The Effect of EU Antitrust Investigations and Fines on a Firm's Valuation
研究了欧盟反垄断调查中突击检查、侵权决定和法院判决对企业股价的影响，发现总损失在3.03%至4.55%之间，罚款仅占不到8.9%。
EU antitrust investigations involve a sequence of events which affect the investigated firm's market value. We model these relationships and estimate their impact on firms' share prices. On average, a surprise inspection reduces a firm's share price by 2.89%, an infringement decision reduces it by 3.57%. The C ourt judgments do not have a statistically significant effect. Overall, we find that the total effect of the antitrust action ranges from −3.03% to −4.55% of a firm's market value. Fines account for no more than 8.9% of this loss, and we conjecture that most of the loss is due to the cessation of illegal activities.