Following sound economic theory, paper mills vertically integrate into pulp production, partly because internalizing the production of their inputs allows them to avoid transaction costs. Higher market concentration, a proxy of higher asset specificity and transaction costs, should encourage vertical integration in the pulp and paper industry. However, this relationship has not been robust in previous studies or in our replication with updated FPL-UW data. Upon a deeper analysis of the data, this study should clarify the mechanism by which transaction cost can induce vertical integration in this particular industry, which does not have well-defined intermediate goods markets. In order to specify the pulp markets where paper mills are likely to trade, we construct a mill-specific concentration measure as a substitute to traditional regional concentration measures. We also narrow our sample to mills producing free sheet paper, the most profitable paper grade in this industry. With such model refinement, this research exhibits a significantly positive correlation between transaction cost and vertical integration.

Submitted by Jose Carlos da Matta Berardo (jcberardo@gmail.com) on 2018-03-16T17:07:50Z No. of bitstreams: 1 Berardo - O Tema da Prova (final).pdf: 924778 bytes, checksum: a05fd364dad5c05497eb5e6a4c55089f (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado José, boa tarde! Para que possamos aprovar, é necessário que inclua a Banca Examinadora completa. Por gentileza acrescentar os Professores "Leonor Augusta Giovine Cordovil" e " Vinícius Marques de Carvalho". Qualquer dúvida, entre em contato. Atenciosamente. on 2018-03-16T17:56:51Z (GMT) / Submitted by Jose Carlos da Matta Berardo (jcberardo@gmail.com) on 2018-03-16T18:03:52Z No. of bitstreams: 1 Berardo - O Tema da Prova (final).pdf: 924778 bytes, checksum: a05fd364dad5c05497eb5e6a4c55089f (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado José Carlos, boa tarde. 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No. of bitstreams: 1 Berardo - O Tema da Prova (final).pdf: 920491 bytes, checksum: 47c25d90e77571deb69e5d4661cf8ab2 (MD5) Previous issue date: 2017-09-17 / Este trabalho quer apresentar a discussão referente ao tema da prova na análise das concentrações empresariais pelo Conselho Administrativo de Defesa Econômica (CADE) no âmbito da Lei n. 12.529/2011, notadamente diante da constatação de que tal análise, necessariamente prognóstica, se dá sob fortes condições de incerteza quanto à conformação e à dinâmica dos mercados após a consumação do ato de concentração. A discussão justifica-se para assegurar a aplicação isonômica da Lei por parte da autoridade, em um contexto em que há prognoses concorrentes a respeito de tal conformação de mercado, cabendo ao CADE fazer uma ponderação de probabilidade, verossimilhança ou plausibilidade a respeito dessas prognoses, a partir de informações apresentadas pelas empresas interessadas na consumação de uma concentração e obtidas junto a outros agentes do mercado, como concorrentes, clientes e fornecedores. Após contextualizar criticamente o quadro normativo aplicável à matéria, inclusive no que toca ao tema da incerteza, e apresentar a metodologia tradicional de análise dos chamados “atos de concentração”, cristalizada no Guia para Análise de Atos de Concentração Horizontal, editado pelas autoridades de defesa da concorrência, à luz de sua fundamentação perante a teoria econômica, o estudo examina os antecedentes históricos da matéria probatória no âmbito das concentrações no Direito Comparado, para então delimitar as discussões, no Direito Brasileiro, sobre o ônus da prova, standard probatório e os meios de prova disponíveis no âmbito do exame das concentrações no Brasil. O capítulo final conclui com recomendações voltadas ao tratamento prático do tema, considerando as especificidades apontadas ao longo do estudo. / The work aims to present the discussion regarding the theme of evidence in the review of corporate concentrations by the Administrative Council for Economic Defense (CADE) pursuant to Law no. 12,529/2011, especially in view of the conclusion that this review, necessarily forward-looking, is conducted under strong uncertainty as to market conformation and dynamics following consummation of the merger. The debate is required to assure equal enforcement of the Law by the authority, in a context in which there are competing prognoses about these market conformation, resting upon the CADE to assess the probabilities, likelihoods or plausibility of those prognoses, based upon information submitted by the merging parties and obtained from other market agents, such as competitors, clients and suppliers. After critically contextualizing the normative frame applicable to the subject, including the topic of uncertainty, and presenting the traditional methodology for the analysis of merger cases, in the form of the Horizontal Merger Guidelines edited by the competition authorities, the study reviews the history of the antecedents of the discussions about evidence in the context of merger control in Comparative Law, so it can then delineate the debate, under Brazilian Law, about the burden of proof, standard of proof and means of proof available in merger control review in Brazil. The final chapter concludes with recommendations regarding practical aspects of the matter, considering the particularities identified throughout the analysis.

La réalisation du marché intérieur de l’énergie constitue le moyen de diminuer le coût de l’énergie pour les consommateurs tout en assurant d’autres objectifs tels que la sécurité d’approvisionnement. Toutefois, les marchés européens du gaz et de l’électricité connaissent de nombreuses défaillances identifiées par la Commission dans son rapport résultant d’une enquête sectorielle lancée en 2005. Les directives de libéralisation ne suffisant pas, elle prône une application renforcée du droit de la concurrence, en particulier du droit du contrôle des concentrations. L’objet de cette étude est dès lors d’analyser l’utilisation de ces règles dans le cadre du processus de libéralisation des marchés énergétiques en Europe.Après une explication de la vague de concentrations ayant eu lieu dans le secteur énergétique sous l’impact de la libéralisation et du contexte qui l’entoure, on s’intéresse à l’utilisation des règles du contrôle des concentrations. Cette étude tente de mettre en exergue l’utilisation orientée de ses règles. Les Etats membres tout d’abord tendent à favoriser les opérations de concentrations se produisant entre des entreprises nationales tout en posant des obstacles aux opérations impliquant l’entrée sur leurs territoires d’acteurs étrangers.La Commission quant à elle favorise les concentrations de nature transfrontalière afin d’aider à la réalisation du marché intérieur et au développement de l’aspect concurrentiel de ce marché. Pour ce faire, elle a recours à un outil particulier : les remèdes. De tels rapprochements entre entreprises favorisant le marché intérieur, il n’est pas dans l’intérêt de la Commission de les interdire. Les remèdes permettent d’éliminer les effets négatifs qui pourraient résulter d’une opération de concentration. Cette étude propose une analyse des différents remèdes ayant été acceptés par la Commission afin de résoudre un problème de concurrence. / The completion of the internal energy market is the way to reduce energy costs forconsumers while providing other objectives such as security of supply. However,European gas and electricity markets are experiencing many failures identified by theCommission in its report published in 2007. The Commission advocates a strongerapplication of competition law, in particular the rules of merger control because theliberalization directives was not enough. Therefore the purpose of this study istherefore to analyze the application of those rules in the process of liberalization ofenergy markets in Europe.After an explanation of the merger wave that occurred in the energy sector under theimpact of liberalization and the environment that surrounds it, we are interested in theapplication of the rules of merger control.In this scope we will see that the Commission encourages the concentration of crossbordernature to help build the internal market and to develop the competition. Torealize this objective, the Commission uses a particular tool: the remedies. Theremedies can eliminate the negative effects that could result from a merger. Thisstudy provides an analysis of the various remedies that have been accepted by theCommission to resolve the problems of competition.