Minority share acquisitions and collusion : evidence from the introduction of national leniency programs


Heim, Sven ; Hüschelrath, Kai ; Laitenberger, Ulrich ; Spiegel, Yossi


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URL: https://ub-madoc.bib.uni-mannheim.de/43570
URN: urn:nbn:de:bsz:180-madoc-435701
Document Type: Working paper
Year of publication: 2017
The title of a journal, publication series: ZEW Discussion Papers
Volume: 17-037
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G34 , K21 , L41,
Keywords (English): Minority shareholdings , collusion , leniency programs , cartel stability
Abstract: There is a growing concern that minority shareholding (MS) in rival firms may facilitate collusion. To examine this concern, we exploit the fact that leniency programs (LPs) are generally recognized as a shock that destabilizes collusive agreements and study the effect that the introduction of an LP has on horizontal MS acquisitions. Using data from 63 countries over the period 1990-2013, we find a large increase in horizontal MS acquisitions in the year in which an LP is introduced, especially in large rivals. The effect is present however only in countries with an effective antitrust enforcement and low levels of corruption and only when the acquisitions involve stakes of 10%-20%. These results suggest that MS acquisitions may stabilize collusive agreements that were destabilized by the introduction of the LP.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Heim, Sven ; Hüschelrath, Kai ; Laitenberger, Ulrich ; Spiegel, Yossi (2017) Minority share acquisitions and collusion : evidence from the introduction of national leniency programs. Open Access ZEW Discussion Papers Mannheim 17-037 [Working paper]
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