After The Fall: Stock Price Movements and the Deterrent Effect of Antitrust Enforcement

In this paper, we utilize data on stock price movements of firms indicted on price-fixing charges to infer expectations of antitrust recidivism. Specifically, a return of the firm's (market-adjusted) asset value to its pre-indictment level in the post-indictment period is taken as evidence of stockholders' expectations of a return to collusive behavior. From these data, we are able to make direct inferences about the effectiveness of antitrust enforcement actions. Importantly, we find that the stock prices of 85 percent of the firms in our sample had regained 100 percent of their pre-indictment levels within one year of the antitrust action. Such widespread and rapid stock price appreciation casts doubt on the durability of thedeterrent effect of Section 1 enforcement.     

Economic Analyses of Mergers at the FTC: The Cruise Ships Mergers Investigation

This paper provides an overview of how economists atthe Federal Trade Commission assess the potentialcompetitive effects of mergers, with a focus on thetypes of quantitative analyses frequently employed.The paper first outlines the general approach employedat the Federal Trade Commission to review mergers.The paper then describes analyses done in theinvestigation of proposed mergers in the cruiseline industry as a specific example. Of particularinterest in this example are the analyses used toassess the potential for coordinated interaction asa result of the merger.     

关于转变经济发展方式的思考

加快转变经济发展方式,是关系国民经济全局紧迫而重大的战略任务。深刻理解"转变经济发展方式"的科学内涵,充分认识其重要性和紧迫性,积极探索其实现的有效途径,具有极其重要的现实意义。     

我国煤炭上市公司股价的投资分析研究

分析了我国证券市场煤炭上市公司股票评估的现状和问题,建立了适合投资者的投资评估模型,以给投资者提供更直观的投资指标。     

Prices and Price Dispersion on the Web: Evidence from the Online Book Industry

Using data collected between August, 1999, and January, 2000, covering 399 books, we examine pricing by thirty-two online United States-based bookstores. At the aggregate level, we find that both advertising and competitive structure had the predicted effects. More competition led to lower prices and to lower price dispersion. Holding competitive structure constant, more widely advertised items also had lower prices. At the firm level, we observe considerable heterogeneity in behavior. Firms had differentiated (or attempted to differentiate) on dimensions such as brand, price, and selection.     

The Effect of Consumer Switching Costs on Prices: A Theory and its Application to the Bank Deposit Market

As demonstrated by Klemperer (1987), if households face a cost of switching among brands of a differentiated good, pricing is likely to be more competitive, the greater is the fraction of customers that move into or around the market. I generalize this theory to a world with arbitrary market structure and test it empirically using panel data on bank retail deposit interest rates. I find that the amount of household migration in a market has a significant competitive influence on price markups, that is, a positive effect on the level of deposit interest rates. Consistent with the model, the magnitude of this effect depends in some cases upon the degree of market concentration.     

The Effect of Regional Growth Characteristics on Regional Housing Prices

As contrasted with strictly national housing reports, this article highlights the regional variations in population growth patterns and recently built owner-occupied housing as a means of determining single-family housing price components (i.e., developed lot values, homebuilding costs, and builder's profit and overhead) by region. The assertion that escalating lot costs and increases in new housing costs will limit the demand for single-family housing is challenged on a national basis and treated individually for the West, Northeast, South, and North Central Regions of the country.     

The Effect of Historic District Designation on Single-Family Home Prices

The designation and regulation of local historic districts in Baltimore, Maryland started in 1964. Structures within these districts are required to maintain exteriors in the style of the historical significance of the neighborhoods. Prior studies in other cities have shown that the designation did not always lead to an increase in restoration activities in these areas. This paper analyzes the effect of the designation on transaction prices and finds historic districts do have higher prices than identical non-historic districts.     

Retail Commercial Banking: An Update on a Period of Extraordinary Change

The 1990s has been an extraordinary period for theretail commercial banking industry. This industryupdate discusses some of the important developmentsand issues they have raised from the standpoint ofcompetition and antitrust policy. A massive mergermovement and removal of restrictions on interstatebanking have raised questions about barriers to entry,the influence of very large banks on the behavior ofother banks in local banking markets, the potentialfor multimarket interdependence among large banks thatmeet one another in numerous markets, and theappropriateness of local markets for analyzingcompetition. Finally, the emergence of electronicbanking and the unbundling of the pricing of serviceshave highlighted the possible importance of switchingcosts for customers in retail banking.     

人民币升值对我国纺织品出口企业的影响及对策分析

纺织业是我国重要的出口产业,出口依存度高达50%以上。在近年人民币大幅升值的情况下,我国纺织业传统的低成本优势将受到很大影响。这会导致我国纺织出口企业国际竞争力下降、国内竞争加剧,但同时也会促使其加快产业升级和产品创新。本文主要分析人民币升值对我国纺织业的影响,并提出相应对策。     

建筑业建立职业安全健康管理体系(OHSMS)初探

从我国建筑业职业安全健康管理体系(OHSMS)的发展出发,论述了建筑业推行OHSMS的作用和重要意义。阐述了建立OHSMS的原则、步骤和管理模型,在实施OHSMS中应注意充分结合建筑行业的特点,开展一体化认证和管理等问题。     

Selected Economic Analysis at the Antitrust Division: The Year in Review

Of the many activitiesof the Antitrust Division of theU.S. Department of Justice, we havesummarized some that raise interestingeconomic issues. We describe recentimprovements in the methodology to beused in ``coordinated effects' analysisof mergers. We also discuss four casesbrought by the DOJ that raise issues ofmarket definition, the influence ofcommon partial ownership of competitors,and the effects of fringe suppliers inconstraining collusion by large firms.     

