There is a divergence in the returns of top-performing firms and the rest of the economy, especially in industries that rely on a skilled labor force, raising concerns about their market power. This paper shows that the divergence is explained by the mismeasurement of intangible capital....

"While the shockingly high prices of prescription drugs continue to dominate the news, the strategies used by pharmaceutical companies to prevent generic competition are poorly understood, even by the lawmakers responsible for regulating them. In this groundbreaking work, Robin Feldman and Evan...

Clustering of IPO underwriting spreads at 7% poses two important puzzles: Is the market for U.S. equity underwriting services anti-competitive and why do equity underwriters invest in reputation-building? This study resolves both puzzles. Modeling endogeneity of firm-underwriter choice using a...

Vertikale Mindestpreisbindungen galten beiderseits des Atlantiks lange Zeit als schwerwiegende Eingriffe in den Wettbewerb. In den USA hat sie der Supreme Court 2007 in seinem viel beachteten Leegin-Urteil allerdings für zulässig erklärt, sofern eine Rule of Reason-Analyse im Einzelfall einen...