主题：The Impact of Antitrust Regulations on Firm Market Value - Evidence from Chinese Internet Platforms
摘要：This paper examine the impact of antitrust regulations on firm market value for Chinese giant internet platforms, with comparison to the US counterparts. With historical daily stock market data from Bloomberg between January 2010 to October 2021, we investigate the abnormal returns of the relevant Chinese and US internet platform listed in the US and Hong Kong Stock Exchanges with event study approach. Our results indicate that the antitrust investigation has a short-term negative impact on firm market price, but it restores to its normal return in the long-run; Investors's reaction to the initiation of investigations taken place in different jusridictions signifies the different practices pattern of administrative remedies and judicial remedies across jurisdictions matters; Investor responses more towards antitrust administration and legislation in China than that in the US, indicates the stronger enforcement power in Chinese market; Comparing to local investors, foreigner investors react more aggressively to regulations in China.
Dr. Nina Yin, graduated from National School of Development, Peking University, received her Ph.D. in Economics from Toulouse School of Economics in September 2013 and was a postdoctoral fellow at Tulane University. Her broader research interests include health economics, industrial organization, and economics of innovation and intellectual property rights. Her research has focused on understanding the effects of pharmaceutical regulation, the pharmaceutical manufacturers' strategic behaviors (i.e., pricing, innovating and advertising) and the welfare effects on patients. For example, the pros and cons of granting market exclusivity to incremental innovations on pharmaceuticals, how the newly discovered clinical information affect physicians’ prescription behaviors. Her research has been published in Health Economics, Economics Letters, American Journal of Health Economics, China Economic Review, The Oxford Handbook of Venture Capital, etc. She has been invited for presentation at international conferences in industrial organization and health economics, such as IIOC, EARIE, and ASHEcon, etc.