Antitrust’s effects: Lessons for evidence-based policy

Abstract

There is no unanimous opinion on the benefits of antitrust actions. They can result in direct and indirect costs for companies. The article evaluates the effect of the enforcement activities of the Federal Antimonopoly Service of Russia on the market value of companies in the oil industry (reputational costs). An empirical conclusion was obtained on the basis of a sample of events of Russian oil companies from 2012 to 2018 that the actions of the antimonopoly service significantly affect the company’s value not only when the fact of violation is established and decisions are made and orders are issued, but also when only its signs are established and warnings are issued and cases are initiated.