Dynamic Collusion, Vertical Competition, and Systematic Risk

The authors gratefully acknowledge Lukas Schmid (the department editor), the associate editor, and two anonymous referees for constructive and insightful comments and suggestions that have significantly improved the paper. The authors also appreciate the helpful comments and suggestions from Ran Zhang (China International Conference in Finance (CICF) discussant), and conference and seminar participants at the 2018 National Taiwan University Management Review Conference and the 2018 CICF, the 2025 National Yang Ming Chiao Tung University International Finance Conference, and National Taiwan University. The authors thank Yan Ji for the assistance in model development. The authors also thank Rongfei Wang for excellent research assistance. All remaining errors are the authors’.