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Feasibility Study on Innovation Feasibility study on the microeconomic impact of enforcement of competition policies on innovation Final report Competition EUROPEAN COMMISSION Directorate-General for Competition E-mail: comp-publications@ec.europa.eu European Commission B-1049 Brussels [Catalogue number] [Catalogue Feasibility study on the microeconomic impact of enforcement of competition policies on innovation Final report Authors: Peter Ormosi, Anna Rita Bennato, Steve Davies and Franco Mariuzzo Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE This document has been prepared for the European Commission; however, it reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. More information on the European Union is available on the Internet (http://www.europa.eu). Luxembourg: Publications Office of the European Union, 2017 Catalogue number: KD-04-17-860-EN-N ISBN 978-92-79-73841-8 doi: 10.2763/770377 © European Union, 2017 Reproduction is authorised provided the source is acknowledged. Final report Table of Contents Table of Contents ............................................................................................. 1 Table of Tables ................................................................................................ 4 Table of Figures ............................................................................................... 5 1 Executive summary .................................................................................... 6 1.1 Review of existing literature ................................................................... 6 1.2 Findings of the pilot study...................................................................... 8 1.3 Methodological lessons .......................................................................... 8 1.3.1 R&D expenditure ............................................................................ 9 1.3.2 Patents ......................................................................................... 9 1.3.3 Product characteristics .................................................................. 11 1.3.4 General ....................................................................................... 12 2 Introduction ............................................................................................ 13 3 Literature review ...................................................................................... 15 3.1 Introduction ...................................................................................... 15 3.2 Measuring Innovation ......................................................................... 16 3.2.1 R&D expenditure .......................................................................... 16 3.2.2 Patent counts .............................................................................. 17 3.2.3 Product quality/performance .......................................................... 19 3.3 Identifying innovative industries ........................................................... 19 3.4 Competition and innovation ................................................................. 20 3.5 Competition policy and innovation ........................................................ 21 3.5.1 Features which may justify special treatment from CAs ...................... 21 3.5.2 Areas of Competition Policy ............................................................ 23 3.5.3 Competition Policy and Innovation: Specific Cases ............................ 26 3.6 Summary .......................................................................................... 29 4 The Hard Disk Drive and Solid State Drive markets ....................................... 30 4.1.1 The storage market ...................................................................... 30 4.1.2 Hard Disk Drives vs Solid State Drives ............................................. 31 4.1.3 Market structure in HDD ................................................................ 32 4.1.4 Market structure in SSD ................................................................ 33 4.1.5 Cloud storage .............................................................................. 34 5 Regulatory approval of the mergers ............................................................ 35 5.1 European Commission decision in the Seagate/Samsung merger ............... 35 5.2 Other decisions in the Seagate/Samsung merger .................................... 36 5.3 European Commission decision in the Western Digital/Hitachi merger ........ 37 1 Feasibility study on the microeconomic impact of enforcement of competition policies on innovation 5.4 Other decisions in the Western Digital / Hitachi merger ............................ 37 5.5 Testable hypotheses ........................................................................... 38 6 The impact of the mergers on R&D intensity ................................................. 43 6.1 Data and main variables ...................................................................... 43 6.2 Finding adequate Control groups .......................................................... 47 6.2.1 Using rival firms as control ............................................................ 47 6.2.2 Selected storage firms as Control ................................................... 48 6.2.3 Large sample IT firms as control ..................................................... 49 6.2.4 A weighted sample of IT firms ........................................................ 49 6.2.5 Synthetic control .......................................................................... 50 6.3 Estimating the impact of the mergers .................................................... 51 6.3.1 Descriptive analysis ...................................................................... 51 6.3.2 Difference-in-differences estimates ................................................. 54 6.3.3 Assumptions required for unbiased results ....................................... 56 6.3.4 Robustness checks ....................................................................... 58 7 The impact of the mergers on patent activity ................................................ 61 7.1 Data and main variables ...................................................................... 61 7.2 Constructing the dependent variable ..................................................... 65 7.2.1 Patent counts and citations ............................................................ 65 7.2.2 Constructing a patent indicator ....................................................... 65 7.3 Finding suitable Control groups ............................................................ 66 7.3.1 Other firms with HDD patents ........................................................ 66 7.3.2 NAND Flash patents ...................................................................... 68 7.4 Estimating the impact of the mergers on firms’ patenting activity .............. 69 7.4.1 Difference-in-differences estimates ................................................. 69 7.4.2 Assumptions ................................................................................ 72 7.4.3 Robustness checks ....................................................................... 74 8 The impact of the mergers on product characteristics .................................... 75 8.1 Data and main variables ...................................................................... 75 8.2 Finding suitable Control groups ............................................................ 79 8.3 Estimating the impact of the mergers on product characteristics ............... 81 8.3.1 Descriptive analysis ...................................................................... 81 8.3.2 Difference-in-differences estimates ................................................. 83 8.3.3 Assumptions required for unbiased DiD ........................................... 86 8.3.4 Robustness checks ....................................................................... 86 9 Interpretation of the pilot study .................................................................. 87 10 Conclusion ........................................................................................... 90 10.1 Methodological variety ........................................................................ 90 2 Final report 10.2 Main methodological lessons ................................................................ 91 11 References ........................................................................................... 94 12 Appendix to the literature review ........................................................... 102 12.1 Screening for innovative industries ..................................................... 102 R&D ..................................................................................................... 102 Patents ................................................................................................. 103 12.2 Summary of other papers in the academic literature .............................. 105 13 Extra material for pilot study ................................................................. 120 13.1 Extra material for the R&D section ...................................................... 120
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