Country of origin may provide a signal of product quality. If consumers are on average "correct" in thei r assessments of product quality from a given country, then a "lemons " effect emerges. A firm which pays the full cost of quality improvem ent will receive only diluted benefits in return,...

This paper applies a recursive model of structure-entry-performance with structural feedbacks to sixty-two Korean manufacturing industries for 1976-81. The results strongly support the market power hypothesis. The results also indicate that, despite active government intervention, the invisible...

Previous studies of insider trading have examined the profitability to executives of their stock trading with a view to evaluating the informational efficiency of securities markets. The authors examine empirically whether insider trading raises or lowers firm value. To correctly identify the...