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Figure 1. Semi-Annual Average Duration of The EC's Detected Cartels Notes: The figure plots the semi-annual average log-transformed durations of 126 cartels decided by the EC, the Court of First Instance (CFI) and the European Court of Justice (ECJ) between December 18, 1985 to December 7, 2011 and dissolved within each six-month period from June 6, 1989 to October 17, 2007. The vertical bar marks the introduction of the new leniency program on February 19, 2002. 10 15 20 Years elapsed from cartel initiation Table 5. Robustness Checks (Suspected duration; DOJ's influence; anticipation effect; time-varying duration elasticities)
Log(DURATION-2) Log(DURATION) Specification (4) (5) (6)
EU Sample-2a EU Sample-3b EU Sample
(7) Pre-Leniency EU Sample
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