| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8447 |
| DP8447 The Economic Impact of Merger Control Legislation | |
| Philipp Hartmann; Steven Ongena; Elena Carletti | |
| 发表日期 | 2011-06-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We construct a unique dataset of legislative reforms in merger control legislation that occurred in nineteen industrial countries in the period 1987-2004, and test the economic impact of these changes on firms? stock prices. In line with the standard monopolistic hypothesis, we find that the strengthening of merger control decreases the stock prices of non-financial firms. In contrast, we find that bank stock prices increase. Cross sectional regressions show that the discretion embedded in the supervisory control of bank mergers is a major determinant of the positive bank stock returns. This suggests that merger control is anticipated to provide a 'checks and balances' mechanism that mitigates the value-destroying influence of unmediated supervisory control. We provide a case study further supporting this interpretation. |
| 主题 | Financial Economics |
| 关键词 | Financial regulation Legal institutions Merger control |
| URL | https://cepr.org/publications/dp8447 |
| 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/537275 |
| 推荐引用方式 GB/T 7714 | Philipp Hartmann,Steven Ongena,Elena Carletti. DP8447 The Economic Impact of Merger Control Legislation. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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