Theoretical studies have questioned the efficacy of mandatory disclosure requirements under various conditions, but empirical studies of disclosure requirements have been rare. This paper tests the impact of the Fair Credit and Charge Card Disclosure Act of 1988, enacted specifically to increase...

A linear ad valorem tax can induce homogeneous oligopolists to produce at socially optimal levels, achieving the first-best allocation, in the presence of external costs that vary exogenously with aggregate output. The optimal tax rate is independent of private cost functions and thus reduces...

Median household income is found to grow faster in counties with smaller manufacturing, retail, wholesale, and service establishments. Copyright Springer 2006

When banks face capital regulations and stochastic deposit supply, their decisions to borrow at the discount window will be affected by a broader range of variables than previous theoretical and empirical studies have recognized. Moreover, those decisions can respond discontinuously to changes...

The Panzar-Rosse model has been widely applied to assess competitive conduct, often in specifications controlling for firm scale or using a price equation. We show that neither a price equation nor a scaled revenue function yields a valid measure for competitive conduct. Moreover, even an...

Contests often involve players vying for the same prize year after year. This paper characterizes equilibrium effort, both individual and aggregate, in a general parameterization of such repeated contests.

The Panzar-Rosse test has been widely applied to assess competitive conduct, often in specifications controlling for firm scale or using a price equation. We show that neither a price equation nor a scaled revenue function yields a valid measure for competitive conduct. Moreover, even an...

Business choices typically entail tradeoffs between potential growth rates and the risk of failure. This note applies recent results from the theoretical valuation literature to characterize, as a benchmark, the terms of that tradeoff sufficient to leave the expected value of discounted cash...