Three Essays on Price-Fixing Agreements

Ni Nyoman Ayu Diantini

Research output: ThesisDoctoral Thesis

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Abstract

This thesis investigates the impact of price-fixing agreements on firm value, the opaqueness of financial reports and stock price crash risk, using a sample of U.S. cartel firms indicted by antitrust authorities between 1985 and 2016. We document an increase in firm value, a decrease of the opaqueness of financial reports, and firm-specific stock price crash risk during cartel engagement. These findings are robust using a battery of tests used to address endogeneity concerns. Our findings reveal the real economic impacts of cartel engagement on corporate valuation, information disclosure and risk profile.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • The University of Western Australia
Supervisors/Advisors
  • Rammohan, Anu, Supervisor
  • Zhong, Rui, Supervisor
  • Ho, Chloe, Supervisor
Award date3 May 2021
DOIs
Publication statusUnpublished - 2021

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