The antitrust laws are increasingly used to prosecute alleged acts of market manipulation, particularly against firms in the banking and energy industries. Both industries are now regulated subject to fraud-based market manipulation rules, but antitrust remains a vehicle on which private claims...

A corporate leniency program provides relief from government penalties to the first member of a cartel to come forward and cooperate with the authorities. This study explores the incentives to apply for leniency when each cartel member has private information as to the likelihood that the...

In an industry where regulated firms interact with unregulated suppliers, we investigate the welfare effects of a merger between regulated firms when cost synergies are uncertain before the merger and their realization becomes private information of the merged firm. The optimal merger policy...