Issue 1

September 1985

Shareholder Protection, Compulsory Acquisition and the Efficiency of the Takeover Process

This paper examines public good problems connected with takeovers. Two broad categories of exclusion device--oppression of minority interests and compulsory acquisition of shares--are evaluated.

The Welfare Cost of Quality Changes Due to Professional Regulation

We present a method for measuring the welfare cost of legislated restrictions on the activities of professionals in markets where consumers can substitute between brands of different quality.

Product Competition in Microprocessors

This paper assesses the empirical usefulness of some recent developments in the theory of spatial and product competition, drawing on the history of product competition in microprocessors over the per

Specifying the Dynamics of Industry Concentration

Previous studies generally explain changes in concentration by its initial determinants or by changes in its determinants. Little attention is paid to the dynamic structure of the model.

Market Structure and Research Intensity in High-Technological-Opportunity Industries

Where the cost and uncertainty of R & D are high and conditions favor speedy imitation by competitors, concentration has a statistically significant and substantial positive impact on research int

Cable Television in a Less Regulated Market

With many regulations and limitations on U.S. cable television being lifted, new opportunities for consumers and cable suppliers are available.

Managerial Shareholding

The extent of a manager's shareholdings in his employing firm is modelled as part (along with the extent of reliance on incentive contracting) of an "optimal contract" between the manager and other sh

Econometric Tests of the Market Structural Determinants of R&D Investment: Consistency of Absolute and Relative Firm Size Models

This paper examines how the estimated coefficients in firm-level tests of the market structure--R & D hypothesis can be used to determine the effect of market restructuring on expected industry R