We estimate an investors' demand model for hedge funds to analyze the potential impact of leverage limits in the industry. Our estimation results highlight the importance of heterogeneous investor preference for the use of leverage, i.e., 20% of investors prefer leverage usage while others do...

This paper finds that a regulation that promotes competition in one market may decrease competition in other related markets. Policy makers in the telecommunication industry currently are facing an important decision about whether to continue unbundling regulations on new optical-fiber lines. I...

Consumers often purchase more than one differentiated product, assembling a portfolio, which might potentially affect substitution patterns of demand and, as a consequence, oligopolistic firms' pricing strategies. To study such consumers' portfolio considerations, this paper develops and...

This paper finds that a regulation that promotes competition in one market may decrease competition in other related markets. Policy makers in the telecommunication industry currently are facing an important decision about whether to continue unbundling regulations on new optical-fiber lines. I...

This paper studies that a regulation that promotes competition in one market may decrease competition in other related markets. I nd that unbundling regulation prevents new providers from building fiber-optic network constructions in Japan from 2005 to 2009. In particular, when a new technology...

This paper empirically studies how less informed lender wins the position of lead arranger in syndicated loans. We investigate the hypothesis that such lender signals loan quality by restricting deal size to less than that of the most informed lender. Since the less informed lender has smaller...

Can regulation solve problems arising from a natural monopoly? This paper analyzes whether "unbundling", referring to regulations that enforce sharing of natural monopolistic infrastructure, prevents entrants from building new infrastructure. It models and estimates a dynamic entry game to...

Can regulation solve problems arising from a natural monopoly? This paper analyzes whether "unbundling," referring to regulations that enforce sharing of natural monopolistic infrastructure, prevents entrants from building new infrastructure. It models and estimates a dynamic entry game to...