Silviase/jgov_v1.4_full_ann huggingface dataset:
Table 2: Summary Statistics

Average	Standard Derivation	Min	Max	Coefficient of Variation
A Independent variable
Value of shipments	207.550	418.702	0.516	4031.161	2.017
Value of shipments per establishment	0.301	1.336	0.003	10.822	4.433
Wages per employee	4.310	1.388	1.797	9.250	0.322
Wages per establishment	263.515	1029.711	8.074	11292.920	3.908
Inventory per establishment	263.726	539.486	2.562	5061.735	2.046
Growth rate of value of shipments per establishment	-2.667	13.818	-57.894	79.458
Growth rate fluctuations	10.589	7.228	1.432	35.859	0.683
Machinery/equipment acquisition value per establishment	227.073	704.976	0.167	7499.059	3.105
Machinery/equipment acquisition value per employee	1.123	1.263	0.003	7.063	1.125
HHI	1153.254	952.888	49.600	5162.747	0.826
CR3	40.448	19.369	8.478	85.844	0.479
Capacity utilization ratio	0.845	0.119	0.240	1.000	0.141
Tangible fixed assets ratio	0.357	0.210	0.120	1.753	0.587
Cash wages ratio	0.0000178	0.0000067	0.0000020	0.0000394	0.376
Machinery / equipment ratio	0.031	0.033	0.000	0.271	1.062
Product inventory ratio	0.057	0.038	0.003	0.234	0.669

B Independent variable	Mean	Standard Derivation	MIN	MAX	Total
Binomial variable (No cartel exists = 0, Cartel exists = 1)	0.168	0.375	0	1	22
Ordinal variable (No cartel exists = 0, Cartel exists = 1, Multiple cartels = 2)	0.229	0.549	0	2	30
Number of cartels	0.267	0.721	0	5	35

Table 3: Correlation Coefficients between Independent Variables

1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16
1 Value of shipments	1.000
2 value of shipments per establishment	0.128	1.000
3 wages per worker	0.222	0.504	1.000
4 wages per establishment	0.087	0.819	0.442	1.000
5 inventory per establishment	0.131	0.934	0.566	0.903	1.000
6 growth rate of value of shipments per establishment	0.122	0.091	0.098	0.003	0.042	1.000
7 growth rate fluctuations	0.008	0.364	0.462	0.319	0.334	0.295	1.000
8 value of machinery/equipment per establishment	0.116	0.814	0.489	0.974	0.916	0.026	0.289	1.000
9 value of machinery and equipment per worker	0.153	0.478	0.655	0.395	0.577	0.130	0.173	0.561	1.000
10 HHI	0.014	0.184	0.501	0.227	0.249	0.115	0.530	0.242	0.325	1.000
11 CR3	0.027	0.238	0.535	0.256	0.315	0.140	0.538	0.284	0.389	0.937	1.000
12 capital utilization rate	0.117	-0.047	0.003	0.067	0.030	-0.023	-0.224	0.084	0.090	-0.142	-0.152	1.000
13 tangible fixed assets ratio	-0.113	0.137	0.247	0.223	0.200	-0.140	-0.025	0.334	0.518	0.158	0.211	-0.135	1.000
14 wages ratio	-0.245	-0.308	-0.523	-0.224	-0.375	-0.259	-0.220	-0.267	-0.521	-0.212	-0.244	-0.208	0.167	1.000
15 Machinery and equipment ratio	0.010	0.040	0.279	0.110	0.109	0.101	-0.069	0.263	0.626	0.177	0.218	0.061	0.776	0.028	1.000
16 inventory ratio	-0.234	-0.118	-0.347	-0.095	-0.033	-0.311	-0.287	-0.102	-0.149	-0.094	-0.069	-0.044	0.166	0.340	-0.053	1.000
Table 4: BLM Estimation

