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Our economists publish research papers, write notes and make presentations on projects we have worked on. Have a look to our publications below:

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17 July 2014 - Lear Competition Notes , Abuse of Dominance, Competition Economics

Price-cost test in predatory abuses: treatment of common cost and multiperiod

Predatory prices are a particular type of exclusionary abuse whereby a dominant firm incurs short-term losses by charging a lower price deliberately with the intent to foreclose competitors. The antitrust analysis of predatory conduct entails the application of price-cost tests. These tests are based on the comparison of the retail price of a dominant firm […] Read more


26 November 2013 - Lear Competition Notes , Abuse of Dominance, Cartels, Competition Economics, Litigation

Statistical significance and the standard of proof in antitrust damage quantification

Econometric techniques can play an important role in damage quantification cases regarding breaches of antitrust law. In this short note, starting from a prima facie simple convention on how to interpret the estimated regression coefficients, we will discuss how a deep understanding of both the specific legal framework and the relevant technical aspects is important […] Read more


1 July 2013 - Research Papers , Competition Economics, Mergers

The Effect of EU Antitrust Investigations and Fines on a Firm’s Valuation

EU antitrust investigations involve a sequence of events which affect the investigated firm’s market value. We model these relationships and estimate their impact on firms’ share prices. On average, a surprise inspection reduces a firm’s share price by 2.89%, an infringement decision reduces it by 3.57%. The Court judgments do not have a statistically significant […] Read more


1 June 2013 - Research Papers , Competition Economics, Mergers

Ex-Post Merger Evaluation in the UK Retail Market for Books

This paper empirically evaluates the price effects of the merger of two major book retail chains in the UK: Waterstone’s and Ottakar’s. We employ differences-in-differences techniques and use a rich dataset containing monthly scanner data information on a sample of 200 books sold in 60 stores in 50 different local markets for a period of […] Read more


23 May 2013 - Lear Competition Notes , Abuse of Dominance, Competition Economics, Cooperation and Vertical Agreements

Vertical Restraints in Electronic Commerce: an economic perspective

Vertical Restraints (VRs) are commonly defined as agreements between two parties at different levels of the supply chain. These agreements might be driven by efficiency reasons but could also lead to anti-competitive effects. In the past decade, the development of electronic commerce has raised new issues concerning the dynamics underpinning competition in the digital environment […] Read more


12 February 2013 - Lear Competition Notes , Competition Economics, Mergers

Merger screen and the use of price pressure test

Mergers between competitors might generate relevant anti-competitive effects. Therefore, competition authorities need effective tests to make a preliminary assessment of the likelihood of unilateral effects of horizontal mergers. These tests are usually based on market shares and rely on the definition of the relevant market. However, in some market settings, this approach might fail to […] Read more


30 November 2012 - Lear Competition Notes , Cartels, Competition Economics, Cooperation and Vertical Agreements

Price Relationship Agreements: economic analysis and implications for competition

Price Relationship Agreements (PRAs) are agreements linking one supplier’s price to those charged to other customers or by competitors. Firms adopt PRAs for many different reasons and the competitive effects of these agreements may vary substantially. This note summarizes the main findings of a comprehensive literature review of PRAs, bringing together different economic theories of […] Read more