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

[41] The effect of internal control weakness on firm valuation: Evidence from SOX Section 404 disclosures
Li, Yingqi
Yu, Junli
Zhang, Zhou
Zheng, Steven Xiaofan
FINANCE RESEARCH LETTERS, 2016, 17 : 17 - 24
[42] Comparable firm’s P/E multiple and IPO valuation: an empirical investigation for Indian IPOs
Seshadev Sahoo
Prabina Rajib
DECISION, 2013, 40 (1-2) : 27 - 46
[43] Comparable firm's P/E multiple and IPO valuation: an empirical investigation for Indian IPOs
Sahoo, Seshadev
Rajib, Prabina
DECISION, 2013, 40 (1-2) : 27 - 46
[44] Working capital management and firm's valuation, profitability and risk Evidence from a developing market
Le, Ben
INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2019, 15 (02) : 191 - 204
[45] Three Key Issues for Managing Discovery in Global Merger Investigations. Coordinating Multijurisdictional Antitrust Reviews in Light of New Developments in UK and EU Merger Control Investigations
Holian, Joshua
Cruise, Jason
Parker, Jonathan
Motta, Rita
JOURNAL OF EUROPEAN COMPETITION LAW & PRACTICE, 2019, 10 (03) : 131 - 140
[46] THE INSIGHTS OF JOSEPH BRODLEY'S SCHOLARSHIP FOR THE CURRENT DEBATES OVER THE ANTITRUST TREATMENT OF SINGLE-FIRM CONDUCT
Salinger, Michael A.
BOSTON UNIVERSITY LAW REVIEW, 2010, 90 (04) : 1543 - 1554
[47] U.S. AND EU ANTITRUST ENFORCEMENT: WHAT ROLE IN A MORE HEAVILY REGULATED FINANCIAL SECTOR?
Fishman, Todd
Freget, Olivier
Gabathuler, David
COMPETITION POLICY INTERNATIONAL, 2011, 7 (02): : 32 - 43
[48] Areeda–Turner and the Treatment of Exclusionary Pricing under U.S. Antitrust and EU Competition Policy
Stephen Martin
Review of Industrial Organization, 2015, 46 : 229 - 252
[49] The effect of firm's size on corporate performance
Meiryani
Olivia
Sudrajat J.
Daud Z.M.
1600, Science and Information Organization (11): : 272 - 277
[50] The Effect of Firm's Size on Corporate Performance
Meiryani
Olivia
Sudrajat, Jajat
Daud, Zaidi Mat
INTERNATIONAL JOURNAL OF ADVANCED COMPUTER SCIENCE AND APPLICATIONS, 2020, 11 (05) : 272 - 277

← 1 2 3 4 5 →