We formulate a simple model of optimal defensive disclosure by a monopolist facinguncertain antitrust enforcement and test its implications using unique data on defensivedisclosures and patents by IBM during 1955-1989. Our results indicate that strongerantitrust enforcement leads to more...

In its first 35 years, the U.S. laser industry was characterized by steady growth in output and the number of producers, whereas subsequently the number of producers steadily declined despite continued growth in the industry’s output. A model of industry evolution that features the creation,...