The Effect of Private Antitrust Litigation on the Stock-Market Valuation of the Firm
研究企业间反垄断诉讼对股东财富的影响，发现被告损失远超原告收益，财务困境、行为约束和后续诉讼是财富漏损来源，并影响和解倾向。
The authors study the implications for shareholder wealth of interfirm antitrust litigation and how the costs of the dispute affect the propensity to settle. Upon filing, defendants experience significant wealth losses that are ten million dollars larger than the wealth gains of plaintiffs. Financial distress, behavioral constraints, and follow-on suits are sources of wealth leakage and influence settlement behavior. Since the threat of a monetary transfer has little power to explain either wealth effects or the likelihood of settlement, the central concern of defendants may be the potential prohibition of profitable business practices. Copyright 1995 by American Economic Association.