Market features can be considered as forerunners of the European Commission's actions aimed at recognizing collusive behaviours. To identify information that might support the Commission in the exercise of its role of antitrust authority we propose a multi criteria approach. Its focus is on the...

We rationalize exclusive portfolio dealing in a novel three-period partial equilibrium framework populated by a representative, risk-neutral seller and a small number of ex ante identical broker-dealers. Endowed with independent, uncertain demand for a representative asset, the broker-dealers...

There are many cases in which a firm passively invests in its competitor. The Article presents an economic analysis resolving several ambiguities in the economics literature and showing how even totally passive investment in a competitor, in an industry with only a few firms, may substantially...

We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...

We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...

We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...