The Effects Of Competition Policy: Merger Approval, Entry Barrier Removal, Antitrust Enforcement Compared

Svetlana Avdasheva () and Dina Tsytsulina

HSE Working papers from National Research University Higher School of Economics

Abstract: There is little evidence on the comparative effectiveness of different competition policy measures, especially in transition economies. This research represents the effort to expand the financial event study method for the assessment of different competition policy measures: merger control, antitrust investigations on abuse of dominance, and changes of import tariffs in the Russian ferrous and non-ferrous metals markets from 2007 to 2012. According to the reaction of financial market, mergers between Russian metal producers restrict competition and reduce consumer welfare. Antitrust investigations have a positive effect on stock prices of buyers of metal and no significant impact on the market valuation of target of investigation. Changes in import tariffs have a positive significant impact on the company stock prices. The sign of each effect allows the comparison of different measures of competition policy.

Keywords: competition policy; event studies; Russia; metal markets (search for similar items in EconPapers)
JEL-codes: G14 L40 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2014
New Economics Papers: this item is included in nep-cis, nep-com, nep-ind, nep-law and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in WP BRP Series: Financial Economics / FE, August 2014, pages - 28

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Persistent link: https://EconPapers.repec.org/RePEc:hig:wpaper:34/fe/2014

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