LENIENCY AND COOPERATION PROGRAMS IN BRAZIL: AN EMPIRICAL ANALYSIS FROM 1994 TO 2014

ABSTRACT Leniency and cooperation programs are considered important instruments to assist in the effectiveness of the antitrust policy and they are designed to attend the following purposes: in the short run to facilitate detection of cartels and in the long run to destabilize existing cartels and deter the appearance of new ones. This study aims to analyze empirically whether the Brazilian leniency program has been achieving these goals. To this end, it tests the hypotheses developed by Brenner (2009) to assess the effectiveness of the EU leniency program.