We examine the impact of merger announcements on protfolios of acquiring firm and target firm common stock from 1919 to 1930. despite vast changes in the economic and regulatory environment, overall acquisition profitability has remained remarkably constant over the last 70 and 80 years. Target...

Using recently assembled data from the Mine Safety and Health Administration (MSHA) we shed new light on the regulatory approach to workplace safety. Because all underground coal mines are inspected quarterly, MSHA regulations will not be ineffective because of infrequent inspections. From over...

This paper presents a numerical simulation, based on data from the early 1970s, to investigate the economic links between labor market outcomes and the workers' compensation insurance system. The results suggest that, in most cases, any of three changes in the system-more generous benefits, more...

Studies of industrial safety regulations, Occupational Safety and Health Administration (OSHA) in particular, often find little effect on worker safety. Critics of the regulatory approach argue that safety standards have little to do with industrial injuries and defenders of the regulatory...

Critics claim that theories of secured debt fail to explain the widespread use of collateral because they incorrectly predict when a loan will be secured. This paper provides the first rigorous statistical test of the transaction cost models of secured debt. Data from two samples of over 1,000...