Price‐Fixing and Shareholder Returns: An Empirical Study
作者:
Terrance R. Skantz,
Dale O. Cloninger,
Thomas H. Strickland,
期刊:
Financial Review
(WILEY Available online 1990)
卷期:
Volume 25,
issue 1
页码: 153-163
ISSN:0732-8516
年代: 1990
DOI:10.1111/j.1540-6288.1990.tb01294.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractThis paper examines the market reaction to three different events related to allegations of price‐fixing: the initial charges, the firm's plea, and the resolution of the case. Negative, risk‐adjusted shareholder returns are associated with the initial charge of price‐fixing, while mixed results are observed during the two days immediately after the plea. The ultimate resolution of the case appears to be anticipated by the market. The overall decline in shareholder wealth from all three events combined is about 5 percent. These results suggest that shareholders are at least partial beneficiaries of price‐fixing and that the presumption of an agency problem may be in
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