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Collusion through Common Leadership

Author

Listed:
  • Herrera Caicedo, Alejandro

    (University of Wisconsin-Madison)

  • Jeffers, Jessica

    (HEC Paris)

  • Prager, Elena

    (University of Rochester)

Abstract

This paper studies whether common leadership, defined as two firms sharing executives or board directors, contributes to collusion. Using an explicit measure of labor market collusion from unsealed court evidence, we find that the probability of collusion between two firms increases by 12 percentage points after the onset of common leadership, compared to a baseline rate of 1.2 percent in the absence of common leaders. These results are not driven by closeness of product or labor market competition. Our findings are consistent with the increasing attention toward common leadership under Clayton Act Section 8.

Suggested Citation

  • Herrera Caicedo, Alejandro & Jeffers, Jessica & Prager, Elena, 2025. "Collusion through Common Leadership," HEC Research Papers Series 1580, HEC Paris.
    • Handle: RePEc:ebg:heccah:1580
    DOI: 10.2139/ssrn.5278295
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    JEL classification:

    • D20 - Microeconomics - - Production and Organizations - - - General

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