We analyze bidder collusion in public procurement. Our focus is on less than all-inclusive cartels. We use public information on convicted bid-rigging schemes taken from the decisions of the French Competition Authority to tackle the question of external cartel stability. Our goal is to...

The authors argue that long-term debt has a role in controlling management's ability to finance future investments. Companies with high (widely held) debt will find it hard to raise capital, since new security-holders will have low priority relative to existing creditors; conversely for...