The U.S. Department of Justice, the European Commission, and the Organization for Economic Cooperation and Development have all recently voiced concern about international price- fixing cartels. The U.S. and European Union have increased prosecution of international cartels in the past decade,...

This paper provides an empirical analysis of the limited immunity for "export cartels" offered by the United States' Export Trading Company Act (1982). We have assembled a data set of 195 Export Trade Certificates of Review - all those created from when the first certificate was granted in 1983...

The U.S. and E.U. have recently increased prosecution of international cartels; few developing countries have similar enforcement. If these cartels have significant effects on developing economies, the lack of antitrust enforcement is a problem. Geographically limited prosecutions may not...

How do changes in competitive intensity affect trade patterns? Models of collusivearrangements in spatially separated markets generate testable predictions of the effects of collusion on price, trade patterns and concentration. We exploit a quasi-natural experiment associated with increased...

How do changes in competitive intensity affect trade patterns? In this paper, we exploit a quasi-natural experiment associated with increased anti-trust enforcement activity over the last two decades. A large number of international markets underwent a change in competitive intensity as they...

We estimate the impact of cartel organizational features, as well as macroeconomic fluctuations and industry structure, on cartel duration using a dataset of contemporary international cartels. We estimate a proportional hazards model with competing risks, distinguishing factors which increase...

This study investigates why externally advised real estate investment trusts (REITs) underperform their internally managed counterparts. Consistent with previous studies, we find that REITs managed by external advisors underperform internally managed ones by over 7 percent per year....

Using supermarket scanner data, we test a variety of hypotheses from trade journals about the invasion of private-label food products. According to conventional industry wisdom, name-brand firms defended their brands against new private-label products by lowering their prices, engaging in...

The infant formula rebate program of the Special Nutrition Program for Women, Infants, and Children (WIC) requires each state to hold an auction where the low-bidder among the three major manufacturers of infant formula became the sole provider of formula to the state, which issues WIC voucher...