| 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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