(1)	(2)	(3)	(4)	(5)	(6)
Value of shipments	0.00208**	0.00202**	0.00194**	0.00184**	0.00195**	0.00187**
(2.43)	(2.42)	(2.12)	(2.05)	(2.11)	(2.09)
Value of shipments per establishment	-0.222	-0.353	0.146	-0.0458	0.370	0.258
(-0.27)	(-0.27)	(0.21)	(-0.03)	(0.56)	(0.38)
Wages per employee	1.288***	1.327***	1.369***	1.407***	1.641***	1.666***
(2.72)	(2.78)	(3.21)	(3.26)	(2.63)	(2.68)
Wages per establishment	-0.0146**	-0.0146**	-0.0149**	-0.0147**	-0.0143**	-0.0142**
(-2.36)	(-2.44)	(-2.48)	(-2.57)	(-2.31)	(-2.37)
Inventory per establishment	0.00627**	0.00651**	0.00563**	0.00588**	0.00477*	0.00514*
(2.38)	(2.43)	(2.12)	(2.16)	(1.66)	(1.72)
Value of shipments growth rate per establishment	-0.0502**	-0.0505**	-0.0684***	-0.0672**	-0.0690**	-0.0676**
(-2.19)	(-2.07)	(-2.70)	(-2.49)	(-2.36)	(-2.26)
Growth rate fluctuations	-0.128**	-0.122**	-0.136**	-0.129**	-0.150**	-0.141**
(-2.18)	(-2.12)	(-2.44)	(-2.36)	(-2.33)	(-2.21)
Machinery/equipment acquisition value per establishment	0.00874*	0.00905*	0.00906**	0.00927**	0.00789*	0.00807*
(1.84)	(1.91)	(2.00)	(2.06)	(1.80)	(1.87)
Machinery/equipment acquisition value per employee	-1.838**	-1.889**	-1.922**	-1.956**	-1.409**	-1.492**
(-2.19)	(-2.27)	(-2.38)	(-2.45)	(-2.09)	(-2.24)
HHI	-0.000415	-0.000297	-0.000297	-0.000447	-0.000447	-0.000447
(-0.96)	(-0.58)	(-0.58)	(-0.87)	(-0.87)	(-0.87)
CR3	-0.0250	-0.0221	-0.0221	-0.0272	-0.0272
(-1.35)	(-0.99)	(-0.99)	(-1.18)	(-1.18)
Capacity utilization ratio	4.874	4.800	5.689*	5.721*
(1.57)	(1.57)	(1.83)	(1.89)
Tangible fixed assets ratio	-1.649	-1.397
(-0.61)	(-0.52)
Cash wages ratio	80496.7	78610.7
(1.08)	(1.08)
Machinery / equipment ratio	-0.306	0.150
(-0.03)	(0.01)
Product inventory ratio	6.142	5.929
(0.74)	(0.73)

Constant	-4.997*** (-3.35)	-4.723*** (-3.13)	-9.472*** (-2.92)	-9.136*** (-2.85)	-12.66*** (-3.13)	-12.36*** (-3.08)
Samples	131	131	131	131	131	131
Pseudo R²	0.223	0.229	0.242	0.247	0.256	0.262
Pseudo log likelihood	-46.07	-45.73	-44.97	-44.64	-44.09	-43.76
x	20.59**	20.95**	27.86***	28.87***	29.40***	29.83**
Wald test statistic
When H0 is (1) and HA is (3) or (5)	2.48	6.29
When H0 is (2) and HA is (4) or (6)	2.48	6.78

