Johnen, JohannesHougardy, ThomasThomasHougardy2025-05-142025-05-142025-05-142021https://hdl.handle.net/2078.2/24714The objective of this thesis is to determine whether financial markets anticipated the effectiveness of the European Leniency Programme. In the first part, the theoretical framework is established with a literature review and the creation of hypothesis. The second part constitutes the empirical analysis, where an event study was used to measure the stock price effect of the European Commission’s announcements regarding the implementation and reforms of its leniency program. Three typical models were used: the Market Model, the Market Adjusted Model and the Mean Adjusted Model. Based on a sample of 57 firms from the chemical sector and 15 announcements, it appears that markets did anticipate an efficient European Leniency Programme, and that information leaked at least one day before publication. However, the price impact may be too small to constitute an additional deterrent effect. Finally, the American market delayed the incorporation of the news but anticipated more than other markets.financialmarketsleniencyprogrameffectiveimplementationtext::thesis::master thesisthesis:31255