A securities market that imposes higher trading costs on small-volume traders may reduce free-riding on information generated by large-volume traders. The reduction in free-riding increases the probability that large-volume traders will invest in socially beneficial information and engage in...

The authors examine forty-seven stocks that voluntarily left the American Stock Exchange from 1992 through 1995 and listed on the NASDAQ . They find that both effective and quoted spreads increase by about 100 percent after listing on the NASDAQ. These spread changes are consistent across...

Naked market division, price fixing agreements and mergers which result in dominant positions have long been opposed by the courts and the government because of the high likelihood that they will result in a reduction in output and an increase in price. We show that the opposite may be true if...

This paper develops an empirical test to determine whether, on average, capital moves more easily between industries within a country or between coun tries within an industry. The test is applied using cross-section dat a on accounting rates of return to capital of U.S. multinational corp...

This paper compares one-part and two-part pricing in a discrete-continuous choice model, providing more extensive welfare results than prior literature. Under two-part pricing, firms may set fixed fees with or without `unit-price commitment,' where the lack of unit-price commitment is consistent...