Note) The dependent variable is a binomial variable that applies 1 for cartels and 0 for no cartels. The value within the parentheses in the r value and *, **, and *** indicate 10%, 5%, and 1% respectively, all of which are statistically significant. The tangible fixed asset ratio, cash earnings ratio, machinery/equipment ratio, and product inventory ratio are respectively tangible fixed assets, cash earnings, machinery/equipment acquisition value, and product inventory value divided by the value of shipments. $ H_{0} $ represents the regression hypothesis and $ H_{A} $ is the alternate hypothesis. The Wald test statistic in rows (3) and (5) represents the Wald test statistic when (1) is the regression hypothesis and (3) and (5) are the alternate hypotheses. Similarly, the Wald test statistic in rows (4) and (6) represents the Wald test statistic when (2) is the regression hypothesis and (4) and (6) are the alternate hypotheses.
(1)	(2)	(3)	(4)	(5)	(6)
Value of shipments	0.000794***
(3.24)	0.000782***
(3.34)	0.000712***
(3.19)	0.000706***
(3.36)	0.000834***
(3.51)	0.000836***
(3.53)
Value of shipments per establishment	-0.474
(-0.73)	-0.635
(-0.62)	-0.134
(-0.23)	-0.335
(-0.41)	-0.0472
(-0.07)	-0.166
(-0.26)
Wages per employee	1.177***
(2.71)	1.247***
(2.81)	1.241***
(3.26)	1.306***
(3.30)	1.531***
(2.67)	1.590***
(2.73)
Wages per establishment	-0.0102**
(-2.07)	-0.0106**
(-2.18)	-0.0105**
(-2.22)	-0.0106**
(-2.35)	-0.0100**
(-2.04)	-0.0103**
(-2.12)
Inventory per establishment	0.00569**
(2.24)	0.00614**
(2.38)	0.00515**
(1.97)	0.00560**
(2.12)	0.00493
(1.58)	0.00545*
(1.73)
Growth rate of value of shipments per establishment	-0.0449**
(-2.14)	-0.0451*
(-1.96)	-0.0594***
(-2.70)	-0.0582**
(-2.42)	-0.0633**
(-2.55)	-0.0624**
(-2.40)
Growth rate fluctuations	-0.134**
(-2.24)	-0.126**
(-2.13)	-0.142**
(-2.57)	-0.133**
(-2.43)	-0.158**
(-2.49)	-0.146**
(-2.30)
Machinery/equipment acquisition value per establishment	0.00555
(1.39)	0.00610
(1.50)	0.00576
(1.54)	0.00621
(1.63)	0.00449
(1.21)	0.00497
(1.32)
Machinery/equipment acquisition value per employee	-1.334*
(-1.86)	-1.423*
(-1.93)	-1.409**
(-2.09)	-1.481**
(-2.14)	-0.889
(-1.53)	-1.039*
(-1.72)
HHI	-0.000589
(-1.21)	-0.000466
(-0.82)	-0.000664
(-1.22)
CR3	-0.0360*
(-1.67)	-0.0330
(-1.33)	-0.0400
(-1.57)
Capacity utilization ratio	4.228
(1.42)	4.119
(1.40)	4.977*
(1.68)	4.988*
(1.72)
Tangible fixed assets ratio	-1.637
(-0.67)	-1.337
(-0.55)
Cash wages ratio	98217.7
(1.32)	92930.4
(1.29)
Machinery/equipment ratio	0.0106
(0.00)	1.190
(0.10)
Product inventory ratio	4.700
(0.59)	4.873
(0.63)
cut1
Constant	3.875***
(3.28)	4.233***
(3.54)	4.475***
(3.62)	4.119***
(3.27)	8.339***
(2.80)	7.888***
(2.65)
cut2
Constant	5.196***
(4.56)	5.574***
(4.80)	5.798***
(4.82)	5.467***
(4.46)	9.675***
(3.18)	9.247***
(3.06)
Samples	131	131	131	131	131	131
Pseudo R²	0.161	0.171	0.173	0.183	0.190	0.199
Pseudo log likelihood	-61.82	-61.11	-60.93	-60.25	-59.72	-59.01
χ²	43.38***
(3)	43.83***
(3)	59.21***
(3)	59.66***
(3)	62.38***
(3)	61.59***
(3)
Wald test statistic
When H0 is (1) and H1 is (3) or (5)	2.00	6.96
When H0 is (2) and H1 is (4) or (6)	1.96	7.84
Note) The dependent variable is an ordinal variable that applies 0 for no cartels, 1 for cartels, and 2 for two or more cartels. The value within the parentheses in the r value and *, **, and *** indicate 10%, 5%, and 1% respectively, all of which are statistically significant. The tangible fixed asset ratio, cash earnings ratio, machinery/equipment ratio, and product inventory ratio are respectively tangible fixed assets, cash earnings, machinery/equipment* acquisition value, and product inventory value divided by the value of shipments. The cut1 and cut2 constants represent the estimated t and t values for in this supplemental argument of this paper. For the Wald test statistic, refer to the Notes in Table 4.
Table 6: Marginal Effects in OLM

