Cartel detection and collusion screening: an empirical analysis of the London...Dr Danilo Samà
Cartel detection and collusion screening: an empirical analysis of the London Metal Exchange
Author:
Dr Danilo Samà (LUISS “Guido Carli” University, Law & Economics LAB)
Abstract:
In order to fight collusive behaviors, the best scenario for competition authorities would be the possibility to analyze detailed information on firms’ costs and prices, being the price-cost margin a robust indicator of market power. However, information on firms’ costs is rarely available. In this context, a fascinating technique to detect data manipulation and rigged prices is offered by an odd phenomenon called Benford’s law, otherwise known as First-digit law, which has been successfully employed to discover the “Libor scandal” much time before the opening of the cartel settlement procedure. Thus, the main objective of the present paper is to apply a such useful instrument to track the price of the aluminium traded on the London Metal Exchange, following the allegations according to which there would be an aluminium cartel behind. As a result, quick tests such as Benford’s law can only be helpful to inspect markets where price patterns show signs of collusion. Given the budget constraints to which antitrust watchdogs are commonly subject to, a such price screen could be set up, just exploiting the data available, as warning system to identify cases that require further investigations.
Keywords:
Benford’s law, cartel detection, collusion screening, competition authorities, data manipulation, monopolization, oligopolistic markets, price fixing, variance screen
JEL classification:
C10; D40; L13; L41
Year:
2014
Pages:
1-18
Citation:
Samà, Danilo (2014), Cartel detection and collusion screening: an empirical analysis of the London Metal Exchange, Law & Economics LAB, LUISS “Guido Carli” University, Rome, Italy, pp. 1-18.
Aspirin is an effective anti-platelet medication for indications such as pain, fever, and inflammation. The minimum effective daily dose is 75 mg, and a second loading dose has been shown to be effective for acute myocardial infarction. Factors like ranitidine and enteric coatings can affect the efficacy of aspirin's anti-platelet effects. Contraindications to aspirin include asthma, gastrointestinal bleeding, and allergies.
This document discusses supporting online teacher collaboration through digital portfolios called Teacher Folios. It recommends that teachers collect resources in a shared online space like Wikispaces to build a community of practice. The document introduces Content Representation as a framework and concludes by thanking the audience for their time.
The document describes the forms and conventions used in a media product. It features an iconic bold title, a color scheme used throughout, images of artists/bands, and text relating to the color scheme. Page numbers and section titles are also included in a conventional layout.
This document outlines a theory about how student affairs organizations can function as virtual-networked organizations. It describes stages an organization may progress through, from having a basic online presence like a website or social media accounts, to those accounts facilitating engagement, conversations and knowledge sharing among members, and ultimately the online community becoming self-sustaining and influencing real-world changes for the organization. The peak stage is reached when what happens online becomes integral to the overall organization and its traditional operations.
The Kaweah River runs 32 miles from the Sierra Nevada mountains through Sequoia National Forest before joining with its forks and flowing into Lake Kaweah in the Central Valley. The rivers were formed over millions of years as snowmelt from the Sierra Nevada mountains eroded paths in the rock. Rock formations like granite and rhyolite can be seen along with plant life including cocklebur, morning glory, and invasive species.
This study investigated the effects of cypermethrin (CY) on hematological parameters in male and female rabbits. Rabbits received intraperitoneal injections of low, medium, or high doses of CY or a control injection of mustard oil on several occasions. Blood samples were collected before and after each injection to analyze red blood cell count, hemoglobin concentration, and other hematological indices. The results showed that male rabbits treated with CY, especially at higher doses, experienced a significant decrease in red blood cell count, hemoglobin concentration, and other parameters, indicating the development of macrocytic hypochromic anemia. However, female rabbits did not show a significant decrease in these hematological parameters at any of the CY dose levels.
Primero td mining presentation january 25, 2012 printprimero_mining
- The company is a long-life, high-grade gold and silver producer focused on doubling production through optimization and expansion of its San Dimas mine in Mexico.
- It has a solid production platform and management team with the objective of becoming an intermediate gold producer of around 400,000 ounces annually.
