Many studies of the determinants of investment use Tobin’s T to control for the investment opportunities of a firm. Tobin’s T roughly measures the average return on a firm’s capital anticipated by the market. More relevant for investment decisions, however, is the marginal return on...

Using data from the Austrian retail gasoline market we test the following two hypotheses derived from spatial economics: (i) Retail shops are more densely located in areas with a higher population density. (ii) Spatial competition equilibrium prices are decreasing in the density of seller...

This paper empirically explores the relationship between firms´market behavior and their lobbying activities in a regulated market. In particular, we investigate whether the amount of contributions offered by cellular service providers to fund the campaigns of political parties affected market...

This paper empirically investigates market behavior and firms´ lobbying in a unified structural setup. In a sequential game, where firms lobby for regulation before they compete in the product market, we derive a destable measure of lobbying coordination. Applying the setting to the early U.S....