In this paper, we describe the development and current status of anti-manipulation rules as they apply to wholesale electricity and natural gas markets in the United States and the European Union, including the institutions that are responsible for overseeing these rules. We then compare and...

This paper examines the impact of earnings announcements and earnings forecast revisions on stock returns across markets with different levels of maturity. In each market, the objects of interest are the effects of backward-looking earnings announcement information and forward-looking earnings...

Using an empirical framework derived from models of nonlinear pricing, we estimate the degree of quality degradation in cable television markets. We find lower bounds on quality degradation ranging from 11% to 45% of observed service qualities. Furthermore, cable operators in markets with local...

We study the offering of discretionary services, those for which longer processing times yield higher quality, but also create more system congestion. Facing delay-sensitive customers that are heterogeneous in quality sensitivity, firms offer a service line (i.e., a menu of service variants...

In this paper, which is the third installment of the author´s trilogy on margin loan pricing, we analyze 1367 monthly observations of the U.S. broker call money rate, e.g., the interest rate at which stockbrokers can borrow to fund their margin loans to retail clients. We describe the basic...

I revisit the dominant-firm model and discuss its implicit assumption of a sequential move structure. I argue that a simultaneous move structure is often more reasonable and derive an alternative formulation of the model based on this approach. -- dominant firm ; monopoly with fringe ;...

When organizations in technology industries attempt to advance their innovative activities, they must be cognizant of the intellectual property rights of others. Patent thickets can thwart ongoing innovation, however, and throughout the last 150 years, firms have stumbled into a number of patent...

In the second direct challenge to the NCAA's amateurism rules, the Northern District of California court rejected an attempt by the NCAA and 11 conferences to dismiss claims that defendants violated antitrust law by “conspiring to impose an artificial ceiling on the scholarships and benefits...

In a review of recent antitrust measures undertaken by the Biden Administration, this paper observes that antitrust theory and policy remains one decade behind in preempting and preventing the many harms from consolidation in healthcare markets. A version of of this article was delivered in...

Between 1877 and 1900, America experienced the Gilded Age. The period takes its name from the earliest of these, The Gilded Age (1873), written by Mark Twain in collaboration with Charles Dudley Warner, was anything but it was a period of American history marked by fury and ambition, in which...