We use the recent introduction of biofuels to study the effect of industry factors on the relation-ships between wholesale commodity prices. Correlations between agricultural products and oil are strongest in the 2005-09 period, coinciding with the boom of biofuels, and remain substantial until...

We present a sequence of simulations to analyse the collusive effects of transparency and different degrees of producer crossholding in energy markets. The results suggest that (a) the functional form of the crossholdings/market prices relationship is not linear and better defined by threshold...

In our paper targets, by setting a reserve price, screen acquirers on their (expected) ability to generate merger-speci?c synergies. Both empirical evidence and many common merger models suggest that the di?erence between high- and low-synergy mergers becomes smaller during booms. This implies...

This Paper studies the private incentives and the social effects of horizontal mergers among risk-averse firms. In our model, merging firms are allowed to choose how to split their joint profits, with implications for risk sharing and strategic behaviour in the product market. If firms compete...

During 2006 and 2007, by means of the Royal Decree Law 3/2006, the Royal Decree 1634/2006 and the Order ITC/400/2007, several changes were introduced in the running of the wholesale electricity market in Spain. One of the objectives of these measures was to diminish the market power in the...

The objective of this paper is to evaluate option pricing performance on the cross sectional level. For this purpose, we propose a statistical framework, in which we in particular account for the uncertainty associated with the reported pricing performance. Instead of a single figure, we...

This chapter analyzes the risk and return characteristics of investments in artists from the Middle East and Northern Africa (MENA) region over the sample period 2000 to 2012. With hedonic regression modeling we create an annual index that is based on 3,544 paintings created by 663 MENA artists....