Showing 1 - 10 of 28
We revisit the pros and cons of cartel criminalization with focus on its possible introduction in the EU. We document a … sometimes all members of a cartel. We argue that, coupled with the non-disclosure of leniency statements and the insufficient … cartel convictions. Together with evidence on the current level of fines, this points at the need to introduce …
Persistent link: https://www.econbiz.de/10013221273
Following Bernheim and Whinston (1990), this paper addresses the effects of multimarket contact on firms' ability to collude. Real world imperfections tend to make firms' objective function strictly concave and market supergames "interdependent": firms' payoffs in each market depend on how they...
Persistent link: https://www.econbiz.de/10014193963
Following Bernheim and Whinston (1990), this paper addresses the effects of multimarket contact on firms' ability to collude. Real world imperfections tend to make firms' objective function strictly concave and market supergames "interdependent": firms' payoffs in each market depend on how they...
Persistent link: https://www.econbiz.de/10014194052
Leniency Programs. Damage actions may reduce the attractiveness of Leniency Programs for cartel participants if their … cooperation with the competition authority increases the chance that the cartel’s victims will bring a successful suit. A long … analysis shows such compromise is not required: limiting the cartel victims’ ability to recover their loss is not necessary to …
Persistent link: https://www.econbiz.de/10014137919
This paper shows that as long as the stock market has perfect foresight, some dividends are distributed, and incentives are paid more than once or are deferred, stock-related compensation packages are strong incentives for managers to support tacit collusive agreements in repeated oligopolies....
Persistent link: https://www.econbiz.de/10011608499
We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...
Persistent link: https://www.econbiz.de/10009635892
We model networks of relational (or implicit) contracts, exploring how sanctioning power and equilibrium conditions change under different network configurations and information transmission technologies. In our model, relations are the links, and the value of the network lies in its ability to...
Persistent link: https://www.econbiz.de/10010366568
We model the impact of bank mergers on loan competition, reserve holdings and aggregate liquidity. A merger creates an internal money market that affects reserve holdings and induces financial cost advantages, but also withdraws liquidity from the interbank market. Loan market competition...
Persistent link: https://www.econbiz.de/10011585555
Persistent link: https://www.econbiz.de/10003410048
Persistent link: https://www.econbiz.de/10009545017