By introducing the government's preference for tax revenues into the theoretical framework of unionized mixed oligopolies, this study investigates the efficiency of privatization. The results are twofold. First, regardless of the government's preference for tax revenues and the number of private...

This paper provides a theoretical model on the determination of fund expenses, focusing on vertical structures of the fund industry and customer switching costs. We also empirically test our theoretical findings using data from the Korean fund market. Our first theoretical finding is that a...