This paper uses a vertical relational contract between two firms to explore the implications of trade credit when the ability to repay is not observed by the supplier.  Trade credit limits the supplier's possibilities to punish the cashless downstream firms and termination may be used in...

The increasing number of antitrust cases that affect more than one country calls for more active cooperation between competition authorities.  I analyse the impact of exchange of confidential information between two authorities deciding on a multinational merger.  The authorities want to clear...

Probably the most enduring result in the theory of optimum income taxation is that, for a sufficiently thin upper tail to the skill distribution, the marginal tax rate should fall rather than rise with income. This paper shows that this result is highly sensitive to a very strong informational...