Issue 2

December 1989

Concentration, Potential Entry, and Performance in the Airline Industry

Airline markets do not satisfy the theoretical conditions for perfect contestability, and theory does not indicate which deviations from perfect contestability significantly affect performance.

Firms as Portfolios: A Mean-Variance Analysis of Unquoted UK Companies

This paper adopts a mean-variance portfolio framework to model the balance sheet behaviour of unquoted companies with respect to choice items such as fixed investment, investment in stocks, trade cred

Multi-Market Oligopoly with Production Before Sales

When production takes place before firms allocate output to different markets, the equilibrium may be different from the one corresponding to simultaneous production and allocation decisions.

The Stability of Joint Ventures: Reciprocity and Competitive Rivalry

The focus of the following empirical analysis is the influence of reciprocity and long-term relationships on the stability of joint ventures.

The Dependence of Parametric Efficiency Tests on Measures of the Price of Capital and Capital Stock for Electric Utilities

This study tests whether various measures of the price of capital and capital stock will influence estimates of electric utility allocative efficiency.

... Of The Fittest? Duration of Survival of Manufacturing Establishments in a Developing Country

Over half the establishments for which reasonably complete data were collected in the 1975 Indonesian Medium and Large Scale Manufacturing Survey did not survive until the 1986 Survey.

Predation, Firm-Specific Assets and Diversification

This study examines the relationship between diversification and predation, focusing on the firm's investments in sunk cost assets.

On the Distinction Between Structure and Conduct: Adjustment Costs, Concentration, and Price Behavior

The effect of concentration on the speed of price adjustment is studied and shown to be ambiguous when adjustment costs are convex.