[Article] “The impact of antitrust enforcement on China’s digital platforms: Evidence from SAMR v. Alibaba” by Kenneth Khoo

CALS is delighted to announce the publication of our Academic Fellow Kenneth Khoo’s article, “The impact of antitrust enforcement on China’s digital platforms: Evidence from SAMR v. Alibaba” in the International Review of Law and Economics.

Written with Sinchit Lai and Chuyue Tian, the article explores the dynamics of antitrust enforcement in the Chinese e-commerce platform market by examining the landmark decision of SAMR v. Alibaba (2021). The article finds that the announcement of the antitrust investigation leads to a negative impact on Alibaba’s abnormal returns, while its competitors experience mixed outcomes, with some showing positive abnormal returns and others showing statistically insignificant changes. However, the announcement of the financial penalty triggered a positive stock market response for Alibaba and a negative response for its competitors, consistent with narratives suggesting that investors adjust their expectations based on new information revealed by the investigation. The findings revealed that the decisions had a substantial impact on Alibaba’s profitability, with estimates indicating an effect significantly larger than that observed in comparable studies in the EU and U.S.

Reference

Kenneth Khoo, Sinchit Lai and Chuyue Tian, ‘The Impact of Antitrust Enforcement on China’s Digital Platforms: Evidence from SAMR v. Alibaba‘ (2025) 83 International Review of Law and Economics