The 1984 Justice Department settlement with AT&T marked one of the largest antitrust action in the nation's history. At the end of the process major changes were made in the original settlement proposal. Investors in affected industries behaved as if they were assessing these changes. Portfolio...

In the late 1980s, a frustrated effort by federal regulators to require auto producers to mandate air-bag equipped cats, the Secretary of Transportation called on the states to settle the issue. The states were told to establish mandatory seat belt laws. If state voters failed to provide...

In this article, we assess the prospective effects of different legislative packages by examining how financial markets reacted to alternate proposals and the final law. The use of financial markets analysis provides at least one avenue for identifying interest groups that won and lost as the...