I examine empirically whether the executive labor market helps to slot managers with higher education quality into jobs where they can obtain greater returns from their human capital skills. Comparing a sample of regulated gas and electric firms with manufacturing firms, I find that utilities...

This article examines how the benefits to managers of corporate control affect the relationship between the ownership and the stock returns of acquiring firms. At low levels of managerial ownership, agency costs of equity (such as perquisite consumption) reduce acquirer returns. At high levels...

Local telecommunications competition was an important goal of the 1996 Telecommunications Act. We evaluate the consumer welfare effects of entry into residential local telephone service in New York State using household-level data from September 1999 to March 2003. We address the prevalence of...

This article analyzes the analogue of Hotelling's duopoly model when products are defined by two characteristics. Using the assumptions of the original model of Hotelling, we show that demand and profit functions are continuous for a wide class of utility functions. When the utility function is...