(1) Basic 0	(2) Basic 1	(3) Basic 2	(4) CUR 0	(5) CUR 1	(6) CUR 2	(7) Ratio 0	(8) Ratio 1	(9) Ratio 2
Value of shipments	-0.0000414*	0.0000297*	0.0000117	-0.0000350**	0.0000252*	0.00000972	-0.0000354*	0.0000260*	0.00000945
(-1.82)	(1.79)	(1.55)	(-1.97)	(1.92)	(1.64)	(-1.76)	(1.75)	(1.47)
Value of shipments per establishment	0.0336	-0.0241	-0.00950	0.0166	-0.0120	-0.00462	0.00702	-0.00514	-0.00187
(0.63)	(-0.64)	(-0.60)	(0.41)	(-0.42)	(-0.40)	(0.26)	(-0.26)	(-0.26)
Wages per employee	-0.0660**	0.0473**	0.0187*	-0.0647***	0.0467***	0.0180**	-0.0673***	0.0494**	0.0180*
(-2.52)	(2.42)	(1.92)	(-2.81)	(2.70)	(2.00)	(-2.59)	(2.55)	(1.87)
Wages per establishment	0.000559***	-0.000401**	-0.000158**	0.000527***	-0.000380**	-0.000147**	0.000437***	-0.000321**	-0.000117**
(2.69)	(-2.30)	(-2.56)	(2.75)	(-2.37)	(-2.48)	(2.86)	(-2.51)	(-2.42)
Inventory per establishment	-0.000325**	0.000233*	0.0000918*	-0.000278*	0.000200*	0.0000772*	-0.000231	0.000169	0.0000616
(-2.05)	(1.91)	(1.85)	(-1.89)	(1.78)	(1.72)	(-1.58)	(1.51)	(1.49)
Growth rate of value of shipments	0.00239*	-0.00171*	-0.000675	0.00288*	-0.00208*	-0.000802	0.00264*	-0.00194*	-0.000705
(1.65)	(-1.69)	(-1.35)	(1.74)	(-1.75)	(-1.43)	(1.65)	(-1.66)	(-1.37)
Growth rate fluctuations	0.00667*	-0.00479*	-0.00189	0.00658**	-0.00475*	-0.00183	0.00617*	-0.00453*	-0.00165
(1.76)	(-1.73)	(-1.53)	(1.98)	(-1.92)	(-1.64)	(1.76)	(-1.73)	(-1.52)
Machinery/equipment acquisition value per establishment	-0.000323*	0.000232	0.0000913*	-0.000307*	0.000222	0.0000855*	-0.000210	0.000154	0.0000561
(-1.67)	(1.52)	(1.79)	(-1.76)	(1.60)	(1.85)	(-1.53)	(1.41)	(1.64)
Machinery/equipment value per employee	0.0753*	-0.0540*	-0.0213*	0.0734**	-0.0530*	-0.0204**	0.0440	-0.0323	-0.0117
(1.88)	(-1.70)	(-1.94)	(2.01)	(-1.80)	(-2.04)	(1.48)	(-1.40)	(-1.48)
CR3	0.00191	-0.00137	-0.000539	0.00164	-0.00118	-0.000455	0.00170	-0.00124	-0.000452
(1.50)	(-1.48)	(-1.33)	(1.26)	(-1.26)	(-1.14)	(1.49)	(-1.49)	(-1.29)
Capacity utilization ratio	-0.204	0.147	0.0567	-0.211	0.155	0.0564
(-1.11)	(1.08)	(1.09)	(-1.07)	(1.05)	(1.02)
Tangible fixed assets ratio	0.0566	-0.0415	-0.0151
(0.58)	(-0.57)	(-0.58)
Cash wages ratio	-3935.5	2885.5	1049.9
(-1.52)	(1.47)	(1.42)
Machinery / equipment ratio	-0.0504	0.0370	0.0134
(-0.10)	(0.10)	(0.10)
Product inventory ratio	-0.206	0.151	0.0551
(-0.65)	(0.65)	(0.62)

Note) The columns following the first and second columns indicate the values for each model and its dependent variable. For example, the Basic 0 column includes the marginal value for each variable when the dependent variable is assigned the value 0 in the basic model. The value within the parentheses in the r value and *, **, and *** indicate 10%, 5%, and 1% respectively, all of which are statistically significant. The tangible fixed asset ratio, cash earnings ratio, machinery/equipment ratio, and product inventory ratio are respectively tangible fixed assets, cash earnings, machinery/equipment acquisition value, and product inventory value divided by the value of shipments.
Table 7: NBM Estimate Results

