In 1986 the British government deregulated the majority of the local bus industry, cut the amount of a subsidy, and privatized many public bus companies. Unit costs have declined significantly, cross-subsidies have been reduced, and there has been innovation in operating practices. However, mergers have increased concentration, and demand has declined due to the turmoil of service changes and t...

We present a model of efficient regulation along the lines of Demsetz (1967). In this model, setting up and running regulatory institutions takes a fixed cost, and therefore jurisdictions with larger populations affected by a given regulation are more likely to have them. Consistent with the model, we find that higher population U.S. states have more pages of legislation and adopt particular la...

In this research, we scrutinize the affect of ownership structure on company performance. The relationship between ownership structure and performance has always been the area under discussion in the literature of corporate finance. The discussion on this area was started with the thesis of Berle and Means (1932). They argued that defuse ownership is inversely correlated with performance of a c...

† Earlier versions of this paper were presented at the Second Asian Conference on Corporate Governance (2002), 8th Mitsui Life Symposium on Global Financial Markets (2002), International Monetary Fund (2003), KAEA (Korea America Economic Association) annual meeting (2003), Korea Fair Trade Commission (2002), Korea Association of Industrial Organization (2002), KDI School of Public Policy and Ma...

A model of corporate governance must explain (i) why governance matters; (ii) variation in governance across firms (i.e., be responsive to the Demsetz and Lehn, 1985, critique); and (iii) the positive correlations found empirically between quality of corporate governance and corporate performance. The model presented here satisfies these three criteria. It assumes exogenous variation in firm po...

We present a model of efficient regulation along the lines of Demsetz (1967). In this model, setting up and running regulatory institutions takes a fixed cost, and therefore jurisdictions with larger populations affected by a given regulation are more likely to have them. Consistent with the model, we find that higher population U.S. states have more pages of legislation and adopt particular la...

in this paper, we analysis the concept and importance of property rights in classical and institutional economic thought schools. in doing so, we analysis the thoughts of luck, adam smith, say, ricardo, malthus, mill, marx, engels, marshal (some classical economists), coase, demsetz, north, and dosoto (some new institutional economists). the results of the paper revealed that: 1) classical econ...

Many are compelled to provide accounts of the market in order to enrich research and policy agendas. This holds for anything from the discourse on the new economy to the coughing process of European marketization as experienced in transition economies and in controversies surrounding de-regulation procedures. But. The market is a tricky thing. Those who are expected to occupy a primary position...