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Cross-Border Mergers and Acquisitions

The Case of Merger Control v. Merger Deregulation

Mohammad Bedier

This book provides the reader with an overview of the origin of corporations and the history of mergers and acquisitions. It demystifies the dynamics of mergers and identifies the unique impediments facing cross-border mergers and acquisitions, with great attention to the pre-merger control laws and regulations, in several regions (US, EU, and Middle East). Most importantly, it discusses and assesses merger deregulation and other key reforming proposals.
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Index

Mohammad Bedier

Aberdeen Harbour, 58
Abertis, 258
Accomandita, 19
Africa, 3, 19, 27, 242
AIG, 91
Airbus, 229, 257
allocative efficiency, 144, 145
Almunia, Joaquín, 141, 142, 207, 233, 249, 253, 257
AMD, 251
American Bar Association (ABA), 220, 312
American colonies, 31, 33, 43, 61
American invaders, 66
American Tobacco Company, 44
Amoco, 42
Andrews, Samuel, 37
Annan, Kofi, 153
anticompetitive effect, 150, 232, 233, 244, 253, 297
antidumping, 65, 66
Anti-merger Act, 195
antitrust haven, 214, 252
Arab countries, 3, 112, 194, 290
Arab League, 290
Arab Spring, 163
Arthur Andersen, 69
Asia, 19, 30, 68, 278
Association en Participation, 179
Assyrian, 12
AT&T, 99, 110
Australia, 97, 173, 176, 217, 233, 277, 323
Austria, 35, 170, 171
Austrian Penal Code, 35
Vienna, 18
Autostrada, 258
average rate of return (ARR), 105
Avishalom Tor, 234
Bacon, Francis, 60
Bacon, Henry, 38
Banchi, 18
Bank of North America, 33
bankruptcy, 114, 162
barrier to entry, 234, 238, 239, 248, 249, 255
Bazaarvoice, 204, 261
behavioral antitrust, 150, 234, 237, 271, 280, 291, 303, 308, 317, 320, 328, 330, 332, 336
behavioral economics, 234, 235, 237, 238, 239, 240
Belgium, 179
Brussels, 208, 288
Bertelsmann Music Group Music, 229
Bilad Al-Sham see Syria
bilateral agreement, 274, 276, 277, 278, 279, 280, 281
bilateral treaties, 132, 190
bill of exchange, 17
Blackstone, William, 11, 12
Blunt, John, 31
body politick, 24
Boise Cascade, 78
Bork, Robert, 149, 226, 227, 249
borough, 23, 59
Boston Tea Party, 30
Brazil, 278
British Airways, 67
Brown Shoe Co., Inc., 150, 196
Bubble Act, 7, 31, 32, 33, 34, 64
Buchanan, James, Duke, 44
Buffet, Warren, 115
Bureau of Competition, 198
Bush, George H.W., 258, 259
Bush, George W., 69
Byzantine, 15
Cadbury, 249
Cairo Geniza Documents, 19
Canada, 53, 148, 173, 183, 262, 277, 279, 288
Canadian Bar Association, 262
capitalism, 16, 19, 20, 57, 155, 156
cartel, 44, 249, 250, 271, 325, 326
Carter, Jimmy, 68
carve-out transaction, 76, 83, 84, 108
Cayman Islands Holding Corporation, 191
CFI see European Court of First Instance
change of control, 167, 192
Chevron, 42, 77
Chicago School of Economics, 144, 227, 236, 256, 320
Chile, 278
China, 15, 87, 88, 89, 90, 91, 173, 278
Christian Europe, 11, 13, 14, 15
Chrysler Motors, 86, 110, 180, 186, 187
Citicorp, 110
City Code on Takeovers and Mergers, 286
City of London Corporation, 58
civil law, 3, 194, 321
Clark, Maurice, 37
Clinton, Bill, 258, 259
closed market, 87, 91, 137
Coase, Ronald Harry, 236
