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dc.contributor.authorGünster, Andrea Maria-
dc.contributor.authorvan Dijk, Mathijs-
dc.date.accessioned2018-08-17T08:33:00Z-
dc.date.available2018-08-17T08:33:00Z-
dc.date.issued2015-
dc.identifier.issn0144-8188de_CH
dc.identifier.urihttps://digitalcollection.zhaw.ch/handle/11475/9102-
dc.description.abstractWe 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 -5% around the dawn raid and -2% 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 €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.de_CH
dc.language.isoende_CH
dc.publisherElsevierde_CH
dc.relation.ispartofInternational Review of Law and Economicsde_CH
dc.rightsLicence according to publishing contractde_CH
dc.subjectAntitrustde_CH
dc.subjectCompetition policyde_CH
dc.subjectEuropean Commissionde_CH
dc.subjectEvent studyde_CH
dc.subject.ddc349: Rechtsvergleichung und ausländisches Rechtde_CH
dc.titleThe impact of European antitrust policy : evidence from the stock marketde_CH
dc.typeBeitrag in wissenschaftlicher Zeitschriftde_CH
dcterms.typeTextde_CH
zhaw.departementSchool of Management and Lawde_CH
zhaw.organisationalunitZentrum für Arbeitsmärkte, Digitalisierung und Regionalökonomie (CLDR)de_CH
dc.identifier.doi10.1016/j.irle.2015.12.001de_CH
zhaw.funding.euNode_CH
zhaw.originated.zhawYesde_CH
zhaw.pages.end33de_CH
zhaw.pages.start20de_CH
zhaw.publication.statuspublishedVersionde_CH
zhaw.volume46de_CH
zhaw.publication.reviewPeer review (Publikation)de_CH
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Günster, A. M., & van Dijk, M. (2015). The impact of European antitrust policy : evidence from the stock market. International Review of Law and Economics, 46, 20–33. https://doi.org/10.1016/j.irle.2015.12.001
Günster, A.M. and van Dijk, M. (2015) ‘The impact of European antitrust policy : evidence from the stock market’, International Review of Law and Economics, 46, pp. 20–33. Available at: https://doi.org/10.1016/j.irle.2015.12.001.
A. M. Günster and M. van Dijk, “The impact of European antitrust policy : evidence from the stock market,” International Review of Law and Economics, vol. 46, pp. 20–33, 2015, doi: 10.1016/j.irle.2015.12.001.
GÜNSTER, Andrea Maria und Mathijs VAN DIJK, 2015. The impact of European antitrust policy : evidence from the stock market. International Review of Law and Economics. 2015. Bd. 46, S. 20–33. DOI 10.1016/j.irle.2015.12.001
Günster, Andrea Maria, and Mathijs van Dijk. 2015. “The Impact of European Antitrust Policy : Evidence from the Stock Market.” International Review of Law and Economics 46: 20–33. https://doi.org/10.1016/j.irle.2015.12.001.
Günster, Andrea Maria, and Mathijs van Dijk. “The Impact of European Antitrust Policy : Evidence from the Stock Market.” International Review of Law and Economics, vol. 46, 2015, pp. 20–33, https://doi.org/10.1016/j.irle.2015.12.001.


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