Anticollusion Enforcement: Justice for Consumers and Equity for Firms

• 成果类型: Article
• 署名作者: Dasgupta, Sudipto; Zaldokas, Alminas
• 署名单位: Chinese University of Hong Kong; Lancaster University; Centre for Economic Policy Research - UK; Hong Kong University of Science & Technology
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhy094
• 发表日期: 2019
• 页码: 2587
• 关键词: PRODUCT MARKET BEHAVIOR; capital structure; COMPETITION; debt; EXIT

摘要

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.