کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5085520 | 1478054 | 2016 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The impact of European antitrust policy: Evidence from the stock market
ترجمه فارسی عنوان
تاثیر سیاست های ضد انحصاری اروپا: شواهد موجود در بازار سهام
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
We evaluate the impact of European antitrust policy by analyzing the stock market response to investigation announcements, infringement decisions, and appeals for 253 companies involved in 118 European antitrust cases over 1974-2004. We find significantly negative stock price responses of almost â5% around the dawn raid and â2% around the final decision, and a significantly positive response of up to 4% around a successful appeal. These numbers correspond to a total market value loss of â¬24 billion around the raid and the decision, of which roughly 75% cannot be explained by fines and legal costs. The stock market thus anticipates a decrease in profitability and reputational damage. The magnitude of the market response depends on the fine, infringement duration, and in particular firm size and media attention. Small firms suffer more from an infringement decision. Greater newspaper coverage is associated with a more pronounced response, suggesting the importance of reputational effects.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Law and Economics - Volume 46, June 2016, Pages 20-33
Journal: International Review of Law and Economics - Volume 46, June 2016, Pages 20-33
نویسندگان
Andrea Günster, Mathijs van Dijk,