G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6210
DP6210 Bargaining in Mergers and Termination Fees
Stephanie Rosenkranz; Utz Weitzel
发表日期2007-03-23
出版年2007
语种英语
摘要We estimate, using event study techniques, the impact of the main events in an antitrust investigation on a firm?s stock market value. A surprise inspection at the firm?s premises has a strong and statistically significant effect on the firm?s share price, with its cumulative average abnormal return being approximately -2%. Further, we find that a negative Decision by the European Commission results in a cumulative average abnormal return of about -3.3%. Overall, the fine accounts for a relatively small fraction of this loss in value. Finally, if the Court annuls or reduces the fine, this has a positive (+2%) effect on the firm?s valuation.
主题Industrial Organization
关键词Antitrust Deterrence Event studies Fines
URLhttps://cepr.org/publications/dp6210
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535045
推荐引用方式
GB/T 7714
Stephanie Rosenkranz,Utz Weitzel. DP6210 Bargaining in Mergers and Termination Fees. 2007.
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