Is Cartelisation Profitable? A Case Study of the Rhenish Westphalian Coal Syndicate, 1893-1913
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- James W. Friedman, 1971. "A Non-cooperative Equilibrium for Supergames," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 38(1), pages 1-12.
- Block, Michael Kent & Nold, Frederick Carl, 1981. "The Deterrent Effect of Antitrust Enforcement," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 429-445, June.
- Sanford J. Grossman & Oliver D. Hart, 1982.
"Corporate Financial Structure and Managerial Incentives,"
NBER Chapters, in: The Economics of Information and Uncertainty, pages 107-140,
National Bureau of Economic Research, Inc.
- Sanford Grossman & Oliver Hart, "undated". "Corporate Financial Structure and Managerial Incentives," Rodney L. White Center for Financial Research Working Papers 21-79, Wharton School Rodney L. White Center for Financial Research.
- Baltzer, Markus, 2006. "Cross-listed stocks as an information vehicle of speculation: Evidence from European cross-listings in the early 1870s," European Review of Economic History, Cambridge University Press, vol. 10(3), pages 301-327, December.
- Shiller, Robert J, 1981.
"Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?,"
American Economic Review, American Economic Association, vol. 71(3), pages 421-436, June.
- Robert J. Shiller, 1980. "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?," NBER Working Papers 0456, National Bureau of Economic Research, Inc.
- Bosch, Jean-Claude & Eckard, E Woodrow, Jr, 1991. "The Profitability of Price Fixing: Evidence from Stock Market Reaction to Federal Indictments," The Review of Economics and Statistics, MIT Press, vol. 73(2), pages 309-317, May.
- Cyree, Ken B & DeGennaro, Ramon P, 2002.
"A Generalized Method for Detecting Abnormal Returns and Changes in Systematic Risk,"
Review of Quantitative Finance and Accounting, Springer, vol. 19(4), pages 399-416, December.
- Ken B. Cyree & Ramon P. DeGennaro, 2001. "A generalized method for detecting abnormal returns and changes in systematic risk," FRB Atlanta Working Paper 2001-8, Federal Reserve Bank of Atlanta.
- Michael F. Sproul, 2009.
"Antitrust and Prices,"
Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 2, pages 84-95, April.
- Sproul, Michael F, 1993. "Antitrust and Prices," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 741-754, August.
- Kiviet, Jan F., 1995.
"On bias, inconsistency, and efficiency of various estimators in dynamic panel data models,"
Journal of Econometrics, Elsevier, vol. 68(1), pages 53-78, July.
- Tom Doan, "undated". "LSDVC: RATS procedure to estimate a dynamic FE model with correction for bias," Statistical Software Components RTS00111, Boston College Department of Economics.
- Lindenberg, Eric B & Ross, Stephen A, 1981. "Tobin's q Ratio and Industrial Organization," The Journal of Business, University of Chicago Press, vol. 54(1), pages 1-32, January.
- Bollerslev, Tim, 1986.
"Generalized autoregressive conditional heteroskedasticity,"
Journal of Econometrics, Elsevier, vol. 31(3), pages 307-327, April.
- Tim Bollerslev, 1986. "Generalized autoregressive conditional heteroskedasticity," EERI Research Paper Series EERI RP 1986/01, Economics and Econometrics Research Institute (EERI), Brussels.
- Robert H. Porter, 1983. "A Study of Cartel Stability: The Joint Executive Committee, 1880-1886," Bell Journal of Economics, The RAND Corporation, vol. 14(2), pages 301-314, Autumn.
- Burhop, Carsten & Wolff, Guntram B., 2005. "A Compromise Estimate of German Net National Product, 1851–1913, and its Implications for Growth and Business Cycles," The Journal of Economic History, Cambridge University Press, vol. 65(3), pages 613-657, September.
- Deneckere, R., 1983. "Duopoly supergames with product differentiation," Economics Letters, Elsevier, vol. 11(1-2), pages 37-42.
- Frey, Bruno S. & Waldenstr M, Daniel, 2004. "Markets work in war: World War II reflected in the Zurich and Stockholm bond markets," Financial History Review, Cambridge University Press, vol. 11(01), pages 51-67, April.
- repec:bla:jindec:v:45:y:1997:i:2:p:117-37 is not listed on IDEAS
- Margaret C. Levenstein, 1997.
