THE EFFECT OF EU ANTITRUST INVESTIGATIONS AND FINES ON A FIRM'S VALUATION

被引：36

作者：

Aguzzoni, Luca ^{[1
]}

Langus, Gregor ^{[2
]}

Motta, Massimo ^{[3
,4
]}

机构：

[1] LEAR, Rome, Italy

[2] CRA Int, London, England

[3] Univ Pompeu Fabra, ICREA, E-08005 Barcelona, Spain

[4] Barcelona Grad Sch Econ, E-08005 Barcelona, Spain

来源：

JOURNAL OF INDUSTRIAL ECONOMICS | 2013年 / 61卷 / 02期

关键词：

SECURITY-PRICE PERFORMANCE; EVENT;

D O I：

10.1111/joie.12016

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

EU antitrust investigations involve a sequence of events which affect the investigated firm's market value. We model these relationships and estimate their impact on firms' share prices. On average, a surprise inspection reduces a firm's share price by 2.89%, an infringement decision reduces it by 3.57%. The Court judgments do not have a statistically significant effect. Overall, we find that the total effect of the antitrust action ranges from -3.03% to -4.55% of a firm's market value. Fines account for no more than 8.9% of this loss, and we conjecture that most of the loss is due to the cessation of illegal activities.

引用

页码：290 / 338

页数：49

共 50 条

[1] THE EFFECT OF PRIVATE ANTITRUST LITIGATION ON THE STOCK-MARKET VALUATION OF THE FIRM
BIZJAK, JM
COLES, JL
AMERICAN ECONOMIC REVIEW, 1995, 85 (03): : 436 - 461
[2] The Increased Level of EU Antitrust Fines, Judicial Review and the ECHR
Wils, Wouter P. J.
WORLD COMPETITION, 2010, 33 (01): : 5 - 29
[3] EU Antitrust Fines and Managerial Liability - A Legal and Economic Analysis
Wils, Wouter P. J.
WORLD COMPETITION, 2023, 46 (04): : 383 - 400
[4] Towards a more judicial approach? EU antitrust fines under the scrutiny of fundamental rights
不详
COMMON MARKET LAW REVIEW, 2011, 48 (05): : 1405 - 1416
[5] Antitrust sanctions and a firm's ability to pay
Craycraft, C
Craycraft, JL
Gallo, JC
REVIEW OF INDUSTRIAL ORGANIZATION, 1997, 12 (02) : 171 - 183
[6] Antitrust Sanctions and a Firm's Ability to Pay
Catherine Craycraft
Joseph L. Craycraft
Joseph C. Gallo
Review of Industrial Organization, 1997, 12 : 171 - 183
[7] Fines against Parent Companies in EU Antitrust Law: Setting Incentives for 'Best Practice Compliance'
Hofstetter, Karl
Ludescher, Melanie
WORLD COMPETITION, 2010, 33 (01): : 55 - 76
[8] The effect of the EU's novel food regulations on firm investment decisions
Varacca, Alessandro
Soregaroli, Claudio
Kardung, Maximilian
Espa, Ilaria
Colombo, Ilaria
Cortesi, Beatrice
Wesseler, Justus
JOURNAL OF AGRICULTURAL ECONOMICS, 2024,
[9] The European Commission's 2006 Guidelines on Antitrust Fines: A Legal and Economic Analysis
Wils, Wouter P. J.
WORLD COMPETITION, 2007, 30 (02): : 197 - 229
[10] Going Soft on Microsoft? The EU's Antitrust Case and Remedy
Ayres, Ian
Nalebuff, Barry
ECONOMISTS VOICE, 2005, 2 (02):

← 1 2 3 4 5 →