In this paper, we ask how antitrust immunity subject to a carve-out affects collusion incentives in international … density. Under this approximation, the incentives for interhub collusion are no different before and after the emergence of an …

We study the implications of credit constraints for the sustainability of product market collusion in a bank … degree of collusion, but a substantial increase keeps it unaffected relative to the no-constraint case. A permanent adverse … demand shock in this setup does not affect the possibility of collusion, but may aggravate financing constraints and …

, collusion …

behavior, that takes the form of collusion or blackmail, on the part of members of a simple hierarchical structure. We focus on …-blowing, creates incentives for the uninformed colluding party to walk out of the side deal and report to the principal that collusion …

stakes of collusion. On the other hand, it creates an asymmetry between the integrated firm and the unintegrated competitors … cooperative equilibrium, which potentially harms collusion. As we show, the optimal collusive profit-sharing agreement takes care … the asymmetries in the non cooperative state. As a result, vertical integration generally favors collusion …

The paper undertakes a cross-sectoral analysis of a salient empirical implication of the model of tacit collusion … Canada. The evidence provides weak support for optimal collusion in one industry, which is consistent with the idea that such …

firms and in the amount of funding they seek. The model can encompass collusion between clients and auditors, arising from … the joint provision of auditing and consulting services: deflecting collusion requires less ambitious standards. Finally …, banning the provision of consulting services by auditors eliminates collusion but may not be optimal in the presence of …

behavior, that takes the form of collusion or blackmail, on the part of members of a simple hierarchical structure. We focus on …-blowing, creates incentives for the uninformed colluding party to walk out of the side deal and report to the principal that collusion …