我国网络产业的制度建设探讨

网络产业结构的兴起在诸多方面改变了我国传统社会运行规则与模式,同时也暴露出一些新问题,这些问题事关网络产业的未来运行绩效。因此,加快我国网络产业制度建设提上重要议事日程。     

基于PCA的建筑业可持续竞争力比较研究

将产业竞争优势理论和可持续发展理论结合起来分析,有别于以往单纯从其中一方面进行的研究,也有助于建筑业在增强竞争力的同时提高可持续水平.文章建立了建筑业可持续竞争力的指标体系,用主成分分析法提取指标中的主成分,以主成分对应的方差贡献率作为权重计算综合值.利用统计数据对我国31个省、自治区、直辖市(不含港澳台)的建筑业可持续竞争力进行了计算、比较.排序结果证明,该模型符合地区差异的实际情况.     

建筑行业绩效与竞争力:国内外研究进展

绩效与竞争力已发展成一个比较成熟的研究领域,一系列绩效与竞争力分析框架被应用到建筑行业,如波特钻石模型、3-P竞争力模型、产业组织理论、SWOT分析等产业分析理论.建筑行业研究人员也着力于设计出一些特定的分析模型来探讨行业内问题,如H分析框架、3C模型及PMS分析框架等.建立定量绩效与竞争力测评体系已成为各国建筑行业管理的发展趋势,如美国、英国、韩国、葡萄牙及新加坡等发达国家.而研究的不同点则在于测评指标体系、指标权重与测评方法等方面.     

中国工业绿色转型研究

目前,中国已进入产业转型升级的重要战略机遇期。面对应对气候变化的国际压力和日益加大的资源环境约束,中国工业迫切需要加快绿色转型。工业是中国经济的主体产业,工业绿色转型势必会对经济社会发展产生重大影响。一方面,在推动工业向绿色、低碳化转型过程中,需要付出一定的成本和代价;另一方面,实现工业绿色转型也将产生显著的效益。总体而言,工业绿色转型的效益远高于成本,这将成为中国工业绿色转型的根本动力。中国工业绿色转型需要加快机制创新。应充分借鉴国际经验,以政府战略法规为支撑,市场化推进,鼓励产业界积极响应、企业自主行动和公众广泛参与,建立涵盖环境规制、节能减排机制、绿色技术研发和产业化应用机制、国际协调机制的综合性、开放式绿色转型机制创新体系,并在技术、资金、交易机制、国际合作等方面不断丰富绿色转型的政策措施。     

集群风险自组织理论建构的探索式案例研究

集群风险已经成为一种普遍的经济现象,受到理论界的广泛关注,集群风险自组织则是其核心内涵的反映。根据协同学理论的分析框架及探索式多案例的研究设计,本文通过对三个企业集群样本的逐一研究剖析发现:集群风险自组织是一个内在结构演化的过程,由焦点企业、网络能力、网络结构三者相互作用而阶段性表征;在层次性、非线性和协同性三者协同演化下,风险阶段性地打破了集群平衡态,从而形成集群风险自组织间断非平衡性的特征。论文建构了集群风险自组织理论机制,对集群风险治理的实践具有一定启示意义。     

江苏战略性新兴产业开放创新平台建设研究

产业创新平台建设是我国发展战略性新兴产业的重要举措,文章在阐明创新平台本质和特征的基础上,概括了江苏省战略性新兴产业发展状况,分析了产业创新平台建设运营情况及存在的问题,进一步探讨加强产业创新平台建设的策略。     

The Determinants of R & D Expenditures: A Study of the Canadian Biotechnology Industry

The relative importance of a multitude of factors forthe allocation of expenses towards R & D are assessedin an empirical study of the Canadian biotechnologyindustry. The results show that patent protection andstrategic alliances facilitate R & D spending. Theresults also show that early-stage firms spend agreater proportion of the expenditures on R & D, whilefirms engaged in R & D in platform technologies andfirms with high debt-equity ratios spend a lowerproportion of their expenditures on R & D. Demand pulland competition variables are insignificant factors. Finally, counter to our expectations, R & Dexpenditures are more intensive among firms engaged inR & D in areas in which consumer controversies are morepronounced.     

The Effect of Industry Concentration on Free Riding

The conventional wisdom regarding industry concentration and cooperative behavior has not been fully supported by the empirical literature. This paper develops a game-theoretic model to explain these mixed results. In the context of an industry that lobbies the government for tariff protection, the model shows that the difficulty of enforcing a cooperative agreement is a function of not only the number of firms in the industry but also the rate of return to lobbying. Thus, when the rate of return to lobbying expenditures is high, the expected relationship may break down.