Coca-Cola, 86
Coke, Edward, 9, 21, 59
Colleganza, 16
collusions, 265, 266, 322
Colombia, 278
Columbia Pictures, 110
comity, 203, 204, 274, 275, 279, 280, 291
Commanditaire Vennootschap, 179
Commenda, 13, 14, 16
Commissaire aux Apports, 179
Committee on Foreign Investment in the United States (CFIUS), 182, 192
common law, 3, 23, 34, 36, 59, 179, 194, 321
Compagnia, 16, 19
Compaq, 77, 111, 179
comparative mindset, 184
Compere, 18
complementary markets see neighboring markets
consolidation, 8, 73, 230
Constitution of Emperor Zeno see Emperor Zeno
consumer surplus see surplus
convergence of laws and regulations, 55, 72, 154, 242, 285, 295
cooperation agreement, 6, 175, 213, 228, 229, 241, 242, 261, 274, 275, 276, 277, 278, 279, 280, 281, 282, 284, 332
coordinated effects, 144, 247, 248, 249
corporate governance, 123, 125, 139, 188
corporate nationality, 75
corporatization, 67, 68
cost
average cost, 117, 118, 220
capital cost, 119
fixed cost, 117
inventory cost, 117
marginal cost, 118
production cost, 147
variable cost, 117
Cuba, 71
cultural differences, 110, 111
Daimler-Benz, 110, 180, 186
Dante Alighieri, 20
data privacy, 260, 275, 276, 281, 292, 304, 309, 318, 329
dead-weight loss, 143, 150
dealership, 92
Department of Defense, 183
Department of Justice (DOJ), 99, 155, 170, 171, 197, 198, 199, 200, 201, 203, 208, 231, 235, 236, 245, 247, 262, 263, 302
Department of Labor, 101
deregulation, 4, 6, 67, 68, 69, 70, 71, 112, 115, 130, 272, 319, 320, 321, 322, 324, 326, 327, 328, 329, 330, 331, 332, 335, 336, 337, 338
Deutsche Telekom, 68, 99
developed countries, 174, 217, 218, 252, 273, 300, 301
developing countries, 87, 89, 155, 156, 168, 173, 174, 194, 217, 241, 252, 260, 284, 300, 301, 318, 327
Dinar, 15
discounted cash flow (DCF), 104, 105
dispute settlement body, 291, 308, 314, 318
dispute settlement mechanism, 291, 293, 300, 301, 304, 307, 308, 318, 329, 332
distributorship, 92
divestiture, 42, 83, 84, 202, 265, 266
Domesday Book, 35
dominant position, 130, 230, 247, 255, 324
double entry bookkeeping, 17
Dow Chemical Corporation, 71
Dubai Ports World, 182
due diligence, 8, 94, 100, 101, 102, 103, 104, 106, 107, 108, 167
Dutch East India Company, 28, 43
earnings per share (EPS), 120
East India Company, 4, 25, 27, 28, 29, 30, 111
East Indies, 28, 44
eBay, 127
economic analysis of law, 234, 237
economic rate of return (ERR), 105
economic security, 181, 182
Economic and Social Council of the United Nations (ECOSOC), 288
economies of scale, 117, 118, 139, 144, 146, 151, 295
economies of scope, 117, 118, 139, 146
Eden, Avi, 124
Edmunds, George Franklin, 39
Edward I of England, 58
effects doctrine, 203, 204
Egypt, 3, 5, 19, 68, 114, 172, 177, 194, 213, 214, 216, 217, 230, 260, 268, 278, 321
Egyptian State Council, 216, 268
Elf Company, 68
EMI, 265
Emperor Zeno, 35
empirical finding, 89, 90, 113, 133, 136, 137, 138, 140, 141, 157, 189, 231, 232, 239, 246, 258, 270, 324, 326
Employee Stock Ownership Plan (ESOP), 76, 81, 82, 107, 108
employees, 81, 82, 97, 102, 103, 104, 113, 117, 119, 133, 139, 141, 142, 150, 151, 158, 160, 162, 163, 164, 165, 170, 171, 178, 191, 221, 261, 262, 269, 270, 323, 327, 332, 333, 336, 337