"Price Wars and the Stability of Collusion: A Study of the Pre‐World War I Bromine Industry,"
Journal of Industrial Economics, Wiley Blackwell, vol. 45(2), pages 117-137, June.
- Margaret Levenstein, 1993. "Price Wars and the Stability of Collusion: A Study of the Pre-World War I Bromine Industry," NBER Historical Working Papers 0050, National Bureau of Economic Research, Inc.
- Brown, William O. & Burdekin, Richard C. K., 2000. "Turning Points in the U.S. Civil War: A British Perspective," The Journal of Economic History, Cambridge University Press, vol. 60(1), pages 216-231, March.
- Green, Edward J & Porter, Robert H, 1984.
"Noncooperative Collusion under Imperfect Price Information,"
Econometrica, Econometric Society, vol. 52(1), pages 87-100, January.
- Green, Edward J. & Porter, Robert H., 1982. "Noncooperative Collusion Under Imperfect Price Information," Working Papers 367, California Institute of Technology, Division of the Humanities and Social Sciences.
- Edward J Green & Robert H Porter, 1997. "Noncooperative Collusion Under Imperfect Price Information," Levine's Working Paper Archive 1147, David K. Levine.
- Judson, Ruth A. & Owen, Ann L., 1999. "Estimating dynamic panel data models: a guide for macroeconomists," Economics Letters, Elsevier, vol. 65(1), pages 9-15, October.
- Fohlin,Caroline, 2007. "Finance Capitalism and Germany's Rise to Industrial Power," Cambridge Books, Cambridge University Press, number 9780521810203.
- Webb, Steven B., 1980. "Tariffs, Cartels, Technology, and Growth in the German Steel Industry, 1879 to 1914," The Journal of Economic History, Cambridge University Press, vol. 40(2), pages 309-330, June.
- Thomas Gehrig & Caroline Fohlin, 2006.
"Trading Costs in Early Securities Markets: The Case of the Berlin Stock Exchange 1880–1910,"
Review of Finance, European Finance Association, vol. 10(4), pages 587-612, December.
- Gehrig, Thomas & Fohlin, Caroline, 2006. "Trading Costs in Early Securities Markets: The Case of the Berlin Stock Exchange, 1880-1910," CEPR Discussion Papers 5827, C.E.P.R. Discussion Papers.
- Anderson, T. W. & Hsiao, Cheng, 1982. "Formulation and estimation of dynamic models using panel data," Journal of Econometrics, Elsevier, vol. 18(1), pages 47-82, January.
- Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
- J. Bradford De Long & Marco Becht, "undated". "`Excess Volatility' in the German Stock Market, 1876-1990," J. Bradford De Long's Working Papers _134, University of California at Berkeley, Economics Department.
- Davidson, Carl & Deneckere, Raymond J, 1990.
"Excess Capacity and Collusion,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(3), pages 521-541, August.
- Carl Davidson & Raymond Deneckere, 1984. "Excess Capacity and Collusion," Discussion Papers 675, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Parnell, Martin F., 1994. "The German Tradition of Organized Capitalism: Self-Government in the Coal Industry," OUP Catalogue, Oxford University Press, number 9780198277613, December.
- John J. McCall, 1982. "The Economics of Information and Uncertainty," NBER Books, National Bureau of Economic Research, Inc, number mcca82-1.
- Gelman, Sergey & Burhop, Carsten, 2008. "Taxation, regulation and the information efficiency of the Berlin stock exchange, 1892–1913," European Review of Economic History, Cambridge University Press, vol. 12(1), pages 39-66, April.
- Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
- Armitage, Seth, 1995. "Event Study Methods and Evidence on Their Performance," Journal of Economic Surveys, Wiley Blackwell, vol. 9(1), pages 25-52, March.
- Robert G. Chambers & John Quiggin, 2003. "Price Stabilization and the Risk-Averse Firm," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(2), pages 336-347.
- repec:kap:eurfin:v:10:y:2006:i:4:p:587-612 is not listed on IDEAS
- Binder, John J, 1998. "The Event Study Methodology since 1969," Review of Quantitative Finance and Accounting, Springer, vol. 11(2), pages 111-137, September.
- Margaret C. Levenstein & Valerie Y. Suslow, 2002. "What Determines Cartel Success?," UMASS Amherst Economics Working Papers 2002-01, University of Massachusetts Amherst, Department of Economics.
