呼唤市场力量的价格效应:COVID-19油价冲击研究

IF 1.2 4区 管理学 Q3 ECONOMICS
Aaron Barkley, David P. Byrne, Xiaosong Wu
{"title":"呼唤市场力量的价格效应:COVID-19油价冲击研究","authors":"Aaron Barkley,&nbsp;David P. Byrne,&nbsp;Xiaosong Wu","doi":"10.1111/jems.12485","DOIUrl":null,"url":null,"abstract":"<p>Governments often make public announcements that call into question firms' misuse of market power. Yet little is known about how firms respond to them. We study gasoline retailers' price responses to antitrust announcements shaming them for price gouging during the COVID-19 pandemic. We identify price effects using a high-frequency event-study leveraging unique real-time station-level price data and well-identified, discrete antitrust announcements. We find evidence of announcement effects that depend on firms' preannouncement margins and hence exposure to being publicly shamed. Public statements by antitrust questioning firms' misuse of market power can indeed contain signals that affect equilibrium outcomes.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":null,"pages":null},"PeriodicalIF":1.2000,"publicationDate":"2022-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9347766/pdf/JEMS-9999-0.pdf","citationCount":"0","resultStr":"{\"title\":\"Price effects of calling out market power: A study of the COVID-19 oil price shock\",\"authors\":\"Aaron Barkley,&nbsp;David P. Byrne,&nbsp;Xiaosong Wu\",\"doi\":\"10.1111/jems.12485\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Governments often make public announcements that call into question firms' misuse of market power. Yet little is known about how firms respond to them. We study gasoline retailers' price responses to antitrust announcements shaming them for price gouging during the COVID-19 pandemic. We identify price effects using a high-frequency event-study leveraging unique real-time station-level price data and well-identified, discrete antitrust announcements. We find evidence of announcement effects that depend on firms' preannouncement margins and hence exposure to being publicly shamed. Public statements by antitrust questioning firms' misuse of market power can indeed contain signals that affect equilibrium outcomes.</p>\",\"PeriodicalId\":47931,\"journal\":{\"name\":\"Journal of Economics & Management Strategy\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.2000,\"publicationDate\":\"2022-05-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9347766/pdf/JEMS-9999-0.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Economics & Management Strategy\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jems.12485\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economics & Management Strategy","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jems.12485","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

摘要

政府经常发表公开声明,质疑企业滥用市场力量的行为。然而,人们对企业如何应对这些变化知之甚少。我们研究了汽油零售商在COVID-19大流行期间因价格欺诈而蒙羞的反垄断公告后的价格反应。我们利用利用独特的实时站级价格数据和识别良好的离散反垄断公告的高频事件研究来确定价格影响。我们发现了公告效应的证据,这取决于公司的公告前利润,因此暴露于公开羞辱。反垄断质疑公司滥用市场力量的公开声明确实可以包含影响均衡结果的信号。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Price effects of calling out market power: A study of the COVID-19 oil price shock

Price effects of calling out market power: A study of the COVID-19 oil price shock

Governments often make public announcements that call into question firms' misuse of market power. Yet little is known about how firms respond to them. We study gasoline retailers' price responses to antitrust announcements shaming them for price gouging during the COVID-19 pandemic. We identify price effects using a high-frequency event-study leveraging unique real-time station-level price data and well-identified, discrete antitrust announcements. We find evidence of announcement effects that depend on firms' preannouncement margins and hence exposure to being publicly shamed. Public statements by antitrust questioning firms' misuse of market power can indeed contain signals that affect equilibrium outcomes.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
3.20
自引率
5.30%
发文量
43
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信