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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP6210 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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