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Type: Journal Articles Authors: John Cable, Andrew Henley and Kevin Holland ISSN: Print: 0143-5671 Online: 1475-5890
Published in: Fiscal Studies, Vol. 23, No. 4., December 2002
Volume, issue, pages: Vol. 23, No. 4, pp. 447-462
JEL classification: L96, D44, G14
Commentators have suggested that the winning companies in the UK 3G mobile telephone auction overpaid for their licences. However, event-study method using the market model under ordinary least squares (OLS), robust and structural time-series estimation yields no systematic evidence of the Ñ·inner's curseÒ® Positive as well as negative one-day wealth effects are observed amongst both winners and losers, and there is no lasting adverse market reaction to the winners, taken as a group. We conclude there is no case for easing the regulatory stance in the industry on grounds that the winners paid too much. Search |
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