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Author: Giancarlo Spagnolo Publisher: ISBN: Category : Languages : en Pages : 48
Book Description
The paper presents a theory of the anti-competitive effects of debt finance based on the interaction between capital structure, managerial incentives, and firms' ability to sustain collusive agreements. It shows that shareholders' commitments that reduce conflicts with debtholders - such as hiring managers with valuable reputations or quot;conservativequot; incentives - besides reducing the agency costs of debt finance also greatly facilitate tacit collusion in product markets. Concentrated or collusive credit markets, interlinked banking groups, or simply large banks can ensure the credibility of such commitments (renegotiation-proofness), thereby quot;exportingquot; collusion through leverage in otherwise competitive downstream product markets. The results appear relevant to the debate on the relative efficiency of quot;Anglo-Saxonquot; vs. quot;Continental-Japanesequot; financial practices. Implications for competition policy in the credit market and the regulation of the banking industry are discussed.
Author: Giancarlo Spagnolo Publisher: ISBN: Category : Languages : en Pages : 48
Book Description
The paper presents a theory of the anti-competitive effects of debt finance based on the interaction between capital structure, managerial incentives, and firms' ability to sustain collusive agreements. It shows that shareholders' commitments that reduce conflicts with debtholders - such as hiring managers with valuable reputations or quot;conservativequot; incentives - besides reducing the agency costs of debt finance also greatly facilitate tacit collusion in product markets. Concentrated or collusive credit markets, interlinked banking groups, or simply large banks can ensure the credibility of such commitments (renegotiation-proofness), thereby quot;exportingquot; collusion through leverage in otherwise competitive downstream product markets. The results appear relevant to the debate on the relative efficiency of quot;Anglo-Saxonquot; vs. quot;Continental-Japanesequot; financial practices. Implications for competition policy in the credit market and the regulation of the banking industry are discussed.
Author: K. J. Cseres Publisher: Edward Elgar Publishing ISBN: 184720290X Category : Law Languages : en Pages : 369
Book Description
This timely book brings together contributions from prominent scholars and practitioners to the ongoing debate on the criminalization of competition law enforcement. Recognizing that existing remedies and sanctions may be insufficient to deter breaches of competition law, several EU Member States have followed the US example and introduced pecuniary penalties for executives, professional disqualification orders, and even jail sentences. Addressing issues such as unsolved legal puzzles, standard of proof, leniency programs and internal cartel stability, this book is a marker for future policy debate. With perspectives from an international cast of contributors, Criminalization of Competition Law Enforcement will be of great interest to academics and policy makers as well as students and practitioners in law.
Author: Florence Thépot Publisher: Cambridge University Press ISBN: 1108526365 Category : Law Languages : en Pages : 317
Book Description
Florence Thépot provides the first systematic account of the interaction between competition law and corporate governance. She challenges the 'black box' conception of the firm- or 'undertaking' - in competition law, as applied to increasingly complex corporate relations. The book opens the 'black box' of the firm to understand the internal drivers of collusive behaviour, and proposes a unified approach to cartel enforcement, based on the agency theory. It explores key issues including corporate compliance programmes, the attribution of liability in corporate groups, and structural links between competitors, and should be read by anyone interested in how the evolution of the corporate landscape impacts competition law.
Author: Publisher: American Bar Association ISBN: 9781604420449 Category : Law Languages : en Pages : 840
Book Description
This massive 3-volume, hardcover examination of the history, design and enforcement of competition law is for judges, enforcement officials, lawyers, and economists-anyone who wishes to understand the jurisprudential, substantive, and methodological issues confronting modern competition law and policy. The authors of this book include policy makers, academics, economists, and lawyers from across the globe, ensuring a variety of perspectives and approaches on competition law and policy.
Author: Ulrich Schwalbe Publisher: Oxford University Press ISBN: 0199571813 Category : Business & Economics Languages : en Pages : 477
Book Description
Co-written by an expert lawyer and economist, this book provides a thorough guide to the economic theory behind the regulation of mergers. The economic theory is then used to analyse the current state of European competition law, and test the success of the European Commission's search for a 'more economic approach' to merger regulation.
Author: Financial Crisis Inquiry Commission Publisher: Cosimo, Inc. ISBN: 1616405414 Category : Political Science Languages : en Pages : 692
Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author: Giancarlo Spagnolo
Author: Giancarlo Spagnolo
Author: Giancarlo Spagnolo
Author: K. J. Cseres
Author: Florence Thépot
Author: 
Author: Ulrich Schwalbe
Author: Mark de Haan
Author: Financial Crisis Inquiry Commission
Author: 
Author: Martin O'Connor