- The company has a strong cash balance of over $100 million which provides funding for growth through mine expansion and potential acquisitions to diversify its asset base.
Cartel detection and collusion screening: an empirical analysis of the London...Dr Danilo Samà
Cartel detection and collusion screening: an empirical analysis of the London Metal Exchange
Author:
Dr Danilo Samà (LUISS “Guido Carli” University, Law & Economics LAB)
Abstract:
In order to fight collusive behaviors, the best scenario for competition authorities would be the possibility to analyze detailed information on firms’ costs and prices, being the price-cost margin a robust indicator of market power. However, information on firms’ costs is rarely available. In this context, a fascinating technique to detect data manipulation and rigged prices is offered by an odd phenomenon called Benford’s law, otherwise known as First-digit law, which has been successfully employed to discover the “Libor scandal” much time before the opening of the cartel settlement procedure. Thus, the main objective of the present paper is to apply a such useful instrument to track the price of the aluminium traded on the London Metal Exchange, following the allegations according to which there would be an aluminium cartel behind. As a result, quick tests such as Benford’s law can only be helpful to inspect markets where price patterns show signs of collusion. Given the budget constraints to which antitrust watchdogs are commonly subject to, a such price screen could be set up, just exploiting the data available, as warning system to identify cases that require further investigations.
Keywords:
Benford’s law, cartel detection, collusion screening, competition authorities, data manipulation, monopolization, oligopolistic markets, price fixing, variance screen
JEL classification:
C10; D40; L13; L41
Year:
2014
Pages:
1-18
Citation:
Samà, Danilo (2014), Cartel detection and collusion screening: an empirical analysis of the London Metal Exchange, Law & Economics LAB, LUISS “Guido Carli” University, Rome, Italy, pp. 1-18.
Aspirin is an effective anti-platelet medication for indications such as pain, fever, and inflammation. The minimum effective daily dose is 75 mg, and a second loading dose has been shown to be effective for acute myocardial infarction. Factors like ranitidine and enteric coatings can affect the efficacy of aspirin's anti-platelet effects. Contraindications to aspirin include asthma, gastrointestinal bleeding, and allergies.
This document discusses supporting online teacher collaboration through digital portfolios called Teacher Folios. It recommends that teachers collect resources in a shared online space like Wikispaces to build a community of practice. The document introduces Content Representation as a framework and concludes by thanking the audience for their time.
The document describes the forms and conventions used in a media product. It features an iconic bold title, a color scheme used throughout, images of artists/bands, and text relating to the color scheme. Page numbers and section titles are also included in a conventional layout.
This document outlines a theory about how student affairs organizations can function as virtual-networked organizations. It describes stages an organization may progress through, from having a basic online presence like a website or social media accounts, to those accounts facilitating engagement, conversations and knowledge sharing among members, and ultimately the online community becoming self-sustaining and influencing real-world changes for the organization. The peak stage is reached when what happens online becomes integral to the overall organization and its traditional operations.
The Kaweah River runs 32 miles from the Sierra Nevada mountains through Sequoia National Forest before joining with its forks and flowing into Lake Kaweah in the Central Valley. The rivers were formed over millions of years as snowmelt from the Sierra Nevada mountains eroded paths in the rock. Rock formations like granite and rhyolite can be seen along with plant life including cocklebur, morning glory, and invasive species.
This study investigated the effects of cypermethrin (CY) on hematological parameters in male and female rabbits. Rabbits received intraperitoneal injections of low, medium, or high doses of CY or a control injection of mustard oil on several occasions. Blood samples were collected before and after each injection to analyze red blood cell count, hemoglobin concentration, and other hematological indices. The results showed that male rabbits treated with CY, especially at higher doses, experienced a significant decrease in red blood cell count, hemoglobin concentration, and other parameters, indicating the development of macrocytic hypochromic anemia. However, female rabbits did not show a significant decrease in these hematological parameters at any of the CY dose levels.
