Abstract
We study the factors that influence the decisions that are made by the Brazilian competition authority on mergers and compare these factors with the Brazilian merger policy guidelines. Estimates of discrete choice models show that high post-merger market share and adverse entry conditions—both of which are included in the guidelines—significantly increase the likelihood of mergers’ being challenged. Market regulation—a factor that is not included in the guidelines—also influences these decisions. Our analysis indicates that the guidelines do not cover all relevant aspects of the decision-making process and shows evidence of the interaction between merger and regulatory policies.
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