Energy Charter Treaty, 284
Enron, 69
Equal Employment Opportunity Commission, 101
equity dilution, 82
error
Type I error, 223, 232, 238, 239, 264
Type II error, 224, 232, 238, 239, 264
Ethiopia, 19
Europe
EU Member States, 155, 175, 179, 206, 208, 265, 266
European Commission (EC), 1, 74, 141, 206, 207, 208, 209, 210, 211, 212, 213, 222, 224, 229, 230, 231, 235, 236, 241, 242, 246, 249, 250, 251, 254, 256, 257, 258, 262, 263, 265, 266, 276, 278, 280, 299, 302, 321
European Council, 164
European countries, 17, 63, 64, 66, 68
European Court of First Instance (CFI), v, 212, 230, 242
European Court of Justice (ECJ), 206, 212, 213, 244
European monarchs, 27
European Parliament, 155
Treaty Establishing the European Coal and Steel Community (ECSC), 43
Treaty Establishing the European Economic Community (EEC), 43, 205, 206
Treaty Establishing the European Union (TEC), 43, 205
Treaty on the Functioning of the European Union (TFEU), 205, 226, 230
exchange of information, 275, 281, 292, 304
exchange rate, 106, 113, 115, 127, 128, 137, 139, 146, 167, 168, 169
exclusive agreement, 85, 92, 93
exporting cartel see cartel
Express Scripts, 99
extraterritorial effect, 3, 193, 194, 203, 212, 217, 218, 221, 228, 240, 241, 242, 243, 244, 259, 275, 277, 280, 291, 292, 295, 296, 304, 308, 309, 317, 328, 329
Exxon, 42, 77, 222, 249
Facebook, 77
Federal Bureau of Investigation (FBI), 192
Federal Trade Commission (FTC), 45, 196, 197, 198, 199, 200, 201, 203, 208, 228, 229, 231, 232, 235, 236, 245, 247, 259, 262, 263, 264, 266
fees see merger fees
feudalism, 4, 7, 57, 58, 112
fiduciary duty, 98, 124
fief, 57
financial crisis, 4, 27, 32, 45, 54, 63, 64, 88
financial engineering, 49, 50, 52, 120, 121
fiscal barrier, 65, 325
Ford Corporation, 48
foreign direct investment (FDI) see investment
Foreign Ownership Control or Influence Mitigation Plan, 192
France, 30, 35, 63, 64, 65, 169, 213, 312
Paris, 18, 288
franchise, 72, 91, 92, 93, 126, 162
Friedman, Thomas, 157, 158
Fuggers, 36
Fukuyama, Francis, 10, 154
Fulton-Rodgers Understanding of 1959, 277
GE/Honeywell, 224, 229, 257
Gencor Ltd., 241, 242
General Motors Corporation, 71
general welfare see welfare
Generally Accepted Accounting Principles (GAAP), 180, 186, 187
Germany, 35, 36, 44, 65, 174, 186, 222, 277, 312
Ravensburg, 18
Swabia, 18
Ghemawat, Pankaj, 157
Gillette, 77
GlaxoSmithKline, 126
global economy, 5, 90, 152, 153, 154, 155, 156, 157, 158, 160, 161, 223, 335
globalization, 54, 114, 152, 153, 154, 155, 157, 158, 159, 160, 161, 185, 240, 270, 283, 288, 326, 327, 334
anti-globalization, 153, 334
globalization index, 159, 200
semi-globalized, 152, 158, 161, 185, 326
gold, 12, 15, 16
golden handcuffs, 165
golden handshakes, 165
golden parachutes, 165
Google, 254
Greek, 7, 11, 12
Grosfillex-Fillistorf, 212
guilds, 13, 24, 27, 58
Hague Conference on Private International Law, 307
Hamburg Company, 24
Hammurabi, 234
hardcore cartel see cartel
Hard-Look doctrine, 321
harmonization, 90, 169, 186, 188, 191, 209, 242, 274, 283, 284, 285, 286, 287, 288, 290, 295, 296, 298, 299, 302, 307, 311, 312, 314, 316
Hartford Fire, 204
Harvard School of Economics, 144, 227