Primero td mining presentation january 25, 2012 printprimero_mining
- The company is a long-life, high-grade gold and silver producer focused on doubling production through optimization and expansion of its San Dimas mine in Mexico.
- It has a solid production platform and management team with the objective of becoming an intermediate gold producer of around 400,000 ounces annually.
- The company has a strong cash balance of over $100 million which provides funding for growth through mine expansion and potential acquisitions to diversify its asset base.
KPMG in Belgium - Ifrs Training Program 2012PTAQUIN
The document summarizes KPMG in Belgium's IFRS training offerings. IFRS standards are continuously evolving, making it crucial for organizations to stay up-to-date. KPMG's IFRS Institute offers a comprehensive training program, including IFRS Basics sessions to help understand the impact of conversion, Advanced IFRS Modules on specific complex topics, and tailored industry-specific seminars. Their goal is to guide clients through the complexity of financial reporting under changing IFRS standards.
Here are 10 negative sentences using simple past tense about things I didn't do last week:
1. I didn't go to the movies last week.
2. I didn't visit any museums.
3. I didn't go shopping.
4. I didn't play any sports.
5. I didn't cook any meals.
6. I didn't do any gardening.
7. I didn't go camping.
8. I didn't read any books.
9. I didn't clean my room.
10. I didn't go to the park.
Este documento discute las diferencias sexuales en la especialización hemisférica del cerebro. Presenta evidencia de que los hombres tienden a tener una especialización hemisférica más pronunciada que las mujeres, lo que les da ventajas en tareas visoespaciales y matemáticas. Las mujeres tienden a usar ambos hemisferios de forma más balanceada, lo que les da ventajas en habilidades verbales y de memoria. Sin embargo, estas diferencias no significan que un sexo sea superior, sino que procesan la información de manera diferente.
El documento proporciona especificaciones técnicas para un servidor Dell PowerEdge T320 con procesador Intel Xeon E5-2403 v2, 4GB de RAM, disco duro de 500GB y unidad DVD-ROM, y detalla el software instalado incluyendo Windows Server 2012 R2, SQL Server 2014, Office 2016, antivirus AVG y Visual Studio 2015. También enumera el software para una PC con Office 2016 y antivirus Panda Gold Protection.
This document summarizes the winners of the TLMI 2015 Awards Competition. It lists the judges and the first place winners in different printing classes, including Digital, Wine & Spirits Flexography/Letterpress, Flexography/Letterpress, Multi-Process, Wine & Spirits Offset, and Other. Collotype Labels and McDowell Label & Screen Printing received multiple first place wins. The document also lists second place winners across different categories. WS Packaging Group won Best of Show for their Meguiar's Paint Protect label.
- The document discusses a site visit by CIBC to the Black Fox gold mine site operated by Primero Mining Corporation.
- The Black Fox mine has mineral reserves of 660,800 ounces of gold and measured and indicated resources totaling 822,542 ounces of gold as of December 31, 2013.
- Primero aims to increase underground throughput at Black Fox through increased drilling, development, and equipment additions to improve productivity.
The document provides steps for requesting an article through an interlibrary loan (ILL) system, starting with doing a search and clicking on the Linksource link, then clicking the ILL link to request the article, and finally logging into the system.
El resumen trata sobre la historia de un niño llamado Blai que se siente triste porque sus padres están ocupados y no pueden jugar con él. Cuando su madre lo acuesta, Blai le pide que le lea un cuento pero ella no puede porque tiene mucho trabajo. Antes de irse, Blai le pide a su madre que le diga que lo ama. La madre se da cuenta que ha descuidado a Blai y le dice cuanto lo ama de diferentes maneras divertidas. Finalmente, la madre acaricia a Blai y él se duerme feliz.
Building a Simple, Responsive Website with ExpressionEngineOttergoose
This document summarizes how to build a simple, responsive website with ExpressionEngine by discussing templates, channels, building a blog with RSS feeds, managing pages, and including tweets. It provides an overview of the TwinCities-EE project to build a website for an ExpressionEngine user group, including designing channels and templates for blogs, categories, tags, and entries as well as generating RSS and iCalendar feeds. It also discusses using add-ons for page management, metadata, and including twitter feeds.
