Summary of legal aspects of mergers, consolidations, and. Postacquisition integration is often cited as the keystone of a successful merger or acquisition. These rules have been revised over the past four decades. Risks involved in mergers and acquisitions hk edition updated. Bradford hills considerations published in 1965 had an enormous influence on attempts to separate causal from noncausal explanations of observed associations. These criteria were originally presented by austin bradford hill 18971991, a british medical statistician, as a way of determining the causal link between a specific factor e. Results obtained from molecular epidemiologic studies can be used for the assessment of causation. The bradford hill criteria, otherwise known as hill s criteria for causation, are a group of 9 principles that can be useful in establishing epidemiologic evidence of a causal relationship between a presumed cause and an observed effect and have been widely used in public health research. The overall purpose of this thesis is to investigate and compare the motives for and evaluation criteria of mergers and acquisitions, as given by theorists and media respectively.
Mark crislip at sciencebased medicine recently discussed hills criteria of causation, but after looking at dr. However, if the proposed merger meets the thresholds for notification in the supranational common market for eastern and south africa comesa, then the cak will accede to the jurisdiction of the comesa competition commission ccc and the merging parties would not have to file a merger with the cak. Surgeon generals report on smoking and health 1964. To these ends, our merger team works hard to gather competitive intelligence, to elicit market feedback both from existing. Statistical data statistics in medical research causation. Department of justice and the federal trade commission recently updated their horizontal merger guidelines,1 which build upon and replace the 1992 guidelines. A behavioral theory of the merger carnegie mellon university. Assessment of causation by the bradfordhill criteria. Motives for and evaluation criteria of mergers and. Causation and hills criteria sciencebased medicine. They can be horizontal deals, in which competitors are combined. Uk merger control under the enterprise act 2002 5 3. Antitrust merger efficiencies in the shadow of the law. Yet, we know for a fact that smoking causes cancer.
This will help executive teams identify what types and size of improvements are possible, the likely timescale required to deliver them, and the extent to which a merger might be necessary to deliver them. Summary of legal aspects of mergers, consolidations, and transfers of assets the duty that is most pertinent to the approval of mergers and consolidations, however, is the duty of care. This list is widely taught and cited, despite widespread cautions about the limitations of the list, by hill and others, and despite lack of evidence that invoking such criteria is useful. Capitol hill housing real estate acquisition criteria capitol hill housing builds vibrant and engaged communities. What can i do to build the relationship between the two firms now so that we all survive the merger. Substantive criteria used for merger assessment 2002.
Unifying the split criteria of decision trees using tsallis entropy yisen wang, chaobing song, shutao xia department of computer science and technology, tsinghua university, beijing, china email. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Guarding against a trusts destruction by merger jd supra. In epidemiology, the following criteria due to bradfordhill are used as evidence to support a causal association. This is not an example of the work produced by our essay writing service. In particular, this is about identifying competing explanations for an effect and assessing the evidence for and against each alternative. From hedgehog to fox in forty years carl shapiro the u. Uk merger control under the enterprise act 2002 pdf. Which of the following pertain to the bradfordhill criteria for causality.
Broadly, the studies find and the theory puts forth that there is a higher consequence arising from preexisting structural characteristics, over those that are cultural. Active in central seattle neighborhoods since 1976, capitol hill housing chh provides affordable homes to over 2,000 residents in 48 buildings. Product type retail centers shadowanchored by walmart supercenters target size no minimum or maximum portfolios preferred geographic area nationwide terms all cash can assume existing debt contact. These considerations were often applied as a checklist of criteria, although they were by no means intended to be used in this way by hill himself. Mergers as a st rategy for success 2016 report from the metropolitan chicago nonprofit merger research project donald haider katherine cooper reyhaneh maktoufi. Hills causal criteria should be viewed as guidelines, not as a checklist that must be satisfied for a causal relationship to exist. However, the way each criterion should be applied, interpreted, and weighted in a data integration framework must be carefully measured against the varied and often novel types of data available. It sets out the improvements that nhs providers have achieved through merger and how a merger contributed to their delivery. The bradford hill criteria remain one of the most cited concepts in health research and are still upheld as valid tools for aiding causal inference. Merger guidelines in the united states are a set of internal rules promulgated by the antitrust division of the department of justice doj in conjunction with the federal trade commission ftc.
