We demonstrate how the incentives of firms that partially own their suppliers or customers to foreclose rivals depend on how the partial owner can extract profits from the target. Compared to a fully vertically integrated firm, a partial owner may obtain only a share of the target's profit but...

We examine foreclosure discounts and their subsequent impact on investor returns in Berlin's housing market from 1984 to 2022. Utilizing hedonic regression models and matching techniques on a data set of housing transactions, we determine that foreclosure discounts, ranging from 20% to 50%, are...

Large platforms are often accused of refusing to serve (or discriminating against) competing sellers in adjacent product markets. Antitrust law labels such activity a unilateral “refusal to deal” (RTD) and evaluates it under a predation-like framework shaped by the two leading RTD cases,...

We use HMDA rate spread loans to identify lenders involved in riskier lending prior to the foreclosure crisis. We develop a shift-share measure of changes in high rate spread share lender representation in housing submarkets across origination years. While half the cross-sectional correlation...

Homeowners face risk due to variation in annual property tax liabilities which may result in financial distress and eventual mortgage foreclosure. We show that an unintended consequence of a common property tax feature, assessment limitations, exposes households to more systematic risk despite...

Digital markets now fundamentally intertwine with our social and economic lives. International enforcement actions, the US and EU Google cases in particular, demonstrate how from a behavioural economic perspective digital platforms may be beginning to implicate antitrust’s two most fundamental...

This paper investigates how technology affects mortgage foreclosure markets. Exploiting the staggered adoption of electronic bidding across adjoined Florida’s counties, I show that foreclosure auction success increases by 27%, and price discounts shrink by 42%. The effects are the largest in...