Delays in Leniency Application: Is There Really a Race to the Enforcer's Door?

Gärtner, Dennis L. und Zhou, Jun (Dezember 2012): Delays in Leniency Application: Is There Really a Race to the Enforcer's Door? SFB/TR 15 Discussion Paper No. 395

Abstract

This paper studies cartels’ strategic behavior in delaying leniency applications, a take-up decision that has been ignored in the previous literature. Using European Commission decisions issued over a 16-year span, we show, contrary to common beliefs and the existing literature, that conspirators often apply for leniency long after a cartel collapses. We estimate hazard and probit models to study the determinants of leniency-application delays. Statistical tests find that delays are symmetrically affected by antitrust policies and macroeconomic fluctuations. Our results shed light on the design of enforcement programs against cartels and other forms of conspiracy.

• Dokumententyp: Paper
• Keywords: corporate leniency program, cartel, leniency application delays
• Fakultät: Sonderforschungsbereiche > Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems ; Sonderforschungsbereiche > Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems > A5 - Unvollständige Vertragsbeziehungen und die Gestaltung von Residualrechten
• Themengebiete: 300 Sozialwissenschaften > 330 Wirtschaft
• JEL Classification: D43, K21, K42, L13
• Sprache: Englisch