This document provides an overview of an analytical chemistry course focused on forensic science techniques. It discusses prerequisites for the course, including general and organic chemistry. It also explains that while some repetition may occur with analytical chemistry, forensic chemical analysis and case studies will provide new material. The document outlines the laboratory components and expectations for concise laboratory reports structured similarly to those used in court. It introduces some key concepts in forensic science, such as goals of analysis, comparing samples, and the interaction between science and law.
The document describes the jobs and responsibilities of Debbie Marques, Maria Younes, and Milka Erko on a film production. Debbie is the director who oversees the overall look and feel of the film. Maria assists the director and helps manage the team and filming schedule. Milka is responsible for the visuals and lighting to ensure the audience feels the intended emotions. They each commit to working hard, respecting others, listening to instructions, and being helpful team members.
Conceptualizing Power Relations in Inquiry-Oriented ClassroomsDermot Donnelly
This document summarizes a study on power relations in inquiry-based science classrooms. It discusses the background of the study, difficulties with open inquiry approaches, and the centrality of power in pedagogy. It then describes direct and indirect techniques teachers use to enact power in the classroom, including surveillance, regulation, distribution, normalization, partisanship, persuasive discourse, and ownership of ideas. The document concludes by discussing implications for balancing understanding with task completion and allowing perplexity in science education.
John Fiske is a media scholar who examines how cultural meaning is created in American society and how debates over issues like race are portrayed in different media. He discusses the concept of excorporation, which is the process by which mass cultural products are changed or remade into a culture of one's own. Specifically, Fiske states that excorporation is "the process by which the secondary make their own culture out of the resources and commodities provided by the dominant system." He believes this idea is central to studying popular culture and provides examples of how the cultural meaning of blue jeans has changed over decades as an illustration.
Ways my media product uses develop and challanges media conventionsentwistlesophie8064
My media product fits conventions of real magazines in several ways. The front cover includes a skyline, date, slogan, and barcode placement consistent with magazines. The contents page follows the magazine's house style and features an image related to an article. The double page spread lays out text in columns around a model, with a large bold title above the text, mirroring other magazine interviews. The language used relates to the target audience.
The document discusses various technologies used to create a music magazine, including Photoshop, SlideShare, a DSLR camera, Microsoft PowerPoint, Microsoft Word, and the Internet. Photoshop allowed the creator to add lighting effects and overlay images. SlideShare was used to upload PowerPoints to the blog in a readable format. A DSLR camera captured higher quality RAW images that could be extensively edited. Microsoft Word and PowerPoint helped draft and structure the text and presentations. Research was conducted using the Internet, which also hosted the blog. Overall, these technologies helped the creator produce a professional magazine for the intended audience.
KPMG in Belgium - Ifrs Training Program 2012PTAQUIN
The document summarizes KPMG in Belgium's IFRS training offerings. IFRS standards are continuously evolving, making it crucial for organizations to stay up-to-date. KPMG's IFRS Institute offers a comprehensive training program, including IFRS Basics sessions to help understand the impact of conversion, Advanced IFRS Modules on specific complex topics, and tailored industry-specific seminars. Their goal is to guide clients through the complexity of financial reporting under changing IFRS standards.
Here are 10 negative sentences using simple past tense about things I didn't do last week:
1. I didn't go to the movies last week.
2. I didn't visit any museums.
3. I didn't go shopping.
4. I didn't play any sports.
5. I didn't cook any meals.
6. I didn't do any gardening.
7. I didn't go camping.
8. I didn't read any books.
9. I didn't clean my room.
10. I didn't go to the park.
Este documento discute las diferencias sexuales en la especialización hemisférica del cerebro. Presenta evidencia de que los hombres tienden a tener una especialización hemisférica más pronunciada que las mujeres, lo que les da ventajas en tareas visoespaciales y matemáticas. Las mujeres tienden a usar ambos hemisferios de forma más balanceada, lo que les da ventajas en habilidades verbales y de memoria. Sin embargo, estas diferencias no significan que un sexo sea superior, sino que procesan la información de manera diferente.
