We analyze the welfare consequences and the profitability of vertical integration when downstream firms deal with complementary input suppliers holding market power. We find that although single integration is anticompetitive, pairwise integration is often procompetitive and involves below cost...

Building on the pioneering study by Beck, Demirguc-Kunt and Levine (2006), we examine the effects of media ownership and concentration on corruption in bank lending. Using the unique World Bank dataset covering more than 5,000 firms across 59 countries, we find strong evidence that that state...

Japan's corporate sector has, over the past century, been reorganized according to every major corporate governance model. Prior to World War II, wealth Japanese families locked in their control over large corporations by organizing them into pyramidal groups, called zaibatsu, similar to...

Electrochemical reduction of CO 2 to C2 products provides a promising approach for controlling the global carbon balance and restoring renewable surplus electricity, while the low CO 2 activation property and slow OC-CO coupling rate lead to unfavorable performance on Cu-based catalysts. Here we...

Natural and anthropogenic causes have promoted the rapid increase of soil selenium (Se) level, and ecological risks of excess Se have attracted much attention. Exploring the dynamic of Se in organisms can help to better understand its toxicity. However, the full-process analysis of its uptake...