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The FCC’s Net Neutrality Decision and Stock Prices

Author

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  • Robert W. Crandall

    (Technology Policy Institute
    The Brookings Institution)

Abstract

More than a year after a court invalidated its “net neutrality” rules on broadband Internet service providers (ISPs), the Federal Communications Commission (FCC) decided to extend public-utility (Title II) regulation on broadband services. This paper uses traditional event analysis of the movements in the values of major communications and media companies’ equities at key moments in the FCC’s path to this decision to estimate the financial market’s assessment of the likely effects of regulation on ISPs, traditional media companies, and new digital media companies. The results are surprising: the markets penalized only three large cable companies to any extent, and even these effects appear to have been short-lived. The media companies, arguably the intended beneficiaries of the regulations, were unaffected.

Suggested Citation

  • Robert W. Crandall, 2017. "The FCC’s Net Neutrality Decision and Stock Prices," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 50(4), pages 555-582, June.
    • Handle: RePEc:kap:revind:v:50:y:2017:i:4:d:10.1007_s11151-016-9557-5
    DOI: 10.1007/s11151-016-9557-5
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