Bribes and Firm Value
利用英国2010年反贿赂法通过作为冲击，发现该法降低了在腐败严重国家经营的英国企业价值，却提升了其非英国竞争对手的价值，表明贿赂在某些国家便利了商业活动。
I exploit the passage of the U.K. Bribery Act 2010 as a shock to U.K. firms’ cost of doing business. Around the Act’s passage, U.K. firms operating in high-corruption countries experience a drop in firm value, while their non-U.K. competitors in these countries encounter an increase. U.K. firms respond to the Act by reducing the expansion of their subsidiary network into perceptively corrupt countries. Moreover, their sales and merger and acquisition (M&A) activity in such countries declines. In sum, bribes facilitate doing business in certain countries. Imposing unilateral antibribery regulations on some firms benefits their unregulated competitors.