El documento proporciona especificaciones técnicas para un servidor Dell PowerEdge T320 con procesador Intel Xeon E5-2403 v2, 4GB de RAM, disco duro de 500GB y unidad DVD-ROM, y detalla el software instalado incluyendo Windows Server 2012 R2, SQL Server 2014, Office 2016, antivirus AVG y Visual Studio 2015. También enumera el software para una PC con Office 2016 y antivirus Panda Gold Protection.
This document summarizes the winners of the TLMI 2015 Awards Competition. It lists the judges and the first place winners in different printing classes, including Digital, Wine & Spirits Flexography/Letterpress, Flexography/Letterpress, Multi-Process, Wine & Spirits Offset, and Other. Collotype Labels and McDowell Label & Screen Printing received multiple first place wins. The document also lists second place winners across different categories. WS Packaging Group won Best of Show for their Meguiar's Paint Protect label.
- The document discusses a site visit by CIBC to the Black Fox gold mine site operated by Primero Mining Corporation.
- The Black Fox mine has mineral reserves of 660,800 ounces of gold and measured and indicated resources totaling 822,542 ounces of gold as of December 31, 2013.
- Primero aims to increase underground throughput at Black Fox through increased drilling, development, and equipment additions to improve productivity.
The document provides steps for requesting an article through an interlibrary loan (ILL) system, starting with doing a search and clicking on the Linksource link, then clicking the ILL link to request the article, and finally logging into the system.
El resumen trata sobre la historia de un niño llamado Blai que se siente triste porque sus padres están ocupados y no pueden jugar con él. Cuando su madre lo acuesta, Blai le pide que le lea un cuento pero ella no puede porque tiene mucho trabajo. Antes de irse, Blai le pide a su madre que le diga que lo ama. La madre se da cuenta que ha descuidado a Blai y le dice cuanto lo ama de diferentes maneras divertidas. Finalmente, la madre acaricia a Blai y él se duerme feliz.
Building a Simple, Responsive Website with ExpressionEngineOttergoose
This document summarizes how to build a simple, responsive website with ExpressionEngine by discussing templates, channels, building a blog with RSS feeds, managing pages, and including tweets. It provides an overview of the TwinCities-EE project to build a website for an ExpressionEngine user group, including designing channels and templates for blogs, categories, tags, and entries as well as generating RSS and iCalendar feeds. It also discusses using add-ons for page management, metadata, and including twitter feeds.
This document provides an overview of an analytical chemistry course focused on forensic science techniques. It discusses prerequisites for the course, including general and organic chemistry. It also explains that while some repetition may occur with analytical chemistry, forensic chemical analysis and case studies will provide new material. The document outlines the laboratory components and expectations for concise laboratory reports structured similarly to those used in court. It introduces some key concepts in forensic science, such as goals of analysis, comparing samples, and the interaction between science and law.
The document describes the jobs and responsibilities of Debbie Marques, Maria Younes, and Milka Erko on a film production. Debbie is the director who oversees the overall look and feel of the film. Maria assists the director and helps manage the team and filming schedule. Milka is responsible for the visuals and lighting to ensure the audience feels the intended emotions. They each commit to working hard, respecting others, listening to instructions, and being helpful team members.
Conceptualizing Power Relations in Inquiry-Oriented ClassroomsDermot Donnelly
This document summarizes a study on power relations in inquiry-based science classrooms. It discusses the background of the study, difficulties with open inquiry approaches, and the centrality of power in pedagogy. It then describes direct and indirect techniques teachers use to enact power in the classroom, including surveillance, regulation, distribution, normalization, partisanship, persuasive discourse, and ownership of ideas. The document concludes by discussing implications for balancing understanding with task completion and allowing perplexity in science education.
John Fiske is a media scholar who examines how cultural meaning is created in American society and how debates over issues like race are portrayed in different media. He discusses the concept of excorporation, which is the process by which mass cultural products are changed or remade into a culture of one's own. Specifically, Fiske states that excorporation is "the process by which the secondary make their own culture out of the resources and commodities provided by the dominant system." He believes this idea is central to studying popular culture and provides examples of how the cultural meaning of blue jeans has changed over decades as an illustration.
