Three Essays on Price-Fixing Agreements

Ni Nyoman Ayu Diantini

doi:10.26182/769k-fn11

Three Essays on Price-Fixing Agreements

Ni Nyoman Ayu Diantini

UWA Business School

Research output: Thesis › Doctoral 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 language	English
Qualification	Doctor of Philosophy
Awarding Institution	The University of Western Australia
Supervisors/Advisors	Rammohan, Anu, Supervisor Zhong, Rui, Supervisor Ho, Chloe, Supervisor
Award date	3 May 2021
DOIs	https://doi.org/10.26182/769k-fn11
Publication status	Unpublished - 2021

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10.26182/769k-fn11

THESIS - DOCTOR OF PHILOSOPHY - DIANTINI Ni Nyoman Ayu - 2021
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Cite this

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AB - 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.

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Three Essays on Price-Fixing Agreements

Abstract

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