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Pot of gold or winner's curse? An event study of the auctions of 3G mobile telephone licences in the UK

  • John Cable
  • Andrew Henley
  • Kevin Holland

Commentators have suggested that the winning companies in the UK 3G mobile telephone auction overpaid for their licences. However, event-study method using the market model under ordinary least squares (OLS), robust and structural time-series estimation yields no systematic evidence of the ‘winner's curse’. Positive as well as negative one-day wealth effects are observed amongst both winners and losers, and there is no lasting adverse market reaction to the winners, taken as a group. We conclude there is no case for easing the regulatory stance in the industry on grounds that the winners paid too much.

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Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

Volume (Year): 23 (2002)
Issue (Month): 4 (December)
Pages: 447-462

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Handle: RePEc:ifs:fistud:v:23:y:2002:i:4:p:447-462
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