The impact of competition policy on firms' valuation

Abstract : A statistical analysis of the impact of the decisions rendered by the Conseil de la concurrence between 1992 and 2000 shows that competition policy was having a far greater impact than the direct harm caused by the imposition of fines, which were small in that period. On average, an event such as an interrogation of firm representatives by the DGCCRF, a decision by the Minister of Finance to ask the Conseil de la concurrence to investigate a case, or a Decision imposing pecuniary and non-pecuniary sanctions, caused the share price of affected firms to fall significantly. These results suggest that competition policy succeeded in changing firms' behaviour in an important way.
Type de document :
Article dans une revue
Concurrences - revue des droits de la concurrence, Institut de droit de la concurrence, 2008, 4-2008 (22427)
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https://hal-pjse.archives-ouvertes.fr/halshs-00754260
Contributeur : Caroline Bauer <>
Soumis le : mardi 20 novembre 2012 - 08:51:39
Dernière modification le : mardi 24 avril 2018 - 17:20:09

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  • HAL Id : halshs-00754260, version 1

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David Spector. The impact of competition policy on firms' valuation. Concurrences - revue des droits de la concurrence, Institut de droit de la concurrence, 2008, 4-2008 (22427). 〈halshs-00754260〉

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