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Merger Effects and Antitrust Enforcement : Evidence from US Retail

Bhattacharya, Vivek; Illanes, Gastón; Stillerman, David - National Bureau of Economic Research - 2023

in the Horizontal Merger Guidelines. Through a model of enforcement, we find that agencies challenge mergers they expect …

Persistent link: https://www.econbiz.de/10014250141

Anti-Corruption Reforms and Shareholder Valuations : Event Study Evidence from China

Lin, Chen - 2016

Consistent with reduced expected corruption adding value overall, Chinese shares rise sharply on the December 4th 2012 launch of major anti-corruption reforms, which started by curtailing extravagant spending by or for Party cadres. SOEs gain broadly, consistent with the reform cutting their top...

Persistent link: https://www.econbiz.de/10012456672

Antitrust Enforcement Increases Economic Activity

Babina, Tania; Barkai, Simcha; Jeffers, Jessica; … - National Bureau of Economic Research - 2023

We hand-collect and standardize information describing all 3,055 antitrust lawsuits brought by the Department of Justice (DOJ) between 1971 and 2018. Using restricted establishment-level microdata from the U.S. Census, we compare the economic outcomes of a non-tradable industry in states...

Persistent link: https://www.econbiz.de/10014337831

Internal versus External Growth in Industries with Scale Economies : A Computational Model of Optimal Merger Policy

Mermelstein, Ben - 2014

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement …

Persistent link: https://www.econbiz.de/10012458613

Did Robert Bork Understate the Competitive Impact of Mergers? Evidence from Consummated Mergers

Ashenfelter, Orley C. - 2014

of oligopoly concerns resulting from mergers. In this paper, we provide a critique of Bork's views on merger policy from … The Antitrust Paradox. Many of Bork's recommendations have been implemented over time and have improved merger analysis …. Bork's proposed horizontal merger policy, however, was too permissive. In particular, the empirical record shows that …

Persistent link: https://www.econbiz.de/10012458727

Non-Monetary News in Central Bank Communication

Cieslak, Anna - 2018

We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central banks and a comprehensive classification of events, we decompose news conveyed by central banks into news about monetary policy, economic growth, and separately, shocks to risk...

Persistent link: https://www.econbiz.de/10012480685

Who Pays for Rising Health Care Prices? Evidence from Hospital Mergers

Brot-Goldberg, Zarek; Cooper, Zack; Craig, Stuart V.; … - National Bureau of Economic Research - 2024

We analyze the economic consequences of rising health care prices in the US. Using exposure to price increases caused by horizontal hospital mergers as an instrument, we show that rising prices raise the cost of labor by increasing employer-sponsored health insurance premiums. A 1% increase in...

Persistent link: https://www.econbiz.de/10014576642

Missing Events in Event Studies : Identifying the Effects of Partially-Measured News Surprises

Gürkaynak, Refet S. - 2018

Macroeconomic news announcements are elaborate and multi-dimensional. We consider a framework in which jumps in asset prices around macroeconomic news and monetary policy announcements reflect both the response to observed surprises in headline numbers and latent factors, reflecting other...

Persistent link: https://www.econbiz.de/10012480669

Profiting from Regulation : An Event Study of the EU Carbon Market

Bushnell, James B. - 2009

Tradable permit regulations have recently been implemented for climate change policy in many countries. One of the first mandatory markets was the EU Emission Trading System, whose first phase ran from 2005-07. Unlike taxes, permits expose firms to volatility in regulatory costs, but are...

Persistent link: https://www.econbiz.de/10012463077

An Event Study of COVID-19 Central Bank Quantitative Easing in Advanced and Emerging Economies

Hartley, Jonathan S. - 2020

Amid the COVID-19 outbreak and related expected economic downturn, many developed and emerging market central banks around the world engaged in new long-term asset purchase programs, or so-called quantitative easing (QE) interventions. This paper conducts an event-study analysis of 24 COVID-19...

Persistent link: https://www.econbiz.de/10012481533