The arrival of new information helps financial markets to value assets, but it may has the side-effect of increasing their volatilities. A better knowledge of the mechanism that links relevant news and stock prices would help both private and institutional agents to improve the calibration of...

An important issue in estimating cartel overcharges is to have a reliable estimate of the but-for-the-cartel price. While the cartel price is observable, the but-for-the-cartel price is not. A construction of the but-for-cartel-price evolution by assuming perfect competition, i.e. that price...

The Environmental Liability Act (Umwelthaftungsgesetz) enacted January 1, 1991 is claimed to have substantially tightened the environmental liability regime in Germany. The economic consequences of the amendment of the German environmental liability legislation initiated by the Sandoz accident...

This paper examines the timeliness of financial reporting in the Russian energy sector and compares the days delay in reporting by Russian energy companies to days delay by non-Russian companies in the petroleum refining industry. The study found that Russian companies' delay in reporting...

We present evidence that event studies can help antitrust agencies forecast impacts of mergers on innovation. In large pharmaceutical mergers, cumulative abnormal returns on portfolios of rivals predict post-merger changes in the combined firm's R&D intensity. More favorable impacts on rivals...

In spring 2000, three clustered events, two political statements by Bill Clinton and Tony Blair and a breakthrough announcement by Celera Genomics, had altogether a tremendous impact on biotechnology stocks. Their effects are analyzed over a comprehensive set of biopharmaceutical companies,...

The Environmental Liability Act (Umwelthaftungsgesetz) enacted January 1, 1991 is claimed to have substantially tightened the environmental liability regime in Germany. The economic consequences of the amendment of the German environmental liability legislation initiated by the Sandoz accident...

Information moves stock prices. A vast literature has arisen to exploit and explain that fact. Applied researchers in a variety of fields have used stock market reactions to assess public policy changes. Most of that research has assumed that the information is released on a small set of...

Cet article utilise la methododologie de l'etude d'evenements pour estimer la valeur economique associee aux avancees therapeutiques effectuees par 71 firmes de l'indudtrie pharmaceutique.

In this paper,we examine the stock market reaction to industrial disasters. We consider an original sample of 64 explosions in chemical plants and refineries worldwide over the period 1990-2005. A quarter of the accidents resulted in a toxic release,and half of them caused at least one death or...