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

被引：38

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 23 条

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