- Fohlin,Caroline, 2011. "Finance Capitalism and Germany's Rise to Industrial Power," Cambridge Books, Cambridge University Press, number 9780521396608.
- Bittner, Thomas, 2005. "An event study of the Rhenish-Westphalian Coal Syndicate," European Review of Economic History, Cambridge University Press, vol. 9(3), pages 337-364, December.
- Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
- Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
- repec:cup:jechis:v:60:y:2008:i:01:p:216-231_00 is not listed on IDEAS
- J. Bradford De Long & Marco Becht, 1992. ""Excess Volatility" and the German Stock Market, 1876-1990," NBER Working Papers 4054, National Bureau of Economic Research, Inc.
- Asch, Peter & Seneca, J J, 1976. "Is Collusion Profitable?," The Review of Economics and Statistics, MIT Press, vol. 58(1), pages 1-12, February.
- Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-1426, November.
- A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
- Servaes, Henri, 1996. "The Value of Diversification during the Conglomerate Merger Wave," Journal of Finance, American Finance Association, vol. 51(4), pages 1201-1225, September.
- Manuel Arellano & Stephen Bond, 1991.
"Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
- Tom Doan, "undated". "RATS program to replicate Arellano-Bond 1991 dynamic panel," Statistical Software Components RTZ00169, Boston College Department of Economics.
- Pedro L. Marín & Richard Sicotte, 2003. "Exclusive Contracts And Market Power: Evidence From Ocean Shipping," Journal of Industrial Economics, Wiley Blackwell, vol. 51(2), pages 193-214, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Lübbers, Thorsten, 2008. "Shareholder value mining: Wealth effects of takeovers in German coal mining, 1896-1913," Explorations in Economic History, Elsevier, vol. 45(4), pages 462-476, September.
- Bolotova, Yuliya & Connor, John M. & Miller, Douglas J., 2008.
"The impact of collusion on price behavior: Empirical results from two recent cases,"
International Journal of Industrial Organization, Elsevier, vol. 26(6), pages 1290-1307, November.
- Bolotova, Yuliya & Connor, John M. & Miller, Douglas J., 2005. "The Impact of Collusion on Price Behavior: Empirical Results from Two Recent Cases," 2005 Annual meeting, July 24-27, Providence, RI 19164, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Canarella, Giorgio & Miller, Stephen M., 2022.
"Firm size, corporate debt, R&D activity, and agency costs: Exploring dynamic and non-linear effects,"
The Journal of Economic Asymmetries, Elsevier, vol. 25(C).
- Giorgio Canarella & Stephen M. Miller, 2019. "Firm Size, Corporate Debt, R&D Activity, and Agency Costs: Exploring Dynamic and Non-Linear Effects," Working papers 2019-05, University of Connecticut, Department of Economics.
- Dang, Viet Anh & Kim, Minjoo & Shin, Yongcheol, 2015. "In search of robust methods for dynamic panel data models in empirical corporate finance," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 84-98.
- Omer Ahmed Sayed & Hussein Eledum, 2023. "The short‐run response of Saudi Arabia stock market to the outbreak of COVID‐19 pandemic: An event‐study methodology," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 2367-2381, July.
- Alexander Opitz, 2018. "“Comrades, Let's March!”.† The Revolution of 1905 and its impact on financial markets," European Review of Economic History, European Historical Economics Society, vol. 22(1), pages 28-52.
- Durand, Robert B. & Greene, William H. & Harris, Mark N. & Khoo, Joye, 2022. "Heterogeneity in speed of adjustment using finite mixture models," Economic Modelling, Elsevier, vol. 107(C).
- Wijayana, Singgih & Gray, Sidney J., 2018. "Capital market consequences of cultural influences on earnings: The case of cross-listed firms in the U.S. stock market," International Review of Financial Analysis, Elsevier, vol. 57(C), pages 134-147.
- Connor, John M., 2003.
"Private International Cartels: Effectiveness, Welfare, And Anticartel Enforcement,"
Staff Papers
28645, Purdue University, Department of Agricultural Economics.
- John M. Connor, 2003. "Private International Cartels: Effectiveness, Welfare, and Anticartel Enforcement," Working Papers 03-12, Purdue University, College of Agriculture, Department of Agricultural Economics.
- Mahir Binici & Yin-Wong Cheung & Kon S. Lai, 2011.