(1)	(2)	(3)	(4)	(5)	(6)
Value of shipments	0.000583**	0.000571**	0.000506*	0.000503*	0.000601*	0.000607*
(2.06)	(2.01)	(1.72)	(1.70)	(1.81)	(1.81)
Value of shipments per establishment	-0.500	-0.608	-0.184	-0.317	-0.0593	-0.140
(-0.35)	(-0.34)	(-0.15)	(-0.21)	(-0.05)	(-0.11)
Wage per employee	0.924***	0.993***	1.030***	1.082***	1.345***	1.374***
(2.90)	(3.01)	(2.89)	(2.99)	(2.95)	(3.02)
Wage per establishment	-0.00695*	-0.00749*	-0.00714*	-0.00746*	-0.00758*	-0.00796*
(-1.65)	(-1.73)	(-1.73)	(-1.79)	(-1.73)	(-1.81)
Inventory per establishment	0.00444**	0.00484**	0.00388**	0.00429**	0.00370	0.00414
(2.24)	(2.35)	(1.97)	(2.10)	(1.50)	(1.64)
Growth rate of value of shipments per establishment	-0.0379	-0.0374	-0.0471*	-0.0456	-0.0534*	-0.0524*
(-1.48)	(-1.40)	(-1.73)	(-1.64)	(-1.81)	(-1.75)
Growth rate fluctuations	-0.106*	-0.0999*	-0.122*	-0.114*	-0.133**	-0.122*
(-1.83)	(-1.72)	(-1.92)	(-1.80)	(-1.98)	(-1.80)
Machinery/equipment acquisition value per establishment	0.00364	0.00424	0.00384	0.00428	0.00330	0.00370
(1.01)	(1.15)	(1.06)	(1.16)	(0.81)	(0.89)
Machinery/equipment acquisition value per employee	-0.920	-1.019	-1.009	-1.080*	-0.616	-0.752
(-1.53)	(-1.64)	(-1.64)	(-1.71)	(-0.87)	(-1.02)
HHI	-0.000534	-0.000432	-0.000576
(-1.22)	(-0.94)	(-1.23)
CR3	-0.0315*	-0.0285	-0.0329*
(-1.73)	(-1.51)	(-1.68)
Capacity utilization ratio	3.498	3.379	4.048	4.034
(1.28)	(1.23)	(1.33)	(1.33)
Tangible fixed assets ratio	-1.600	-1.289
(-0.60)	(-0.49)
Cash wages ratio	88455.8	81936.5
(1.48)	(1.38)
Machinery / equipment ratio	0.105	1.270
(0.01)	(0.10)
Product inventory ratio	4.826	4.794
(0.59)	(0.59)
_cons	-3.786***	-3.508***	-7.078**	-6.674**	-10.37***	-9.929***
(2.42)	(2.15)	(2.54)	(2.40)	(2.82)	(2.70)

_cons	-3.786***	-3.508***	-7.078**	-6.674**	-10.37***	-9.929***
(-3.42)	(-3.15)	(-2.54)	(-2.40)	(-2.82)	(-2.70)
lndelta
_cons	-0.406	-0.454	-0.414	-0.459	-0.499	-0.538
(-0.65)	(-0.73)	(-0.66)	(-0.73)	(-0.77)	(-0.83)
Samples	131	131	131	131	131	131
Pseudo R²	0.140	0.150	0.152	0.161	0.169	0.178
Pseudo log likelihood	-70.83	-70.06	-69.90	-69.18	-68.44	-67.78
x	23.15**	24.71***	25.03***	26.46***	27.94**	29.27**
Overdispersion Test	8.06***	8.24***	7.38***	7.49***	6.54***	6.68***
Wald test statistic
When H0 is (1) and HA is (3) or (5)	1.63	4.18
When H0 is (2) and HA is (4) or (6)	1.52	3.95

Note) The dependent variable is the number of cartels. The value within the parentheses in the r value and *, **, and *** indicate 10%, 5%, and 1% respectively, all of which are statistically significant. The tangible fixed asset ratio, cash earnings ratio, machinery/equipment ratio, and product inventory ratio are respectively tangible fixed assets, cash earnings, machinery/equipment acquisition value, $ \tau\tau $ product inventory value divided by the value of shipments. The overdispersion test row indicates the test statistic related to the test ( $ \chi^{2} $ test) where the Poisson regression model is the null hypothesis and NBM is the alternate hypothesis. For the Wald test statistic, refer to the Notes in Table 4.
JPSIC	Industry	Cases	BLM	OLM (0)	OLM (1)	OLM (2)	NBM
326	LACQUER WARE	0	0.114	0.869	0.093	0.038	0.175
327	SUNDRY GOODS OF STRAW, "TATAMI" MATS, UMBRELLAS AND OTHER DAILY COMMODITIES	0	0.027	0.971	0.021	0.008	0.045
328	MANUFACTURE OF ORDNANCE AND ACCESSORIES	0	0.000	1.000	0.000	0.000	0.000
329	Miscellaneous manufacturing industries, n.e.c.	0	0.032	0.977	0.017	0.006	0.038

Note) The OLM (x) for columns 5 – 7 summarize the expectancy values with x (cartels cases) is 0, 1, or 2.
JPSIC	Industry	Cases	BLM	OLM (0)	OLM (1)	OLM (2)	NBM
325	COSTUME JEWELRY, COSTUME ACCESSORIES, BUTTONS AND RELATED PRODUCTS, EXCEPT PRECIOUS METALS AND JEWELRY	0
326	LACQUER WARE	0	0.088	0.896	0.075	0.029	0.129
327	SUNDRY GOODS OF STRAW, "TATAMI" MATS, UMBRELLAS AND OTHER DAILY COMMODITIES	0	0.027	0.971	0.021	0.008	0.043
328	MANUFACTURE OF ORDNANCE AND ACCESSORIES	0	0.000	1.000	0.000	0.000	0.000
329	Miscellaneous manufacturing industries, n.e.c.	0	0.016	0.988	0.009	0.003	0.020

