European Community Merger Control in the Service Industries

This article examines the application of the EC Merger Regulation to service industries in the light of the 50 final decisions relating to services taken in its first two years of operation. These cases generally raised few competition concerns and only one (Accor/Wagons-Lits) has led to full proceedings. However they have raised important questions about the calculation of turnover, definition of control and treatment of joint ventures as well as uncertainties about jurisdiction. An understanding of the Commission's evolving policy will be of increasing importance as service industries internationalise, especially if thresholds for investigation are eventually lowered as the Commission has proposed.     

Travellers under fire: Tourists in the Tibetan uprising

Following the demonstrations in Lhasa in the fall of 1987, tourists who witnessed the events became the principal source of information to journalists denied access to Tibet and gathered material on arrests, torture, and imprisonment for human-rights organizations. A loosely knit network that arose in the first few days following the demonstrations continued to function for more than 2 years, recruiting new volunteers to take the place of those who left. Using material collected as a participant-observer among individual travelers in Tibet during 1987 and 1988, the article examines the growth of this network in terms of the response of different travel cultures to political unrest.     

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A continuous time approach to the pricing of bonds

This paper develops an arbitrage model of the term structure of interest rates based on the assumptions that the whole term structure at any point in time may be expressed as a function of the yields on the longest and shortest maturity default free instruments and that these two yields follow a Gauss-Wiener process. Arbitrage arguments are used to derive a partial differential equation which must be satisfied by the values of all default free bonds. The joint stochastic process for the two yields is estimated using Canadian data and the model is used to price a sample of Government of Canada bonds.