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 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...

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 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...

The extent to which prices of commodities such as oil and gold affect stock prices of firms engaged in their production, and in the stock market in general, has received attention in both the theoretical and empirical literature with mixed results. Instead of focusing on the direct relation...

Recently, aqueous Zn/MnO2 batteries have attracted considerable attention due to their safety, low cost, and environmental friendliness. However, capacity decay caused by Mn dissolution greatly limits their further development. Herein, LiTFSI is employed as an electrolyte additive to inhibit...

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...