Estimating damages from price-fixing: the value of transaction data

We use a unique private data set of about 340,000 invoice positions from 36 smaller and larger customers of German cement producers to study the value of such transaction data for an estimation of cartel damages. In particular, we investigate, first, how structural break analysis can be used to identify the exact end of the cartel agreement and, second, how an application of before-and-after approaches to estimate the price overcharge can benefit from such rich data sets. We conclude that transaction data allows such a detailed assessment of the cartel and its impact on direct customers that its regular application in private antitrust cases is desired as long as data collection and preparation procedures are not prohibitively expensive

Audit market structure, fees and choice in a period of structural change: evidence from the UK – 1998–2003

This paper presents evidence on audit market concentration and auditor fee levels in the UK market in the crucial period of structural change following the PricewaterhouseCoopers’ (PwC) merger and encompassing Andersen’s demise (1998–2003). Given the current interest in auditor choice, analysis is also undertaken at the individual audit firm level and by industry sector. There is evidence of significant upward pressure on audit fees since 2001 but only for smaller auditees. Audit fee income for top tier auditors (Big 5/4) did not change significantly while the number of auditees fell significantly, consistent with a move towards larger, less risky, clients. A decomposition analysis of the aggregate Big 5/4 concentration ratio changes over the period identifies the impact of four distinct consumer-based reasons for change: leavers; net joiners; non-par auditor switches; and (only for the audit fees measure) audit fee changes. Andersen’s demise markedly reduced the level of inequality among the top tier firms but PwC retained its position as a ‘dominant firm’. On switching to the new auditor, former Andersen clients experienced an initial audit fee rise broadly in line with inflation, with no evidence of fee premia or discounting. They also reported significantly lower NAS fees, consistent with audit firms and auditees responding to public concerns about perceptions of auditor independence. There is no general evidence of knowledge spillover effects or cross-subsidisation of the audit fee by NAS. The combined findings provide no evidence to indicate that recent structural changes have resulted in anticompetitive pricing; the key concerns remain the lack of audit firm choice and issues concerning the governance and accountability of audit firms

The portuguese natural gas market in the european context

The Portuguese natural gas market is recent and small – being an emergent market according to Directive 98/30/EC. It is still protected and monopolistic while most other European countries have already liberalized, at least partially, their natural gas markets. This paper focuses on the process of restructuring the energy market in the European Union, and the present situation in Portugal, and emphasizes the regional dimension of the Portuguese market. The natural gas price strategies followed by Portuguese companies are analyzed, and a comparison with those of liberalized Europe is attempted. Special attention is given to the United Kingdom, as an example of a completely liberalized market, and also to Spain due to its close links to the Portuguese energy sector. From the results obtained, possible future scenarios for Portugal in a liberalization context are presented

Europeanising advisory expertise: The role of 'independent, objective and transparent' scientific advice in agri-biotech regulation

Since various crises of food safety in the European Union (EU), institutional reforms have been designed to regain public confidence in regulatory decisions and their expert basis. By Europeanising advisory expertise, the European Food Safety Authority (EFSA) was also meant to help harmonise 'science-based regulation' and thus facilitate EU decisions. In evaluating agri-biotech products during 2003-2005, however, the EFSA procedure extended previous expert disagreements rather than overcome them. EFSA was designed to demonstrate that expert advice would be 'independent, objective and transparent�; yet tensions arose between expert experience versus independence, between transparency versus objectivity, and between harmonisation versus precaution. These conflicts have been shaped by the dominant problem-diagnosis, which favours a narrow expert consensus within a specific policy view. Alternative problem-diagnoses suggest that expertise should instead be pluralised, so that norms and uncertainties become more explicit. Pressure for EU reform manifests tensions between the dominant and alternative problem-diagnoses

Why do homeowners renovate energy efficiently?:Contrasting perspectives and implications for policy

This paper contrasts two perspectives on energy efficient home renovations from applied behavioural research on energy efficiency and from sociological research on homes and domestic life. Applied behavioural research characterises drivers and barriers to cost-effective renovations, and identifies personal and contextual influences on homeowners' renovation decisions. Research findings inform policies to promote energy efficiency by removing barriers or strengthening decision influences. Sociological research on domestic life points to limitations in this understanding of renovation decision making that emphasises houses but not homes, energy efficiency but not home improvements, the one-off but not the everyday, and renovations but not renovating. The paper proposes a situated approach in response to this critique. A situated approach retains a focus on renovation decision making, but conceptualises decisions as processes that emerge from the conditions of everyday domestic life and are subject to different levels of influence. This situated approach is tractable for energy efficiency policy while recognising the ultimate influences that explain why homeowners decide to renovate

Improving the energy performance of UK households: Results from surveys of consumer adoption and use of low- and zero carbon technologies

This paper presents results from a UK Open University project which surveyed consumers' reasons for adoption, and non-adoption, of energy efficiency measures and renewable energy systems–collectively called low- and zero-carbon technologies–and their experiences of using these technologies. Data were gathered during 2006 via an online questionnaire with nearly 400 responses, plus 111 in-depth telephone interviews. The respondents were mainly environmentally concerned, 'green' consumers and therefore these are purposive rather than representative surveys. The paper outlines results for four energy efficiency measures (loft insulation, condensing boilers, heating controls and energy-efficient lighting) and four household renewables (solar thermal water heating, solar photovoltaics, micro-wind turbines and wood-burning stoves). These green consumers typically adopted these technologies to save energy, money and/or the environment, which many considered they achieved despite rebound effects. The reasons for considering but rejecting these technologies include the familiar price barriers, but there were also other obstacles that varied according to the technology concerned. Nearly a third of the surveyed consumers had adopted household renewables, over half of which were wood stoves and 10% solar thermal water heating systems. Most adopters of renewables had previously installed several energy efficiency measures, but only a fifth of those who seriously considered renewables actually installed a system. This suggests sell energy efficiency first, then renewables. There seems to be considerable interest in household renewables in the UK, especially among older, middle-class green consumers, but so far only relatively few pioneers have managed to overcome the barriers to adoption