Issue 4

June 1991

Insider Trading and the Value of the Firm

Previous studies of insider trading have examined the profitability to executives of their stock trading with a view to evaluating the informational efficiency of securities markets.

Monopolistic Competiton on the Pyramid

The purpose of this paper is to develop a model of monopolistic competition that has a simple locational interpretation, and which allows for multi-firm competition.

The Determination of Profit Margins in UK Manufacturing

This paper examines the determinants of profit margins in 90 UK manufacturing industries over the period 1983-86.

Location Models of Horizontal Differentiation: A Special Case of Vertical Differentiation Models

We study the relationship that exists between two families of models of product differentiation: the class of location or Hotelling-type models of horizontal differentiation, and models of vertical di

Optimal Price-Cap Regulation

We consider the problem of a regulator who cannot observe the R&D expenditures of a firm devoted to reductions in the costs of production.

The Choice of Exchange-Rate Index and Domestic Price Passthrough

This paper finds that the extent of real appreciation and real depreciation in the external value of the dollar since the late 70s has been overstated for most industries by the Federal Reserve Board'

Technological Imports and Technological Effort: An Analysis of their Determinants in Brazilian Firms

Logit analysis is employed to measure the effect of selected variables on the probability that a firm (1) purchases imported technology, (2) engages in research and development and (3) controls the qu

Aggregate Export Concentration in Japan

This paper reports some new evidence on aggregate concentration of exporters in Japanese manufacturing industry.