"Trade Openness, Market Competition, and Inflation: Some Sectoral Evidence from OECD Countries,"
CESifo Working Paper Series
3690, CESifo.
- Mahir Binici & Yin-Wong Cheung & Kon S. Lai, 2012. "Trade Openness, Market Competition, and Inflation : Some Sectoral Evidence from OECD Countries," Working Papers 1206, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
- Garita, Gus, 2009. "How Does Financial Openness Affect Economic Growth and its Components?," MPRA Paper 20099, University Library of Munich, Germany.
- Carlos Alberto Piscarreta Pinto Ferreira, 2022. "Revisiting The Determinants Of Sovereign Bond Yield Volatility," Working Papers REM 2022/0241, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
- Martin A. Carree, 2002. "Nearly Unbiased Estimation in Dynamic Panel Data Models with Exogenous Variables," Tinbergen Institute Discussion Papers 02-007/2, Tinbergen Institute.
- Gehringer, Agnieszka & Prettner, Klaus, 2019.
"Longevity And Technological Change,"
Macroeconomic Dynamics, Cambridge University Press, vol. 23(4), pages 1471-1503, June.
- Gehringer, Agnieszka & Prettner, Klaus, 2014. "Longevity and technological change," University of Göttingen Working Papers in Economics 213, University of Goettingen, Department of Economics.
- Gehringer, Agnieszka & Prettner, Klaus, 2016. "Longevity and technological change," VfS Annual Conference 2016 (Augsburg): Demographic Change 145482, Verein für Socialpolitik / German Economic Association.
- Gehringer, Agnieszka & Prettner, Klaus, 2014. "Longevity and technological change," ECON WPS - Working Papers in Economic Theory and Policy 01/2014, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit.
- Issiaka Coulibaly & Blaise Gnimassoun, 2013. "Current account sustainability in Sub-Saharan Africa: Does the exchange rate regime matter?," Working Papers hal-04141160, HAL.
- Robert Baumann & Bryan Engelhardt & Victor A. Matheson, 2012.
"Labor Market Effects of the World Cup: A Sectoral Analysis,"
Chapters, in: Wolfgang Maennig & Andrew Zimbalist (ed.), International Handbook on the Economics of Mega Sporting Events, chapter 22,
Edward Elgar Publishing.
- Robert Baumann & Bryan Engelhardt & Victor Matheson, 2011. "Labor Market Effects of the World Cup: A Sectoral Analysis," Working Papers 1104, College of the Holy Cross, Department of Economics.
- Robert Baumann & Bryan Engelhardt & Victor Matheson, 2011. "Labor Market Effects of the World Cup: A Sectoral Analysis," Working Papers 1113, International Association of Sports Economists;North American Association of Sports Economists.
- Pock, Markus, 2007. "Gasoline and Diesel Demand in Europe: New Insights," Economics Series 202, Institute for Advanced Studies.
- Massimo, Filippini, 2011.
"Short- and long-run time-of-use price elasticities in Swiss residential electricity demand,"
Energy Policy, Elsevier, vol. 39(10), pages 5811-5817, October.
- Massimo Filippini, 2010. "Short and long-run time-of-use price elasticities in Swiss residential electricity demand," CEPE Working paper series 10-76, CEPE Center for Energy Policy and Economics, ETH Zurich.
- Jan F. Kiviet, 2005. "Judging Contending Estimators by Simulation: Tournaments in Dynamic Panel Data Models," Tinbergen Institute Discussion Papers 05-112/4, Tinbergen Institute.
- İbrahim Yarba & Z. Nuray Güner, 2020. "Leverage dynamics: Do financial development and government leverage matter? Evidence from a major developing economy," Empirical Economics, Springer, vol. 59(5), pages 2473-2507, November.
More about this item
Keywords
Cartel; Economic history; Event study; Germany pre-1913;All these keywords.
JEL classification:
- L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
- L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
- N53 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - Europe: Pre-1913
NEP fields
This paper has been announced in the following NEP Reports:- NEP-COM-2009-04-18 (Industrial Competition)
- NEP-HIS-2009-04-18 (Business, Economic and Financial History)
- NEP-IND-2009-04-18 (Industrial Organization)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mpg:wpaper:2009_09. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marc Martin (email available below). General contact details of provider: https://edirc.repec.org/data/mppggde.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.