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On the Capital Structure of Foreign Subsidiaries : Evidence from a Panel Data Quantile Regression Model
Miniaci, Raffaele; Panteghini, Paolo - 2021
estimation of unconditional quantile partial effects in a model with correlated random effects. The results show that the impact …
Persistent link: https://www.econbiz.de/10013226660
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Preferential Trade Liberalization with Endogenous Cartel Discipline : Implications for Welfare and Optimal Trade Policies
Agnosteva, Delina - 2020
We consider an international cartel whose members interact repeatedly in their own as well as in third …-country segmented markets. Cartel discipline-an inverse measure of the degree of competition between firms-is endogenously determined by … the cartel's incentive compatibility constraint (ICC), which links strategically markets that are seemingly unrelated …
Persistent link: https://www.econbiz.de/10012822505
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Strategic Leaks in First-Price Auctions and Tacit Collusion : The Case of Spying and Counter-Spying
Fan, Cuihong; Jun, Byoung; Wolfstetter, Elmar G. - 2021
We analyze strategic leaks due to spying out a rival’s bid in a first-price auction. Such leaks induce sequential bidding, complicated by the fact that the spy may be a counterspy who serves the interests of the spied at bidder and reports strategically distorted information. This ambiguity...
Persistent link: https://www.econbiz.de/10013231973
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Conspiracy Against the Public €“ an Experiment on Collusion
Johnsen, Åshild A. - 2019
We study to what extent collusive behavior is affected by the awareness of negative externalities. Theories of outcome-based social preferences suggest that negative externalities make collusion harder to sustain than predicted by standard economic theory, while sociological theories of social...
Persistent link: https://www.econbiz.de/10012892045
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Gender and Collusion
Haucap, Justus; Heldman, Christina; Rau, Holger Andreas - 2022
Many cartels are formed by individual managers of different firms, but not by firms as collectives. However, most of the literature in industrial economics neglects individuals’ incentives to form cartels. Although oligopoly experiments reveal important insights on individuals acting as firms,...
Persistent link: https://www.econbiz.de/10013296722
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Collusive Compensation Schemes Aided by Algorithms
Martin, Simon; Schmal, Wolfgang Benedikt - 2021
Sophisticated collusive compensation schemes such as assigning future market shares or direct transfers are frequently observed in detected cartels. We show formally why these schemes are useful for dampening deviation incentives when colluding firms are temporary asymmetric. The relative...
Persistent link: https://www.econbiz.de/10013310765
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How Communication Makes the Difference between a Cartel and Tacit Collusion : A Machine Learning Approach
Andres, Maximilian; Bruttel, Lisa; Friedrichsen, Jana - 2022
This paper sheds new light on the role of communication for cartel formation. Using machine learning to evaluate free … cartel formation and indirect attempts to collude tacitly. We document that firms are less likely to communicate explicitly … sanctions on communication reinforces the direct cartel-deterring effect of sanctions as collusion is more difficult to reach …
Persistent link: https://www.econbiz.de/10014243096
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Advance-Purchase Financing of Projects with Few Buyers
Sahm, Marco - 2015
I investigate a simple model of advance-purchase contracts as a mode of financing costly projects. The analysis can easily be reinterpreted as a model of the monopolistic provision of excludable public goods under private information. An entrepreneur has to meet some capital requirement in order...
Persistent link: https://www.econbiz.de/10011388225
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Capital structure and regulation in US local telephony: an exploratory econometric study
Resende, Marcelo - 2009
) and gross investment (INV) in physical capital. The evidence accruing from a dynamic panel data estimation indicates an …
Persistent link: https://www.econbiz.de/10010265976
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Taxes and the efficiency costs of capital distortions
Weichenrieder, Alfons J.; Klautke, Tina - 2008
Tax neutrality towards alternative financing instruments for corporate investment is a ubiquitous demand in the political debate. At the same time, the literature is surprisingly silent about the magnitude of possible efficiency costs of a departure from tax neutrality. Against this background,...
Persistent link: https://www.econbiz.de/10010277187