Antitrust Policy and Mergers: The Wealth Effect of Supreme Court Decisions
Many believe that antitrust policy has had a dramatic impact on merger strategies in the United States. For this to be true, enforcement of antitrust laws must affect a wide range of firms, not just those firms whose mergers are contested. This study tests whether or not firms engaged in uncontested mergers are affected by antitrust enforcement, as signaled by Supreme Court decisions. Using event study methodology, the authors find that antitrust policy against mergers was binding during the 1960s and 1970s as it lowered the value of targets in uncontested ongoing mergers. Copyright 1993 by Oxford University Press.
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Volume (Year): 31 (1993)
Issue (Month): 4 (October)
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