newspapers, quality can increase or decrease depending on the sensitivity of advertising revenue to quality. …

rival's profit. The latter result provides a justification for the use of contractual bundling to build entry barrier. When …

prices and advertising tariffs. We build on the work of Gabszewicz, Laussel and Sonnac (2001, 2002), whose model we take as …), cover prices are positive and the minimal differentiation outcome does not depend on the size of the advertising market. We … to cooperate in setting cover prices and advertising tariffs but not the editorial line …

entry competition fails to select the most competent CRA as long as two conditions are met. First, investors and issuers … rating than for high rating. Then, a rather incompetent CRA can dominate the market without concerns about entry. We derive …

mergers. Finally, we derive clear-cut policy implications. …