Harvard University, 33, 46, 48
Havana Charter, 288, 299
Hegel, Georg Wilhelm Friedrich, 54
Heinz, 55
Herfindahl-Hirschman Index (HHI), 245, 246, 247
Hewlett Packard, 77, 111, 179
Hitler, Adolf, 54
Hochstetters, 36
Holy Quran, 14
homogenous products industry, 250
Hong Kong, 218
hostile takeover, 50, 55, 74, 76, 81, 94, 124, 135
hubris, 113, 115, 123, 133, 136, 140, 237
Hudson’s Bay, 27, 29
Huffman, Max, 235, 240, 336
IBM, 55
imperialism, 240, 260, 280, 281, 287
Implats, 241
incentive contracts, 264, 298
India, 7, 19, 27, 28, 29, 30, 243
Indian Ocean, 15
Indiana University, 185
Inferno, 20
Instagram, 77
Insull, Samuel, 48
Intel, 250, 251
intellectual property rights (IPR), 89, 92, 101, 139, 162, 191, 202, 253, 254, 255, 299
internal rate of return (IRR), 105
International Bar Association, 220
International Competition Network (ICN), 220, 295, 301, 302
International Competition Policy Advisory Committee (ICPAC), 219, 296
International Financial Reporting Standards (IFRS), 180, 186, 187
International Labour Organization (ILO), 285
International Monetary Fund, 155
International Organization of Securities Commissions (IOSCO), 186
International Patent System, 312
International Trade Organization (ITO), 288, 299
investment
foreign direct investment (FDI), 1, 74, 87, 88, 89, 90, 156, 157, 158, 181, 182, 189, 270, 327, 335
foreign investment, 69, 87, 109, 162, 171, 172, 173, 174, 175, 176, 177, 181, 182, 269
Iran, 19
Iraq, 19
Ireland, 9, 249, 250
Ishtar, Amur, 12
Islam, 13, 14, 15, 35, 214
Italian, 11, 15, 16, 17, 18, 258
Italy, 13, 14, 16, 18, 24, 25
Amalfi, 16
Florence, 16
Gaeta, 16
Genoa, 16, 18
Pisa, 16
Venice, 16, 18
J. P. Morgan, 47
James, Charles A., 302
Japan, 86, 169, 172, 278
Jews, 7, 11, 15, 18, 19, 20
joint-stock corporation, 24, 25, 27, 29, 31, 32, 33, 34, 59, 63, 64
joint venture (JV), 5, 85, 86, 87, 88, 89, 90, 91, 93, 197
junk bonds, 50, 51
Kaldor-Hicks Efficiency Principle, 298
Kellogg, 55
Kerber, Wolfgang, 316
King James I, 36
King James VI, 36
Kingdom of Saudi Arabia, 14
Kraft General Foods, 78
Kroes, Neelie, 207
Latin America, 68
Law, John, 63
legislative intent, 38, 196, 251, 256
Lenin, Vladimir, 54
letter of patent, 34, 60, 61
Levant, 27, 29
leveraged buyout (LBO), 51, 51, 76, 80, 81, 82, 108
liberal approach, 1, 42, 64, 65, 66, 67, 69, 163, 207, 258, 321, 323
licensing, 5, 56, 66, 85, 92, 93, 102, 126, 139, 162, 179
limited liability, 14, 28, 32, 65, 179
litigation analysis, 102
Lonrho, 241
lowest common denominator, 240, 297
Luxembourg, 217, 276
MacAfee, 250
Madden, Samuel, 54
Magna Societas, 18
Mail Boxes ETC, 93, 94
management buyout (MBO), 76, 81, 107
Mannesmann, 1, 74
Maone, 18
Marco Polo, 15
marginal revenue, 143
market concentration, 146, 225, 245, 247
market share, 139, 206, 225, 245, 246, 249
market value method (MVM), 105
Marshall, John, 21
Mason, William Ernest, 39
Massachusetts Bay Company, 31
MBE Express, 93
McDonnell Douglas/Boeing, 224, 229, 257
Mecca, 14
Medco Health Solutions, 99
merger control
merger control drawback, 114, 141, 142, 144, 150, 151, 193, 194, 207, 211, 218, 219, 260, 262, 264, 267, 270, 272, 273, 275, 279, 280, 281, 290, 291, 293, 295, 297, 298, 299, 302, 303, 304, 305, 306, 307, 308, 310, 312, 313, 314, 317, 318, 319, 324, 327, 328, 330, 331, 332
