In an effort to resolve the "all or nothing" nature of panel unit root tests, Professors Boucher-Breuer, McNown and Wallace propose the SURADF test that can determine the mix of stationary and non-stationary series in a panel. We reveal a practical shortcoming of the test. Specifically, the...

Financial event studies using daily stock returns are frequently employed in the analysis of mergers to estimate the sign and magnitude of stock movements to particular merger announcements. A common method of conducting the event study is least squares regression with dummy variables. Daily...

This POLICY PAPER examines whether there is a relationship between regulated rates for "unbundled local loops" and deployment of broadband technology by incumbents and entrants. Using an econometric model that analyzes 2002 and 2003 local loop rates and takes into account price variability and...

The Telecommunications Act of 1996 (the "1996 Act"), by stressing the reduction or elimination of entry barriers that prevent the fragmentation of market structure and an increase in the number of competitors, established competition and deregulation as the foundation for public policy towards...

On July 20, 1999, the Federal Communications Commission released a Notice of Inquiry (NOI) seeking comment "on the impact of certain flat-rated charges on single-line residential and business customers who make few, or no, interstate long-distance calls (1)." These "flat rated charges are...

Faced with the economic fallout of the COVID Pandemic in early 2021, Congress aimed to help low-income Americans remain connected by providing up to a $50 monthly subsidy for Internet connections. The Emergency Broadband Benefit (“EBB”) Program, established by the Consolidated Appropriations...

Last fall, the Federal Communications Commission issued an Order on Reconsideration and Eighth Further Notice of Proposed Rulemaking to establish a clear set of rules for public safety spectrum located in the 4.9 GHz band. Among other reforms, the Notice proposes to centralize non-public safety...

Proposed legislation in California (Assembly Bill No. 437) aims to prohibit actors from voluntarily selling something they are willing to sell— contractual exclusivity. In this BULLETIN, we demonstrate that the proposed California legislation will reduce the compensation to actors, either...

Prior to the invention of the Internet, shopping for goods was relatively simple: a consumer visited a brick-and-mortal retailer and selected a product from what was available or, for some retailers, shopped using a catalog. Today, a simple Internet search may return a bewildering number of...

In POLICY BULLETIN NO. 54, I compared fixed broadband speeds across thousands of U.S. and foreign cities. My analysis revealed that average download speeds for fixed broadband are typically faster in the United States and often materially so, and U.S. upload speeds are comparable to other...