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...

Partial vertical integration is common in many telecommunication and media markets in Israel. That is, there are many cases in which the supplier of an input holds a partial (often controlling) stake in the input's customer (which we call the “distributor” for concreteness), or the...