Note) Markings adhere to Table 8
JPSIC	Industry	Cases	BLM	OLM (0)	OLM (1)	OLM (2)	NBM
321	PRECIOUS METAL PRODUCTS, INCLUDING JEWEL	0
322	MUSICAL INSTRUMENTS	0	0.030	0.975	0.019	0.006	0.045
323	TOYS AND SPORTING GOODS	0	0.001	1.000	0.000	0.000	0.001
324	PENS, LEAD PENCILS, PAINTING MATERIALS AND STATIONERY	0	0.024	0.977	0.017	0.006	0.035
325	COSTUME JEWELRY, COSTUME ACCESSORIES, BUTTONS AND RELATED PRODUCTS, EXCEPT PRECIOUS METALS AND JEWELRY	0
326	LACQUER WARE	0	0.134	0.841	0.114	0.045	0.201
327	SUNDRY GOODS OF STRAW, "TATAMI" MATS, UMBRELLAS AND OTHER DAILY COMMODITIES	0	0.018	0.983	0.013	0.004	0.025
328	MANUFACTURE OF ORDNANCE AND ACCESSORIES	0	0.000	1.000	0.000	0.000	0.000
329	Miscellaneous manufacturing industries, n.e.c.	0	0.008	0.994	0.005	0.002	0.012

Note) Markings adhere to Table 8
Table 11: 32 Industries in the Top 40 from all Models for Cartel Formation Expectancy Value

JPSIC	Industry Name	Cases	Basic	Operating Ratio	Ratio
301	MOTOR VEHICLES, PARTS AND ACCESSORIES	1	0.998	0.996	0.995
254	FABRICATED CONSTRUCTIONAL AND ARCHITECTURAL METAL PRODUCTS, INCLUDING FABRICATED PLATE WORK AND SHEET METAL WORK	1	0.805	0.823	0.799
243	ROLLING OF NON-FERROUS METALS AND ALLOYS, INCLUDING DRAWING AND EXTRUDING	1	0.717	0.798	0.703
272	HOUSEHOLD ELECTRIC APPLIANCES	0	0.628	0.590	0.506
239	MISCELLANEOUS IRON AND STEEL	2	0.608	0.622	0.604
161	PRINTING	1	0.557	0.640	0.681
271	ELECTRICAL GENERATING, TRANSMISSION, DISTRIBUTION AND INDUSTRIAL APPARATUS	0	0.555	0.640	0.639
173	INDUSTRIAL ORGANIC CHEMICALS	3	0.548	0.518	0.591
141	FURNITURE	2	0.547	0.552	0.557
253	HEATING APPARATUS AND PLUMBING SUPPLIES	0	0.430	0.530	0.443
269	MISCELLANEOUS MACHINERY AND MACHINE PARTS	0	0.389	0.438	0.573
222	CEMENT AND ITS PRODUCTS	2	0.385	0.310	0.379
95	SUGAR PROCESSING	0	0.373	0.401	0.418
171	CHEMICAL FERTILIZERS	0	0.364	0.322	0.397
191	PLASTIC PLATES, BARS AND RODS, PIPES AND TUBES, PIPE FITTINGS AND PROFILE EXTRUSIONS	1	0.355	0.332	0.296
314	PHYSICAL AND CHEMICAL INSTRUMENTS	1	0.327	0.432	0.506
131	SAWING, PLANNING MILLS AND WOOD PRODUCTS	0	0.300	0.308	0.309
96	FLOUR AND GRAIN MILL PRODUCTS	0	0.296	0.367	0.183
195	COMPOUNDING PLASTIC MATERIALS, INCLUDING RECLAIMED PLASTICS	0	0.290	0.379	0.346
252	TABLEWARE (OCCIDENTAL TYPE), CUTLERY, HAND TOOLS AND HARDWARE	0	0.289	0.321	0.376
258	BOLTS, NUTS, RIVETS, MACHINE SCREWS AND WOOD SCREWS	0	0.289	0.334	0.402
214	LEATHER FOOTWEAR	0	0.285	0.323	0.312
259	MISCELLANEOUS FABRICATED METAL PRODUCTS	0	0.284	0.221	0.241
179	MISCELLANEOUS CHEMICAL AND ALLIED PRODUCTS	0	0.268	0.342	0.381
224	POTTERY AND RELATED PRODUCTS	1	0.259	0.228	0.345
98	ANIMAL AND VEGETABLE OILS AND FATS	0	0.233	0.263	0.160
235	FERROUS METAL MACHINE PARTS AND TOOLING PRODUCTS	2	0.222	0.240	0.312
225	CLAY REFRACTORIES	0	0.222	0.200	0.245
223	STRUCTURAL CLAY PRODUCTS, EXCEPT THOSE OF POTTERY	0	0.222	0.210	0.272
175	OIL AND FAT PRODUCTS, SOAPS, SYNTHETIC DETERGENTS, SURFACE-ACTIVE AGENTS AND PAINTS	5	0.220	0.268	0.231
194	FOAMED AND REINFORCED PLASTIC PRODUCTS	0	0.216	0.308	0.254
149	MISCELLANEOUS FURNITURE AND FIXTURES	0	0.215	0.295	0.260
Table 12: 33 Industries in the Top 40 from all Models for Cartel Formation Expectancy Value for Industries in which no Cartels were Confirmed

