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Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.

The early-stage venture capital (VC) industry has long been dominated by small firms comprising senior venture capitalists and few junior staff. However, during the late 1990s, a group of firms changed their internal structures, adopting pyramidal structures and redesigning internal processes to leverage the efforts of junior staff. In doing so, they followed first-movers in other professional services industries that transitioned to pyramidal models in the 20th century. Has the recent industry downturn terminated the transition, or simply delayed it? This chapter analyzes the events that led the VC firms to transition, the barriers to doing so, and related issues affecting the industry's future.

This chapter investigates the relevance and necessity of leadership and authentic leadership roles in organisational change in the modern VUCA world. He argues that authentic leaders need to learn to adapt to the increasingly VUCA environment, asking: Can they? Do they? If so, how? Authentic leaders need to evaluate not just the metrics behind success or failure but also their leadership traits and behaviour during organisational change to determine whether adjustments may be warranted. Taran provides an inspiration list of categories for leadership and authentic leadership self-refection. He calls for in-depth case studies of authentic leadership in response to VUCA circumstances that could be largely descriptive producing a body of data against which new theories can be tested and refined.

The authors construct an intertemporal model of rent-maximizing behavior on the part of a timber harvester under potentially multidimensional risk as well as geographical heterogeneity. Subsequently, the authors use recursive methods (specifically, the method of stochastic dynamic programing) to characterize the optimal policy function – the rent-maximizing timber-harvesting profile. One noteworthy feature of their application to forestry in the province of British Columbia, Canada is the unique and detailed information the authors have organized in the form of a dynamic geographic information system to account for site-specific cost heterogeneity in harvesting and transportation, as well as uneven-aged stand dynamics in timber growth and yield across space and time in the presence of stochastic lumber prices. Their framework is a powerful tool with which to conduct policy analysis at scale.

The role of management control has not received sufficient attention in the literature on value creation so far. Therefore, this paper aims to investigate the role of control in value creation in industrial networks. More specifically, the aim is to examine the management and control of interfaces between key resources within and between firms, in the networks surrounding firms, when they attempt to create value. All the firms that take part in a value-creation process have both formal and informal control systems: these firms have budgets, specific routines, reward systems, and sanctioned “ways to behave.” The paper relates the Industrial Marketing and Purchasing (IMP) group's research on interaction, relationships, and networks with control literature, and presents a framework for controlling resource interfaces in a network setting. Two in-depth cases illustrate the role of control in value creation. The first case covers the development of a low-weight newspaper grade that Holmen and its paper mill Hallsta initiated. The second case examines the attempt to develop and commercialize a new, energy efficient pulping technology.