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...

Market concentration often leads to unnecessarily high prices and reduced innovation. European merger control positively affects competition and productivity, though not yet perfectly effectively. In times of increased market concentration, merger control needs to be enforced even more...