This paper investigates how increases in concentration can be interrupted or reversed by changes in how firms compete on quality. We examine the U.S. hotel industry during the past half century. We document that starting in the early 1980s, quality competition came more in the form of costs that...

This article proposes a general equilibrium model to explain the positive and sizable term premia implied by the data. The authors introduce a slow mean-reverting process of consumption growth and a segmented asset-market mechanism with heterogeneous trading technologies into an otherwise...

In countries like India where poverty reduction is closely linked to the transformation of the occupational structure (Chakravarty 1987), the study of occupational segregation has its own importance. By using three rounds of NSSO data, 55th (July 1999-June 2000), 61st (2004-05) and 68th ( July...

Banks, life insurers, and commercial mortgage-backed securities (CMBS) lenders originate the vast majority of U.S. commercial real estate (CRE) loans. While these lenders compete in the same market, they differ in how they are funded and regulated, and therefore specialize in loans with...

The technological communications revolution has led to disruptions in many retail markets. Many famous brands have closed their brick and mortar stores and only focus on online stores. However, this shift hasn‟t extended in some segments, cultures and countries. For example, senior customer...

We study the extent of price discovery in the onshore Chinese corporate bond market, focusing in particular on the information content of credit spreads in China. Using Merton's model of default, we construct credit measures of publicly listed firms, using information from their financial...

This paper investigates how increases in concentration can be interrupted or reversed by changes in how firms compete on quality. We examine the U.S. hotel industry during the past half century. We document that starting in the early 1980s, quality competition came more in the form of costs that...