JPSIC	Industry Name	Basic	Operating	Ratio
272	HOUSEHOLD ELECTRIC APPLIANCES	0.628	0.590	0.509
184	PAVING MATERIALS	0.618	0.293	0.158
271	ELECTRICAL GENERATING, TRANSMISSION, DISTRIBUTION AND INDUSTRIAL APPARATUS	0.555	0.640	0.663
253	HEATING APPARATUS AND PLUMBING SUPPLIES	0.430	0.530	0.472
269	MISCELLANEOUS MACHINERY AND MACHINE PARTS	0.389	0.438	0.573
95	SUGAR PROCESSING	0.373	0.401	0.357
171	CHEMICAL FERTILIZERS	0.364	0.322	0.370
291	ELECTRONIC PARTS AND DEVICES	0.313	0.190	0.184
131	SAWING, PLANNING MILLS AND WOOD PRODUCTS	0.300	0.308	0.294
96	FLOUR AND GRAIN MILL PRODUCTS	0.296	0.367	0.209
195	COMPOUNDING PLASTIC MATERIALS, INCLUDING RECLAIMED PLASTICS	0.290	0.379	0.332
252	TABLEWARE (OCCIDENTAL TYPE), CUTLERY, HAND TOOLS AND HARDWARE	0.289	0.321	0.398
258	BOLTS, NUTS, RIVETS, MACHINE SCREWS AND WOOD SCREWS	0.289	0.334	0.388
214	LEATHER FOOTWEAR	0.285	0.323	0.314
259	MISCELLANEOUS FABRICATED METAL PRODUCTS	0.284	0.221	0.249
179	MISCELLANEOUS CHEMICAL AND ALLIED PRODUCTS	0.268	0.342	0.411
245	NON-FERROUS METAL MACHINE PARTS AND TOOLING PRODUCTS	0.256	0.233	0.200
132	MILLWORK, PLYWOOD AND PREFABRICATED STRUCTURAL WOOD PRODUCTS	0.254	0.183	0.141
98	ANIMAL AND VEGETABLE OILS AND FATS	0.233	0.263	0.217
225	CLAY REFRACTORIES	0.222	0.200	0.246
223	STRUCTURAL CLAY PRODUCTS, EXCEPT THOSE OF POTTERY	0.222	0.210	0.255
194	FOAMED AND REINFORCED PLASTIC PRODUCTS	0.216	0.308	0.276
149	MISCELLANEOUS FURNITURE AND FIXTURES	0.215	0.295	0.266
142	FURNITURE FOR RELIGIOUS PURPOSES	0.200	0.146	0.265
153	COATED AND GLAZED PAPER	0.195	0.269	0.244
264	METAL WORKING MACHINERY	0.189	0.189	0.230
152	PAPER	0.182	0.165	0.171
255	METAL MACHINE PARTS AND TOOLING PRODUCTS	0.181	0.252	0.266
192	PLASTIC FILMS, SHEETS, FLOOR COVERINGS AND SYNTHETIC LEATHER	0.176	0.162	0.147
244	ELECTRIC WIRE AND CABLE	0.171	0.151	0.129
193	INDUSTRIAL PLASTIC PRODUCTS	0.155	0.161	0.138
116	DYED AND FINISHED TEXTILES	0.133	0.165	0.159
154	PAPER PRODUCTS	0.133	0.153	0.125
Table 13: Predicted Number of Cases Using NBM

