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Titan Agonistes: The Wealth Effects Of The Standard Oil (N. J.) Case

In: Antitrust Law and Economics

Author

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  • Michael Reksulak
  • William F Shughart
  • Robert D Tollison
  • Atin Basuchoudhary

Abstract

Contrary to conventional thinking about the purposes and effects of antitrust law enforcement, the personal fortune of John D. Rockefeller, Sr., tripled in the wake of the Supreme Court’s May 1911 order dissolving the Standard Oil trust. This paper summarizes alternative explanations for that unexpected outcome, tests them empirically and finds them deficient. Coupled with new evidence confirming that major events related to Rockefeller’s antitrust encounter did not produce statistically significant abnormal returns for the company’s stockholders, we conclude that the market failed to react to news of the trust’s dismantling because investors expected the government’s remedy to prove ineffective.

Suggested Citation

  • Michael Reksulak & William F Shughart & Robert D Tollison & Atin Basuchoudhary, 2004. "Titan Agonistes: The Wealth Effects Of The Standard Oil (N. J.) Case," Research in Law and Economics, in: Antitrust Law and Economics, pages 63-84, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rlwezz:s0193-5895(04)21002-8
    DOI: 10.1016/S0193-5895(04)21002-8
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    Cited by:

    1. Michael Reksulak & William Shughart, 2011. "Of Rebates and Drawbacks: The Standard Oil (N.J.) Company and the Railroads," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 38(3), pages 267-283, May.
    2. Basuchoudhary, Atin & Conlon, John R., 2013. "Silence is golden: communication, silence, and cartel stability," MPRA Paper 44246, University Library of Munich, Germany.

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