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How Merchant Towns Shaped Parliaments : From the Norman Conquest of England to the Great Reform Act
Angelucci, Charles - 2017
We study the emergence of urban self-governance during the Commercial Revolution in the 12th- 13th century and show that municipal autonomy shaped national institutions over the subsequent centuries. We focus on England after the Norman Conquest of 1066 and build a novel comprehensive dataset of...
Persistent link: https://www.econbiz.de/10012951352
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Tacit Collusion in the Presence of Cyclical Demand and Endogenous Capacity Levels
Knittel, Christopher R. - 2010
countercyclical. We also establish pricing patterns with respect to the relative prices in booms and recessions. If the marginal cost … capacity is low enough, then prices in the boom will be generally higher than the prices in the recession. For costs in an … intermediate range, numerical examples are calculated to show specific pricing patterns …
Persistent link: https://www.econbiz.de/10012760596
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A Dynamic Oligopoly with Collusion and Price Wars
Fershtman, Chaim; Pakes, Ariel - 2001
Most of the theoretical work on collusion and price wars assumes identical firms and an unchanging environment, assumptions which are at odds with what we know about most industries. Further that literature focuses on the impact of collusion on prices. Whether an industry can support collusion...
Persistent link: https://www.econbiz.de/10014156182
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Smokescreen : How Managers Behave When They Have Something to Hide
Artiga González, Tanja - 2013
We study financial reporting and corporate governance in 218 companies accused of price fixing. These firms engage in evasive financial reporting strategies, including earnings smoothing, segment reclassification, and restatements. In corporate governance, cartel firms favor outside directors...
Persistent link: https://www.econbiz.de/10013085128
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Price Cutting and Business Stealing in Imperfect Cartels
Bernheim, B. Douglas - 2014
Though economists have made substantial progress toward formulating theories of collusion in industrial cartels that account for a variety of fact patterns, important puzzles remain. Standard models of repeated interaction formalize the observation that cartels keep participants in line through...
Persistent link: https://www.econbiz.de/10013056583
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A Dynamic Oligopoly with Collusion and Price Wars
Fershtman, Chaim; Pakes, Ariel - 2021
Most of the theoretical work on collusion and price wars assumes identical firms and an unchanging environment, assumptions which are at odds with what we know about most industries. Further that literature focuses on the impact of collusion on prices. Whether an industry can support collusion...
Persistent link: https://www.econbiz.de/10013223570
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Sticky Prices, Coordination and Collusion
Driscoll, John C.; Ito, Harumi - 2021
New Keynesian models of price setting under monopolistic competition involve two kinds of inefficiency: the price level … is too high because firms ignore an aggregate demand externality, and when there are costs of changing prices, price … asymmetric. Implications for the welfare cost of fluctuations also differ from the standard monopolistic competition case …
Persistent link: https://www.econbiz.de/10013249355
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Was the Forex Fixing Fixed?
Ito, Takatoshi - 2015
“Fixing” of the exchange rate (price) is a rule among the Forex market participating institutions to set a reference/settlement price for the day. Major fixings occur at 9:55 am Tokyo time for transactions between Japanese banks and their customers, and at 4:00 pm London time for...
Persistent link: https://www.econbiz.de/10013016022
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Making Friends with Your Neighbors? Agglomeration and Tacit Collusion in the Lodging Industry
Gan, Li - 2011
Agglomeration is a location pattern frequently observed in service industries such as hotels. This paper empirically examines if agglomeration facilitates tacit collusion in the lodging industry using a quarterly dataset of hotels that operated in rural areas across Texas between 2003 and 2005....
Persistent link: https://www.econbiz.de/10013130967
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CAPM for Estimating the Cost of Equity Capital : Interpreting the Empirical Evidence
Da, Zhi - 2010
We argue that the empirical evidence against the Capital Asset Pricing Model (CAPM) based on stock returns does not …
Persistent link: https://www.econbiz.de/10012757537