Market definition, and, in particular, being able to identify who is in which product market, lies at the heart of competition law. The identification of demand elasticities necessary to conduct a formal definition of product market can be time consuming and often there is insufficient data to...

This paper analyses the regulatory attitudes to asset valuation in the 20th century. It focuses in particular on the U.S. experience from Smith v Ames 169 U.S. 466 (1898) to Federal Power Commission v Hope Natural Gas 320 U.S. 591 (1944) and on the experience in the U.K. in last two decades of...

This study presents the first comprehensive compilation of the number of people around the world who own shares directly and indirectly. We document that at least 310 million people in 59 countries (24 developed and 35 emerging market nations) own stock directly [Table 1]. Nearly 173 million of...

This paper focuses on the application and interpretation of measures of rate of return for competition law. Amongst other results we analyse how outsourcing and similar arrangements impact on the rate of profitability and show that the measurement is more volatile the greater the rate of profit,...

Understanding the impact of changes in regulation on market risk is crucial but there is no literature giving clear evidence that market risk responds to expected changes in regulation designed to change risk (mostly because of a dearth of cases where the risk effect is isolated). This paper...

It is crucial to understand the impact of changes in regulation on market risk but there is no literature showing how risk responds to expected changes in regulation that are specifically designed to change risk. This paper fills this gap by providing a detailed study of one such case. Using a...

This paper focuses on the application and interpretation of measures of rate of return for competition law. Amongst other results, we analyse how outsourcing and similar arrangements impact the rate of profitability and show that the measurement is more volatile the greater the rate of profit...

Circularity arises in regulation if the value of a company's assets used to set prices is itself determined by future earning capacity. The view that it is not possible to determine values and prices in these circumstances has become well established in the literature. Textbooks have...

Traditional portfolio diversification arguments suggest that if executives are granted options then they should hold less company stock than they would otherwise have done, diluting the incentive effects. There is little evidence, however, that companies do anything to prevent this and the...

Traditional portfolio diversification arguments suggest that if executives are granted options then they should hold less company stock than they would otherwise have done, diluting the incentive effects. There is little evidence, however, that companies do anything to prevent this and the...