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analysis of ever deeper, more fundamental factors, rooted in long-term history. A growing body of new empirical work focuses on …
Persistent link: https://www.econbiz.de/10012460529
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...
Persistent link: https://www.econbiz.de/10012453011
This paper explores the origins and effects of occupational licensing regulation in late nineteenth and early twentieth … century America. Was licensing regulation introduced to limit competition in the market for professional services at the …
Persistent link: https://www.econbiz.de/10012468226
During the Progressive Era at the beginning of the 20th century, the United States replaced litigation by regulation as … enforcement strategy between litigation and regulation based on the idea that justice can be subverted with sufficient expenditure … environment of significant inequality of wealth and political power. The switch to regulation can then be seen as an efficient …
Persistent link: https://www.econbiz.de/10012470065
accentuating the role of state courts and legislatures in the creation and regulation of nineteenth-century American nonprofit …
Persistent link: https://www.econbiz.de/10012457513
Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1)...
Persistent link: https://www.econbiz.de/10012458971
not only on its effectiveness as a sanitary measure but also on how the costs of the regulation are distributed …
Persistent link: https://www.econbiz.de/10014544783
focus is to explore the ability of the market to provide broadcasting efficiently in a world in which broadcasters earn … the market provides broadcasting close to efficiently. The paper also considers whether the market performs better under …
Persistent link: https://www.econbiz.de/10012471263
Theory predicts that in markets with increasing returns, the number of differentiated products and resulting consumer satisfaction grow in market size. We document this phenomenon across 246 US radio markets. By a mechanism that we term 'preference externalities', an increase in the size of the...
Persistent link: https://www.econbiz.de/10012471394
product variety. Our results are consistent with spatial preemption. Jointly owned stations broadcasting from the same market …
Persistent link: https://www.econbiz.de/10012471716