Does 'competitive balances' in professional baseball improve with a change in the rules for allocating new players? Using data from Japan's two professional baseball leagues, the authors investigate how the change from an open-bidding regime to a player draft regime affected competitive balance...

In 1975, Japan expanded the scope of its patent law by introducing product patents for newly developed chemical and pharmaceutical products. The authors use rate-of-return data from the Tokyo Stock Exchange for Japanese pharmaceutical companies to examine the impact of the change in the patent...