The Effects of Antitrust Laws on Horizontal Mergers: International Evidence
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Chung, Chune Young | - |
dc.contributor.author | Hasan, Iftekhar | - |
dc.contributor.author | Hwang, JiHoon | - |
dc.contributor.author | Kim, Incheol | - |
dc.date.accessioned | 2023-10-01T11:40:31Z | - |
dc.date.available | 2023-10-01T11:40:31Z | - |
dc.date.issued | 2023 | - |
dc.identifier.issn | 0022-1090 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/cau/handle/2019.sw.cau/67945 | - |
dc.description.abstract | This study examines how antitrust law adoptions affect horizontal merger and acquisition (M&A) outcomes. Using the staggered introduction of competition laws in 20 countries, we find antitrust regulation decreases acquirers’ five-day cumulative abnormal returns surrounding horizontal merger announcements. A decrease in deal value, target book assets, and industry peers' announcement returns are consistent with the market power hypothesis. Exploiting antitrust law adoptions addresses a downward bias to an estimated effect of antitrust enforcement (Baker (2003)). The potential bias from heterogeneous treatment effects does not nullify our results. Overall, antitrust policies seem to deter post-merger monopolistic gains, potentially improving customer welfare. © 2023 Cambridge University Press. All rights reserved. | - |
dc.language | 영어 | - |
dc.language.iso | ENG | - |
dc.publisher | Cambridge University Press | - |
dc.title | The Effects of Antitrust Laws on Horizontal Mergers: International Evidence | - |
dc.type | Article | - |
dc.identifier.doi | 10.1017/S0022109023000467 | - |
dc.identifier.bibliographicCitation | Journal of Financial and Quantitative Analysis | - |
dc.description.isOpenAccess | N | - |
dc.identifier.scopusid | 2-s2.0-85153942433 | - |
dc.citation.title | Journal of Financial and Quantitative Analysis | - |
dc.type.docType | Article in press | - |
dc.publisher.location | 미국 | - |
dc.subject.keywordAuthor | antitrust law | - |
dc.subject.keywordAuthor | horizontal M&A | - |
dc.subject.keywordAuthor | market power | - |
dc.subject.keywordAuthor | merger control | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
84, Heukseok-ro, Dongjak-gu, Seoul, Republic of Korea (06974)02-820-6194
COPYRIGHT 2019 Chung-Ang University All Rights Reserved.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.