Ways my media product uses develop and challanges media conventionsentwistlesophie8064
My media product fits conventions of real magazines in several ways. The front cover includes a skyline, date, slogan, and barcode placement consistent with magazines. The contents page follows the magazine's house style and features an image related to an article. The double page spread lays out text in columns around a model, with a large bold title above the text, mirroring other magazine interviews. The language used relates to the target audience.
The document discusses various technologies used to create a music magazine, including Photoshop, SlideShare, a DSLR camera, Microsoft PowerPoint, Microsoft Word, and the Internet. Photoshop allowed the creator to add lighting effects and overlay images. SlideShare was used to upload PowerPoints to the blog in a readable format. A DSLR camera captured higher quality RAW images that could be extensively edited. Microsoft Word and PowerPoint helped draft and structure the text and presentations. Research was conducted using the Internet, which also hosted the blog. Overall, these technologies helped the creator produce a professional magazine for the intended audience.
The document discusses the style and look the author wants their music magazine to have. They want it to have a similar entertaining style to NME magazine with full covers of images and information like NME. They also want the simple look of Rolling Stone magazine but include more information like AP magazine. The magazine will have the same masthead every week to become iconic but not appear cluttered like Kerrang magazine sometimes does.
The author reflects on improvements made from their preliminary task to the full product. For the full product, the author used Photoshop tools to create a more professional magazine with conventional elements. Planning and research was improved by learning the target audience's interests through a questionnaire, allowing the magazine to better address and relate to readers.
The document outlines a contents page plan for a music magazine. It will include sections for news, reviews, features articles on various artists, and a listings section advertising upcoming concerts and events. A brief readers' letters page is also included.
The document outlines a contents page plan for a music magazine. It will include sections for news, reviews, features articles on various artists, and a listings section advertising upcoming concerts and events. A brief editors letter will open the magazine along with contact information for feedback or questions from readers.
This document outlines a front cover plan for a music magazine. It will feature an exclusive interview with an up-and-coming pop star discussing their new album and plans for an upcoming tour. In addition, the cover will highlight reviews of the top 5 albums released last month and provide a sneak peek at some of the featured articles inside the issue.
The document evaluates design choices made for a school magazine, including:
- Choosing a front cover image with better lightness/contrast and less visibility of a background person.
- Selecting a top image for the contents page to avoid brightness and clarify the subject.
- Flipping the top contents image so the student faces the text.
- Formatting choices for the masthead, feature images and articles on the front page and contents page for visibility, interest and clarity.
The document introduces some basic tools in Photoshop including selection tools like the lasso, marquee, and magic wand tools for selecting parts of images. It also describes tools for editing images such as the paint bucket, eraser, and gradient tools as well as tools for adjusting properties like the blur and burn tools. Finally, it mentions layers which allow stacking of multiple images and selection of the active layer to edit.
The document provides an overview of the basic tools in Photoshop including selection tools like the lasso and magic wand, editing tools like the paint bucket and eraser, and navigation tools like zoom and pan. It explains functions for each tool such as selecting, editing, and moving layers and images. Common tools covered are the crop, slice, paint, gradient, and text tools as well as adjusting colors and layers.
The document deconstructs the key elements of a magazine cover focused on reviewing the Reading and Leeds music festival. It discusses the bright colors and tagline used on the cover that would attract buyers' attention and relate to the festival. The masthead and headline are in red to stand out and tie into the festival's colors. The feature image of The Libertines band would interest readers who attended the festival or enjoy similar music.
The document evaluates magazine page layout choices. For the front cover, an image was chosen that had better lightness and contrast and where a background woman was less visible. The top image was chosen for the contents page as the bottom image was too bright. The top image was also chosen for the bottom of the contents page and was flipped to better fit the text. The front page layout includes a masthead in Arial font under a clipping mask to draw attention, a feature image showing content, and a headline using warp text to create an arch effect.