history. Philip II of Spain entered into hundreds of contracts whose value and due date depended on verifiable, exogenous … events such as the arrival of silver fleets. We show that this allowed for effective risk-sharing between the king and his …

Based on a dataset of manufacturing sectors from five major European economies (France, Germany, Italy, Spain and the … economic research, have a positive impact on the likelihood of collusion. Each feature is proxied by an "Antitrust Risk … collusion risk are those that tend to score high in most of the ARIs: Tobacco, Pharmaceuticals, Beverages, Chemicals. The 4 …