity payments to its customer Apple. The EU General Court upheld Qualcomm’s challenge of that decision. The ruling came shortly after another high-profile Commission defeat concerning Article 102 TFEU’s application on presumed foreclosure effects, caused by a loyalty rebate scheme employed by another chipmaker (Intel). The Qualcomm judgment points out a number of procedural and substantive flaws, and its repercussions seem to have already changed the way the Commission conducts antitrust proceedings. It may have fuelled the Commission’s recently launched process to update its approach for the assessment of exclusionary conduct by dominant undertakings.","PeriodicalId":84502,"journal":{"name":"Core journals in pediatrics","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136367737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Annotation on the Judgment of the Court (Fifth Chamber) of 10 November 2022 in Case C-385/21 Zenith Media Communications SRL v Consiliul Concurenţei . National rules for calculating fines for infringements of competition rules which require national competition authorities to only consider an undertakings' total annual turnover, without factoring in evidence that that turnover does not reflect an undertakings' true economic situation, is contrary to Union law. In this regard, the Zenith Communications ruling reduces the discretion of the Member States in the setting of fines.
关于法院(第五分庭)2022年11月10日C-385/21 Zenith Media Communications SRL诉Consiliul案判决的注释Concurenţei。计算违反竞争规则的罚款的国家规则要求国家竞争主管部门只考虑企业的年总营业额，而不考虑营业额不能反映企业真实经济状况的证据，这违反了欧盟法律。在这方面，Zenith Communications的裁决减少了成员国在设定罚款方面的自由裁量权。
{"title":"The End of Member State Autonomy in the Calculation of Fines in EU Competition Law? The Implications of the Zenith Communications Ruling.","authors":"F. Rizzuto","doi":"10.21552/core/2023/3/12","DOIUrl":"https://doi.org/10.21552/core/2023/3/12","url":null,"abstract":"Annotation on the Judgment of the Court (Fifth Chamber) of 10 November 2022 in Case C-385/21 Zenith Media Communications SRL v Consiliul Concurenţei . National rules for calculating fines for infringements of competition rules which require national competition authorities to only consider an undertakings' total annual turnover, without factoring in evidence that that turnover does not reflect an undertakings' true economic situation, is contrary to Union law. In this regard, the Zenith Communications ruling reduces the discretion of the Member States in the setting of fines.","PeriodicalId":84502,"journal":{"name":"Core journals in pediatrics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136367751","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：