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This paper offers a Schumpeterian view of the Great Merger Movement in the American manufacturing industries, which occurred from 1895 to 1904. From this perspective, the Great Merger Movement was a response to competitive pressures associated with a number of significant technological...
Persistent link: https://www.econbiz.de/10008509916
We study the welfare implications of market power in a model where banks choose between credit rationing and monitoring in order to alleviate an underlying moral-hazard problem. We show that the effect of banks’ market power on social welfare is the result of two countervailing effects. On the...
Persistent link: https://www.econbiz.de/10005656189
This short introduction to the book, Enron: Corporate Fiascos and Their Implications (2004), is designed to walk the reader through the organization of the entire book. The book itself is designed for use by law schools, business schools, and undergraduates
Persistent link: https://www.econbiz.de/10012773675
This article contributes to the new governance literature by analyzing how private parties profit from standards. Scholars previously have focused on what I call first-order profits from the right to extract rent directly from the ownership or application of standards. But some parties also make...
Persistent link: https://www.econbiz.de/10012777291
In this paper, we examine changes in financial instruments and institutions by contrasting the successes and failures of institutional shareholder activism during the 1990s with more recent developments in hedge fund activism and the use of financial innovation. We find that although...
Persistent link: https://www.econbiz.de/10012779385
This article revisits some issues I raised in a 1999 article on credit rating agencies, which increasingly are the focus of scholars and regulators. I discuss how and why credit rating agencies differ from other financial market gatekeepers, such as underwriters and accountants, and assess...
Persistent link: https://www.econbiz.de/10012780215
This article was my contribution to the Symposium Professor Hillary Sale at Iowa organized to celebrate Robert C. Clark's treatise, Corporate Law. This abstract is taken from the review essay of the Symposium by Professors Ronald Gilson and Reinier Kraakman, 31 Iowa J. Corp. L. at 606, and is an...
Persistent link: https://www.econbiz.de/10012750396
Are there circumstances when antitrust courts should condemn above-cost predatory pricing? To what extent would Brooke Group need to be relaxed to condemn such conduct? The premise is that there are circumstances where antitrust courts should conduct a further inquiry and potentially condemn...
Persistent link: https://www.econbiz.de/10012718922
We study how net neutrality regulations affect a high-bandwidth content provider’s (CP) investment incentives in quality of services (QoS). We find that the effects crucially depend on network capacity levels. With limited capacity, as in mobile networks, prioritized delivery services are...
Persistent link: https://www.econbiz.de/10010948849
Ontario’s Green Energy and Green Economy Act subsidizes producers of renewable electricity by paying them far more for their output than the prevailing market price of electricity. Wind power receives a fixed electricity price of 13.5 cents per kilowatt-hour, and solar receives even larger...
Persistent link: https://www.econbiz.de/10009228607