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Capital Structure Under Collusion

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  • Ormazabal, Gaizka
  • Ferrés, Daniel
  • Sertsios, Giorgio
  • Povel, Paul

Abstract

We study the financial leverage of firms that collude by forming a cartel. We find that cartel firms have lower leverage ratios during collusion periods, consistent with the idea that reductions in leverage help increase cartel stability. Cartel firms have a surprisingly large economic footprint (they represent more than 20% of the total market capitalization in the U.S.), so understanding their decisions is relevant. Our findings show that anti-competitive behavior has a significant effect on capital structure choices. They also shed new light on the relation between profitability and financial leverage.

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  • Ormazabal, Gaizka & Ferrés, Daniel & Sertsios, Giorgio & Povel, Paul, 2017. "Capital Structure Under Collusion," CEPR Discussion Papers 12151, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:12151
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    More about this item

    Keywords

    Capital structure; Financial leverage; Financial policies; Collusion; Cartels; Trigger strategies;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L12 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Monopoly; Monopolization Strategies

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