The commentary on the horizontal merger guidelines issued by the. These guidelines outline the present enforcement policy of the department of justice and the federal trade commission the agency concerning horizontal acquisitions and mergers mergers subject to section 7 of the clayton act, 1 to section 1 of the sherman act, 2 or to section 5 of the ftc act. Agencies in 2006 remains a valuable supplement to these guidelines. Results also support the common expectation that organizational complexity is a. We have never performed a clinical trial for smoking, in which we randomly assigned people to smoke cigarettes. Using the weight of the evidence principle, bradfordhill proposed criteria in the assessment of cancer causation, including strength of association consistency, specificity, and temporality and biologic plausibility. The results of the investigation show that all initial motives are not evaluated. This study showed how different types of evidence found in pharmacovigilance can be evaluated using the bradford hill criteria. Hills causal criteria strength of association strength of association between the exposure of interest and the outcome is most commonly. Evaluating all the forms of change during a merger.
How data integration has changed causal inference in molecular epidemiology. Unlike corporations where shareholder value is the overriding criteria of success, law firm partners have interests in a merger from perspectives other than profitability but profit plays a dominant role. A mantra at sbm is association is not causation and much of the belief in the efficacy of a variety of quack nostrums occurs because improvement occurs after use of a nostrum, therefore improvement occurs. The purpose of market definition in a merger inquiry is to provide a framework for the analysis of the competitive effects of the merger. Their issue is whether the potential for an upside profitability increase is greater than the downside risk of profit decrease. Pdf applying the bradford hill criteria in the 21st. I think the bradford hill criteria are a good checklist for applying this reasoning in evaluation practice. Second edition unc gillings school of global public health. Hills criteria of causation outlines the minimal conditions needed to establish a causal relationship between two items. This argument has often been advanced to refute causal interpre tations of exposures that appear to relate to myr iad effects, especially by those seeking to exonerate smoking as a cause of lung cancer. The bradford hill criteria, otherwise known as hills criteria for causation, are a group of 9 principles that can be useful in establishing epidemiologic evidence of a causal relationship between a presumed cause and an observed effect and have been widely used in public health research. They govern the process by which these two regulatory bodies scrutinize andor challenge a potential merger. Antitrust merger efficiencies in the shadow of the law d.
Hill, however, avoided defining explicitly what he meant by causal effect. Hills original paper i felt obliged to examine the subject here as well because it is central to sciencebased medicine, and key in differentiating real medicine from quackery as i often discuss, a crucial issue in medicine is the question of epistemology. The term criteria of causation or causal criteria is often applied to sir austin bradford hills 8 list of factors to consider before inferring causation from an observed association. Improvements nhs providers have achieved through merger. The mergers and acquisitions process is complex and risky. Mergers and acquisitions are usually, but not always, part of an expansion strategy. Temporality, the requirement that the exposure must precede the effect. Plausibility reasonable pathway to link outcome to exposure consistency same results if repeat in different time, place person. Causation is not so simple to determine as one would think. His criteria for causation table, developed as a form of unification of the ideas and research by many authors over the previous century, but curiously without reference to bradford hill, is provided below with his italics. Michael scrivensays good sound reasoning is the real gold standard. Bradford hill criteria if anyin consideration of the admissibility of epidemiological evidence on the issue of causation. Applying the bradford hill criteria in the 21st century. Horizontal merger guidelines united states department of.
Further work is required to examine how the criteria can be applied to different types of adverse events and how they may be applied to pharmacovigilance. Upp analysis in five recent merger cases apostolos baltzopoulos jaewon kim martin mandorff this version. Garrett consulting llc places heavy emphasis on identifying, verifying and, where possible, quantifying the concrete benefits and synergies that are likely to accrue from the proposed combination. Causality many factors can be associated with outcomes but few are meaningful causes. A report on the anticipated merger between central. They were established in 1965 by the english epidemiologist sir austin bradford hill and their exact.
If smoking causes lung cancer, we should try to stop people smoking, if greenhouse gas emissions are causing climate change, we should reduce them, if genetically modified organisms gmos are hazardous, we should ban them. This document includes an executive summary and the documents from the meeting. Purpose, underlying policy assumptions and overview. Unifying the split criteria of decision trees using. An acquisition is a business combination that is not a merger. Hills criteria of causationwhat separates science from. Substantive criteria used for merger assessment 2002 the oecd competition committee debated substantive criteria used for merger assessment in october 2002. Hill introduced nine criteria that researchers should consider before declaring that a causes b.