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The Effect of EU Antitrust Investigations and Fines on a Firm’s Valuation

Langus, Gregor; Motta, Massimo - C.E.P.R. Discussion Papers - 2007

We estimate, using event study techniques, the impact of the main events in an antitrust investigation on a firm’s stock market value. A surprise inspection at the firm’s premises has a strong and statistically significant effect on the firm’s share price, with its cumulative average...

Persistent link: https://www.econbiz.de/10005662243

The Economics of Margin Squeeze

Jullien, Bruno; Rey, Patrick; Saavedra, Claudia - C.E.P.R. Discussion Papers - 2014

The paper discusses economic theories of harm for anti-competitive margin squeeze by unregulated and regulated vertically integrated firms. We review both predation and foreclosure theories, as well as the mere exploitation of upstream market power. We show that foreclosure provides an...

Persistent link: https://www.econbiz.de/10011083910

Competition Policy and Productivity Growth: An Empirical Assessment

Buccirossi, Paolo; Ciari, Lorenzo; Duso, Tomaso; … - C.E.P.R. Discussion Papers - 2009

This paper empirically investigates the effectiveness of competition policy by estimating its impact on Total Factor … significant effect of competition policy as measured by newly created indexes. We provide several arguments and results based on … causal way. At a disaggregated level, the effect on TFP growth is particularly strong for specific aspects of competition …

Persistent link: https://www.econbiz.de/10008528531

Challenges and Opportunities for Resource Rich Economies

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2006

The political economy of resource rich countries is surveyed. The empirical evidence suggests that countries with a large share of primary exports in GNP have bad growth records and high inequality, especially if the quality of institutions and the rule of law are bad. The economic argument that...

Persistent link: https://www.econbiz.de/10005661592

Spanning Tests in Return and Stochastic Discount Factor Mean Variance Frontiers: A Unifying Approach

Peñaranda, Francisco; Sentana, Enrique - C.E.P.R. Discussion Papers - 2004

We propose new approaches to test for spanning in the return and stochastic discount factor mean-variance frontiers, which assess if either the centred or uncentred mean and cost representing portfolios are shared by the initial and extended sets of assets. We show that our proposed tests are...

Persistent link: https://www.econbiz.de/10005791800

Interaction Effects in Econometrics

Ozer-Balli, Hatice; Sørensen, Bent E - C.E.P.R. Discussion Papers - 2010

We provide practical advice for applied economists regarding specification and interpretation of linear regression models with interaction terms.

Persistent link: https://www.econbiz.de/10008554222

A Unifying Approach to the Empirical Evaluation of Asset Pricing Models

Peñaranda, Francisco; Sentana, Enrique - C.E.P.R. Discussion Papers - 2010

Two main approaches are commonly used to empirically evaluate linear factor pricing models: regression and SDF methods, with centred and uncentred versions of the latter. We show that unlike standard two-step or iterated GMM procedures, single-step estimators such as continuously updated GMM...

Persistent link: https://www.econbiz.de/10008466351

Remedy for Now but Prohibit for Tomorrow: The Deterrence Effects of Merger Policy Tools

Barros, Pedro Pita; Clougherty, Joseph A.; Seldeslachts, Jo - C.E.P.R. Discussion Papers - 2007

decreased merger notifications in subsequent periods, and remedies to weakly increase future merger notifications: in other …. Neither scholars nor policymakers have fully researched the deterrence effects of merger policy tools, as they have been … unable to empirically measure these effects. We consider the ability of different antitrust actions – Prohibitions, Remedies …

Persistent link: https://www.econbiz.de/10005791805

Cartels Uncovered

Hyytinen, Ari; Steen, Frode; Toivanen, Otto - C.E.P.R. Discussion Papers - 2010

How many cartels are there? The answer is important in assessing the efficiency of competition policy. We present a … industry or not. Our model identifies key policy parameters from data generated under different competition policy regimes and …

Persistent link: https://www.econbiz.de/10008468608

Exclusive Contracts and Market Power: Evidence from Ocean Shipping

Uribe, Marín; Luis, Pedro - C.E.P.R. Discussion Papers - 2001

There is a substantial theoretical literature on the potential effects of loyalty contracts, but a relative paucity of empirical work. This Paper employs the event study methodology to examine the effect of exclusionary contracts on firm performance in the ocean shipping industry. Shipping...

Persistent link: https://www.econbiz.de/10005497855