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"European IPO fees do not cluster."

I'm sorry, but this is obviously not true; there are clusters on exactly 3, 4, 5, and (faintly) 6 percent in the European market. And given that forcing to arbitrary whole numbers _happens_, it suddenly seems very possible that in a (larger) market like the US the forcing acts even stronger.

In other words, we need _evidence of collusion_ to determine for sure if there is a cartel, not just evidence that it is the same.

That said, however, the difference between actual collusion and accidental collusion isn't that thin.



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