In a multiperiod investment framework, firms with high expected growth earn higher expected returns than firms with low expected growth, holding investment and expected profitability constant. This paper forms cross-sectional growth forecasts, and constructs an expected growth factor that yields...

This paper studies the causes and consequences of the adoption of technology by hospitals and public emergency response systems, focusing on Basic and Enhanced 911 services. Basic 911 allows people within a given locality to access specialized call-takers and ambulance dispatchers using the...

The transition of Hong Kong's main economic activities from manufacturing to services is accompanied by gradual changes in the regulatory regimes for monopolies. The local telecommunication services industry has been liberalized, deregulation of public transport is taking shape, and the schemes...

Telecommunications regulation in the U.S. is replete with a system of subsidies and taxes. Because of budgetary spending limits, Congress is unable to increase general taxes to pay for social programs and thus funds these programs from taxes on specific sectors of the economy. In this paper I...

This paper formulates a multiproduct structural model to examine the evolution of the structure of production and demand and the dynamic interaction between the two in the context of the U.S. telecommunications industry over an extended period, from 1935 to 1987. We estimate the degree of scale...

We study the trade-offs faced by Internet Service Providers (ISPs) that serve as platforms through which consumers access both television and internet services. As online streaming video improves, these providers may respond by attempting to steer consumers away from streaming video toward their...

This paper develops a model incorporating costly disinvestment and estimates the associated commitment premium required to invest in telecommunications. Results indicate that the irreversibility premium raises the opportunity cost of capital by 70 percent. This implies an average annual hurdle...

Stock-market crashes tend to follow run-ups in prices. These episodes look like bubbles that gradually inflate and then suddenly burst. We show that such bubbles can form in a Zeira-Rob type of model in which demand size is uncertain. Two conditions are sufficient for this to happen: A declining...

This paper develops and simulates a dynamic model of strategic telecom competition. The goal is to understand how regulatory policy, particularly relative to lease charges for local network elements, affects telecom competition, investment, retail prices, and consumer welfare. The model assumes...

This paper documents and assesses the significance of the policy changes in China that WTO accession implies in 3 key service categories (banking, insurance, and telecoms), asking whether it is likely they will really be fully implemented in their entirety as undertaken at signature in 2002....