Rights statement: This is a pre-copy-editing, author-produced PDF of an article accepted for publication in British Journal for the Philosophy of Science following peer review. The definitive publisher-authenticated version Sudipto Dasgupta, Alminas Žaldokas, Anticollusion Enforcement: Justice for Consumers and Equity for Firms, The Review of Financial Studies, Volume 32, Issue 7, July 2019 is available online at: https://academic.oup.com/rfs/article/32/7/2587/5079300
Accepted author manuscript, 587 KB, PDF document
Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License
Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
}
TY - JOUR
T1 - Anti-Collusion Enforcements
T2 - Justice for Consumers and Equity for Firms
AU - Dasgupta, Sudipto
AU - Zaldokas, Alminas
N1 - This is a pre-copy-editing, author-produced PDF of an article accepted for publication in British Journal for the Philosophy of Science following peer review. The definitive publisher-authenticated version Sudipto Dasgupta, Alminas Žaldokas, Anticollusion Enforcement: Justice for Consumers and Equity for Firms, The Review of Financial Studies, Volume 32, Issue 7, July 2019 is available online at: https://academic.oup.com/rfs/article/32/7/2587/5079300
PY - 2019/7/1
Y1 - 2019/7/1
N2 - We consider the case of changing competition that comes from stronger antitrust enforcement around the world to show that, as the equilibrium switches from collusion to oligopolistic competition, firms step up investment and increase equity issuance. As a result, debt ratios fall. These results imply the importance of financial flexibility in surviving competitive threats. Our identification relies on a difference-in-differences estimation based on the staggered passage of leniency programs in 63 countries around the world from 1990 to 2012.
AB - We consider the case of changing competition that comes from stronger antitrust enforcement around the world to show that, as the equilibrium switches from collusion to oligopolistic competition, firms step up investment and increase equity issuance. As a result, debt ratios fall. These results imply the importance of financial flexibility in surviving competitive threats. Our identification relies on a difference-in-differences estimation based on the staggered passage of leniency programs in 63 countries around the world from 1990 to 2012.
U2 - 10.1093/rfs/hhy094
DO - 10.1093/rfs/hhy094
M3 - Journal article
VL - 32
SP - 2587
EP - 2624
JO - Review of Financial Studies
JF - Review of Financial Studies
SN - 0893-9454
IS - 7
ER -