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The impact of competition policy on firms' valuation

Author

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  • David Spector

    (PJSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

A statistical analysis of the impact of the decisions rendered by the Conseil de la concurrence between 1992 and 2000 shows that competition policy was having a far greater impact than the direct harm caused by the imposition of fines, which were small in that period. On average, an event such as an interrogation of firm representatives by the DGCCRF, a decision by the Minister of Finance to ask the Conseil de la concurrence to investigate a case, or a Decision imposing pecuniary and non-pecuniary sanctions, caused the share price of affected firms to fall significantly. These results suggest that competition policy succeeded in changing firms' behaviour in an important way.

Suggested Citation

  • David Spector, 2008. "The impact of competition policy on firms' valuation," Post-Print halshs-00754260, HAL.
    • Handle: RePEc:hal:journl:halshs-00754260
    as

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