Anticollusion Enforcement: Justice for Consumers and Equity for Firms
研究发现，全球加强反垄断执法使企业从共谋转向寡头竞争，从而增加投资和股权融资，降低债务比率，凸显财务灵活性对应对竞争威胁的重要性。
We consider the case of changing competition that comes from stronger antitrust enforcement around the world to show that, as the equilibrium switches from collusion to oligopolistic competition, firms step up investment and increase equity issuance. As a result, debt ratios fall. These results imply the importance of financial flexibility in surviving competitive threats. Our identification relies on a difference-in-differences estimation based on the staggered passage of leniency programs in 63 countries around the world from 1990 to 2012.