JPSIC	Industry	Cases	Basic (BLM)	Basic (NBM)	Operating (NBM)	Ratio (NBM)
91	LIVESTOCK PRODUCTS	1	0.053	0.082	0.123	0.046
92	SEAFOOD PRODUCTS	0	0.204	0.260	0.281	0.117
93	CANNED AND PRESERVED FRUIT AND VEGETABLE PRODUCTS	1	0.090	0.177	0.205	0.111
94	SEASONINGS	0	0.115	0.162	0.233	0.110
95	SUGAR PROCESSING	0	0.373	0.830	0.894	0.740
96	FLOUR AND GRAIN MILL PRODUCTS	0	0.296	0.445	0.527	0.236
97	BAKERY AND CONFECTIONERY PRODUCTS	0	0.092	0.104	0.148	0.090
98	ANIMAL AND VEGETABLE OILS AND FATS	0	0.233	0.413	0.460	0.325
99	MISCELLANEOUS FOODS AND RELATED PRODUCTS	0	0.090	0.101	0.121	0.057
101	SOFT DRINKS AND CARBONATED WATER	0	0.072	0.161	0.159	0.097
102	ALCOHOLIC BEVERAGES	0	0.096	0.136	0.117	0.094
103	TEA AND COFFEE	0	0.058	0.107	0.139	0.052
104	MANUFACTURED ICE	0	0.073	0.168	0.060	0.062
105	TOBACCO MANUFACTURES	0
106	PREPARED ANIMAL FOODS AND ORGANIC FERTILIZERS	0	0.022	0.065	0.078	0.036
111	SILK REELING PLANTS	0	0.105	0.071	0.034	0.060
112	SPINNING MILLS	0	0.059	0.097	0.100	0.091
113	TWISTING AND BULKY YARNS	0	0.009	0.020	0.019	0.014
114	WOVEN FABRIC MILLS	0	0.082	0.104	0.106	0.094
115	KNIT FABRICS MILLS	0	0.030	0.054	0.057	0.035
116	DYED AND FINISHED TEXTILES	0	0.133	0.121	0.154	0.168
117	ROPE AND NETTING	1	0.109	0.143	0.147	0.171
118	LACE AND OTHER TEXTILE GOODS	0	0.097	0.160	0.135	0.136
119	MISCELLANEOUS TEXTILE MILLS PRODUCTS	1	0.087	0.118	0.121	0.088
121	TEXTILE OUTER GARMENTS AND SHIRTS, INCLUDING BONDED FABRICS AND LACE, EXCEPT JAPANESE STYLE	0	0.086	0.111	0.145	0.242
122	KNITTED GARMENTS AND SHIRTS	0	0.089	0.144	0.111	0.103
123	UNDERWEAR	0	0.029	0.047	0.047	0.041
124	JAPANESE STYLE APPAREL AND "TABI"-SOCK	0	0.095	0.137	0.128	0.323
125	OTHER TEXTILE APPAREL AND ACCESSORIES	0	0.114	0.155	0.184	0.140
129	MISCELLANEOUS FABRICATED TEXTILE PRODUCTS	0	0.186	0.259	0.209	0.147
131	SAWING, PLANNING MILLS AND WOOD PRODUCTS	0	0.300	0.464	0.459	0.421
132	MILLWORK, PLYWOOD AND PREFABRICATED STRUCTURAL WOOD PRODUCTS	0	0.254	0.408	0.286	0.219
133	WOODEN, BAMBOO AND RATTAN CONTAINERS	0	0.146	0.245	0.143	0.136
139	MISCELLANEOUS MANUFACTURE OF WOOD PRODUCTS, INCLUDING BAMBOO AND RATTAN	0	0.084	0.132	0.109	0.083
141	FURNITURE	2	0.547	0.821	0.825	1.012
142	FURNITURE FOR RELIGIOUS PURPOSES	0	0.200	0.322	0.236	0.457
143	SLIDING DOORS AND SCREENS	0	0.087	0.150	0.084	0.070
149	MISCELLANEOUS FURNITURE AND FIXTURES	0	0.215	0.277	0.368	0.319
151	PULP	0	0.005	0.043	0.053	0.043
152	PAPER	0	0.182	0.322	0.276	0.278
153	COATED AND GLAZED PAPER	0	0.195	0.393	0.537	0.429
154	PAPER PRODUCTS	0	0.133	0.203	0.237	0.167
155	PAPER CONTAINERS	0
159	MISCELLANEOUS PULP, PAPER AND PAPER WORKED PRODUCTS	1
161	PRINTING	1	0.557	0.601	0.845	0.974
162	PLATE MAKING FOR PRINTING	0	0.065	0.114	0.096	0.252
163	BOOKBINDING AND PRINTED MATTER	0
169	SERVICE INDUSTRIES RELATED TO PRINTING TRADE	0
171	CHEMICAL FERTILIZERS	0	0.364	0.937	0.800	0.948