Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating … and efficiency across society as a whole. Agency-cost theory recognizes that incentive conflicts and coordination problems …

The folk wisdom is that competition reduces agency costs. We provide indirect empirical support for this view. We argue … competitive industries, the negative relation between past returns and current leverage will be attenuated. Theory suggests that …

We explore the effects of two kinds of competition on the cost of capital in the tax-exempt bond market: (1 …) competition amongst underwriters and (2) competition amongst issuers (most of which are quasi-public special authorities … sanctioned by state governments). The first kind of competition--essentially, competitive versus negotiated bidding processes …

We study the consequences of hospital competition for Medicare beneficiaries' heart attack care from 1985 to 1994. We … hospital markets, and how hospital competition interacts with the influence of managed care organizations to affect the key … competition were ambiguous; but in the 1990s, competition unambiguously improves social welfare. Increasing HMO enrollment over …

This paper studies the impact of technological change and regulatory competition on governmental efforts to generate …

In this paper we review issues relating to antitrust and competition in health care markets. The paper begins with a … ways that might affect the optimality of competition. The paper then focuses on the main areas in which antitrust has been …

getting from one point to another, regulation may be avoided by allowing competition between several franchise owners. This … paper studies toll competition among private roads with congestion. The paper derives two main results. First, we find … is less than optimal, which runs counter to what is expected form price competition. While a lower toll reduces the out …