merger control havens, 217, 260, 278, 290
post-merger control, 193, 194, 195, 204, 205, 213, 215, 217, 230, 240, 267, 324, 329
premerger control, 6, 162, 193, 194, 195, 197, 199, 201, 203, 205, 206, 207, 210, 211, 212, 217, 220, 230, 240, 263, 264, 267, 270, 272, 276, 293, 295, 297, 301, 302, 303, 304, 305, 306, 323, 324, 328, 330, 332
voluntary merger control, 233, 323
mergers
backward vertical merger, 78
conglomerate merger, 49, 50, 75, 76
dancing partner, 95
direct merger, 79, 107
dividend access share structure, 83, 107
earn-out provision, 106, 110
efficiencies, 5, 110, 113, 115, 119, 131, 132, 133, 134, 141, 142, 145, 146, 147, 148, 149, 150, 151, 298, 326
equalization structure, 83, 107
exchangeable share structure 83, 107
fees, 58, 79, 97, 98, 99, 100, 183, 199, 211, 215, 219, 220, 222, 298
financial restructuring, 76, 116
forward triangular merger, 79, 107
forward vertical merger, 78
growth alternatives, 5, 72, 85, 90, 92, 93, 126, 145
horizontal merger, 47, 48, 49, 75, 76, 77, 78, 84, 91, 118, 201, 209, 226, 236, 245, 246, 247
impediment, 1, 2, 5, 8, 69, 87, 90, 91, 94, 100, 103, 113, 114, 138, 150, 161, 162, 163, 169, 174, 175, 176, 177, 193, 265, 270, 272, 335
incentive, 5, 7, 49, 94, 113, 115, 116, 122, 123, 124, 126, 127, 133, 134, 136, 137, 138, 139, 145, 146, 151, 191, 242, 269
letter of intent, 96
market-extension merger, 77
mega merger, 51, 54
merger wave, 7, 11, 27, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 73, 76, 77, 121, 122, 134, 156, 261
operational restructuring, 76, 116
post-closing, 5, 72, 108, 109, 110
pre-closing, 108, 109
product-extension merger, 77
psychological factors, 138, 140
reverse subsidiary merger, 74
reverse termination fees, 99
reverse triangular merger, 79, 107, 108
statutory merger, 79
subsidiary merger, 74, 79, 107
taxable merger, 76, 82, 131
tax-free merger, 82, 83, 84
term sheet, 96
triangular merger, 75, 79, 107, 172
vertical merger, 47, 48, 78
Mexican Peso, 168
Mexico, 168, 300
Middle Ages, 9, 10, 11, 20, 23, 27, 28, 43, 56, 57, 288
Middle East, 1, 3, 19, 74, 163
Middle East & North Africa (MENA), 3, 194, 214, 260, 278
minimum efficient scale, 147, 148
minority investment, 80, 85, 93, 105, 186, 207
mismanagement, 113, 115, 123, 124, 125, 140
Mississippi Company, 30, 63
Mitsubishi Motors, 86
Mobil, 42, 77
Monnet, Jean, 226
Monti, Mario, 229, 302
Motorola, 254
multinational corporations, 7, 11, 27, 54, 55, 74, 153, 157, 188, 190, 302, 325
Munich Group, 289
Muscovy, 27, 29, 59
Muslims, 7, 11, 13, 14, 15, 16, 17, 19, 214
Mutual Legal Assistance Agreements, 274
Mutual Recognition Agreement (MRA), 316, 317
National Bureau of Economic Research, 45
national security, 109, 162, 174, 181, 182, 183, 269
Nationalistic Atavism, 178, 295
NCR, 110
neighboring markets, 250
Nelson, Ralph, 45, 47
neoclassical economic approach, 234, 235, 236, 237, 238, 239, 240, 336
neofunctionalism theory, 297
Netherlands, 28, 179, 191
New Zealand, 217, 265
Nippon Paper Industries, 204
non-prosecution agreement, 170
Norman Conquests, 57
North American Free Trade Agreement (NAFTA), 288, 290
