Non-controlling minority shareholdings in rivals (NCMS) lower the sustainability of collusion under a wide variety of circumstances. Nevertheless, NCMS are sometimes deemed to facilitate collusion, in particular if the level of NCMS is exogenous. The present paper endogenizes firms' choice of...

The General Court recently annulled the Commission's 2016 H3G UK/Telefónica UK prohibition decision. Commission's failure to meet the Court's newly-found higher threshold demonstrating that the merger would lead to 'significant impediment to effective competition' (SIEC), and that H3G UK was an...

This paper provides a theory of strategic innovation project choice by incumbents and start-ups. We show that prohibiting killer acquisitions strictly reduces the variety of innovation projects. By contrast, we find that prohibiting other acquisitions only has a weakly negative innovation...