We study the timing of leniency applications using a novel application of multi-spell discrete-time survival analysis for a sample of cartels that were prosecuted by the European Commission (EC) between 1996 and 2014. The start of an EC investigation does not affect the rate at which...

This paper examines the effects of European Commission's (EC) new leniency program on the EC's capabilities in detecting and deterring cartels. As a supplementary analysis, the US leniency is studied. I discuss a dynamic model of cartel formation and dissolution to illustrate how changes in...

Over the past two decades, by some measures, paying dividends has become a less favorable choice for firms. At the same time, the business environment in which firms operate has also become more competitive. This raises an interesting question: does a firm's market power in its product market...

This paper studies cartels' strategic behavior in delaying leniency applications, a take-up decision that has been ignored in the previous literature. Using European Commission decisions issued over a 16-year span, we show, contrary to common beliefs and the existing literature, that...

This paper studies cartels’ strategic behavior in delaying leniency applications, a take-up decision that has been ignored in the previous literature. Using European Commission decisions issued over a 16-year span, we show, contrary to common beliefs and the existing literature, that...

We document changes in aggregate dividend payments by Canadian firms over the period 1989-2021, which covers both the “disappearing” (1989-2002) and the reappearing periods (2003-2021) previously noted for U.S firms. In Canada, the changes are mainly driven by the changes in the number of...

This paper proposes a brand-new measure of energy efficiency at household level and explores how it is affected by household access to credit. We calculate the energy intensity and carbon intensity of the related sectors, which experience a substantial decline from 2005 to 2019. Although there...

We investigate cartelists’ merger behavior using European Commission (EC) cartel decisions over a 28-year span and information on cartelists’ merger activities over the last 30 years. We find that mergers occur frequently. But they cluster in a few particular industries and usually include...

We investigate cartelists' merger behavior using European Commission (EC) cartel decisions over a 28-year span and information on cartelists' merger activities over the last 30 years. We find that mergers occur frequently but that they cluster in a few particular industries and usually include...

This paper presents a macroscopic dynamic modeling framework for road traffic emissions in an urban city that has numerous central business districts (CBDs). The framework combines a two-dimensional (2D) continuum dynamic traffic assignment (DTA) model that captures macroscopic features of...