North Sea Oil and Gas Corporation, 67
Norway, 171, 289
Numa Pompilius, 11
NYSE Euronext/Deutsche Börse AG, 229
Obama, Barack, 258, 259
OfficeMax, 78
oligopoly, 49, 247
Opel Corporation, 71
Organisation for Economic Co-operation and Development (OECD), 170, 288, 295, 300, 301, 311
output rationalization, 146, 147
paper money, 63
Pareto, Vilfredo, 151
Pareto principle, 151, 162, 270, 297
Parioli, Fra Luca, 17
Parish 23, 59
Parker Doctrine, 253
Peace of Westphalia of 1648, 296
Peninsular and Oriental Steam Navigation Company, 182
per se rule, 236
Persona Ficta, 17
Peru, 277, 278
PHARE Program, 276
Phillip Morris, 78
Phoenicians, 12
Pixar, 78
plurilateral agreements, 276
Plutarchus, 12
poison pills, 81, 135
Poland, 250
political friction, 241, 259, 280, 292, 304, 309, 317, 329
Pons, Jean-Francois, 278
Ponti, Lorenzo, 62
Posner, Richard Allen, 237, 238
PowerReviews, 204, 261
predatory pricing, 234, 239
preliminary agreement, 94, 96, 97, 98, 99, 102, 103, 106, 110
no-shop/no talk provisions, 98
Premerger Notification Office (PNO), 198, 200
price-earnings ratio (P/E), 49, 105, 120, 121, 124
private copartners, 24, 25, 26
privatization, 4, 67, 68, 112
pro-competitive, 90, 148, 150, 223, 232, 238, 257
Procter & Gamble, 55, 77, 86
productive efficiency, 145, 147, 148, 149
Prophet Muhammad (PBUH), 35, 214
protectionism, 66, 69, 161, 175, 181, 182, 257
Protocol for Coordination in Merger Investigations Between the Federal Enforcement Agencies and the State Attorneys General (Compact), 198, 199
Puerto Rico, 75
Qatar, 86
Doha, 224, 299
Qatar Investment Authority, 86
Q-Ratio, 122
Quran see Holy Quran
Ralph Lauren Corporation, 170
Reagan, Ronald, 56
reason comity see comity
red-title documents, 89
regulated corporation, 24, 25, 27, 28
regulatory capture, 255, 256, 292, 309, 318, 322, 329, 330, 336
remedies, 108, 193, 199, 202, 203, 204, 210, 211, 212, 229, 230, 235, 250, 251, 262, 263, 264, 265, 266, 269, 275, 281, 292, 298, 304, 309, 318, 324, 329, 333
behavioral remedies, 202, 211, 235, 263, 264, 266, 281, 304
structural remedies, 202, 211, 215, 263, 264, 265, 266, 281, 304
Renault Company, 68
rent seeking, 255, 309, 318, 330
replacement value method (RVM), 104
research and development (R&D), 126, 139, 189
Robert H. McKinney School of Law of Indiana, 185
Rockefeller, John Davison, 37, 42, 47
roll-up transaction, 76, 83, 84, 85
Romania, 250
Romans, 7, 12, 23, 35, 160
Roosevelt, Theodore, 67
rule of reason, 195
Russia, 29, 277, 284, 287
Russia Company, 29
Sabines, 12
Saftaga, 17
Saxon kings, 35
sea voyages see trading voyages
Securities Exchange Commission (SEC), 180, 186, 187
securitization, 63
Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practice, 289
Shell Corporation, 80, 81
Sheppard, William, 9, 20, 23
Sherman, John, 38, 40, 41, 42
Skype, 127
Sloan, Alfred Pritchard, 71
Smith, Adam, 24, 25, 322, 336
social media, 77, 262
Socius Procertans, 16
Socius Stands, 16
Sony Corporation, 110, 229, 231
South Africa, 241, 242
South Improvement Company, 37
South Sea Company, 4, 7, 27, 30, 31, 32, 63, 64, 111
sovereign wealth fund (SWF), 2, 75, 86, 87, 156, 164, 165, 170, 171, 174
sovereignty, 285, 288, 295, 296, 316
Spain, 64
Barcelona, 18
spill-over effect see neofunctionalism theory
spin-off transaction, 76, 83, 84, 108
squeeze-out transaction, 80, 105, 108
Standard Oil Corporation, 37, 38, 42, 44, 47
Starbucks Corporation, 191
Statute of Mortmain, 58
statutory company, 60
Stevenson, Robert Louis, 152
Stigler, George, 49, 118, 232, 239
stock exchange, 11, 28, 29, 80, 81, 84, 96, 103, 109, 120, 122, 151, 162, 171, 180, 185, 186, 187, 188, 262
Railroad Stock Market, 62
Stora Enso of Sweden, 59
strategic alliance, 85, 93, 94
subsidiary mergers, 79
Supermercados Amigo, 75
supranational, 6, 272, 284, 287, 288, 293, 295, 296, 297, 298, 299, 300, 301, 302, 303, 304, 305, 306, 311, 314, 332
surplus
consumer surplus, 143, 144, 150, 151, 252
total surplus, 252, 266, 326
survivor method, 118
Sutton Hospital Case, 10
Sweden, 25, 59, 124, 125
Switzerland, 222, 243
synergies, 113, 115, 116, 117, 118, 119, 120, 121, 122, 123, 125, 127, 140, 144, 151, 168, 178
Syria, 14, 15
tariff see fiscal barriers
tax haven, 131, 132
taxation, 83, 84, 90, 101, 137, 162, 172, 179, 188, 189, 190, 191, 201
double taxation, 190
taxation policy, 189, 190
worldwide taxation, 132, 190
technological alignment, 113, 115, 126
Texaco, 77
threshold, 83, 166, 173, 175, 176, 196, 199, 204, 206, 208, 213, 214, 224, 225, 283
Time Warner, 78, 111
Tobin, James 122
total surplus see surplus
tracking stocks, 83
trade barriers, 1, 139, 160
trade liberalization see liberal approach
trading voyages, 12, 13, 14, 16, 19, 25, 28, 30
transfer of technology, 88, 139, 189
transfer pricing, 132, 190
Travelers Group, 111
treaty shopping, 190
Turner, 78
Twitter, 262
UN Conference on Restrictive Business Practices, 289
unilateral effects, 144, 247, 252
United Arab Emirates (UAE), 156, 182
United Nations (UN), 52, 153, 289, 295, 298, 313
United Nations Conference on Trade and Development (UNCTAD), 52, 156, 289, 295, 301
United Parcel Services (UPS), 140
United States, 3, 101, 150, 182, 196, 204
Bloomington, Illinois, 86
Boston, 30, 61
California, 204, 231
Indiana, 118, 185, 261
Jersey City, 26
Massachusetts, 25, 27, 31, 61
New Jersey, 42, 47, 166
New York, 26, 38, 233
Ohio, 38, 42
Oregon, 177
Pennsylvania, 25, 33, 323
Philadelphia, 26, 33
Virginia, 27, 31
USA Technologies, 93
U.S. Steel Corporation, 47
usury, 13, 14, 20
Vauxhall Corporation, 71
Vereenigde Oost-Indische Compagnie, 28, 43
Virtual Data Room (VDR), 102
Vodafone Airtouch, 1, 74
Vodafone Essar Limited, 191
Vodafone International Holdings BV, 191
Volkswagen Company, 68
Wal-Mart, 75
Walt Disney, 78
Watson, David, 42
welfare
consumer welfare, 144, 149, 225, 226, 228, 232, 251, 252, 256, 271
economic and social welfare, 67, 70, 226, 228, 323
general welfare, 1, 270, 271, 322, 332, 335, 338
total welfare, 114, 149, 151, 232, 270
Welsers, 36
WhatsApp, 77
Whole Foods, 238
wholly owned subsidiary, 83
winner’s curse, 113, 123, 124
Wood Pulp, 212
World Economic Forum, 160
World Trade Organization (WTO), 91, 160, 214, 224, 287, 295, 299, 300, 301, 302, 308, 316, 325, 326, 337
Doha round, 224, 299
Uruguay round, 299
World War I, 49, 55, 66
WorldCom, 69
x-inefficiencies, 147
Yeltsin, Boris, 68
Yemen, 14