Subsidiaries of a firm can use their reporting discretion for several goals, such as earnings comparable to other subsidiaries or that are smooth over time. Prior theoretical work on recognizes the tension among these goals (Holmstrom, 1982; Demski and Sappington, 1974), but empirical has not sufficiently examined it. This study exploits bank holding company setting investigate how navigate com...

— Mitchell, H. H., Hamilton, T. S., Kinser, C. A. (1945) J. industr. Hyg. 27, 159. Metropolitan Water Board (1936) Rep. metrop. Water Supp. 1935. Murray, M. M., Wilson, D. C. (1945) Lancet, ii, 23. Ockerse, T. (1941) S. Afr. med. J. 15, 261. Pandit, C. G., Raghavachari, T. N. S., Rao, D. S., Krishnamurti, V. (1940) Indian J. med. Res. 28, 533. Roholm, K. (1937) Fluorine Intoxication, Lond...

Unlike Arrow’s result for process innovations, the gain from a product innovation can be larger to a secure monopolist than to a rivalrous …rm that would face competition from independent sellers of the old product. A monopolist incurs pro…t diversion from its old good but may gain more than a rivalrous …rm on the new good by coordinating the prices. In a Hotelling framework, we …nd simple cond...

Access to product information changes a consumer’s initial belief about the product’s value in ways that are often unobservable to the firm. In such situations, how much information does the firm want the consumer to have access to? This paper expands on Lewis and Sappington’s (1994) model of information supply between a seller and a buyer using the information environment developed by Kamenica...

The structure, conduct, and performance of Chinese telecommunications are analyzed to determine reform's impact on policy objectives. Recent performance suggests that a more comprehensive reform is needed. However, China's fragmented policy environment makes large-scale reform difficult. Further deregulation of the telecommunication industry requires several related initiatives: reduction of en...

This paper empirically considers the effect of horizontal subcontracting on firm bidding strategies in highway construction auctions. In this industry, subcontractors are hired by prime contractors prior to the auction, and the hired subcontractor may also be a competitor in the primary auction. While the practice of horizontal subcontracting may improve productive efficiency, serving as a hori...

This review arose from a discussion of regenerative therapies to treat optic nerve degeneration in glaucoma at the 2015 Lasker/IRRF Initiative on Astrocytes and Glaucomatous Neurodegeneration. In addition to the authors, participants included Jonathan Crowston, Andrew Huberman, Elaine Johnson, Richard Lu, Hemai Phatnami, Rebecca Sappington, and Don Zack. Glaucoma is a neurodegenerative disease ...

Few useful microsatellites are available for population studies of the European corn borer, Ostrinia nubilalis (Hübner). An enrichment strategy was used to develop microsatellite markers for O. nubilalis, and over 500 positive clones were isolated. Seventy-five contained unique microsatellites, 10 of which were polymorphic with discernable polymerase chain reaction products. The 10 loci were su...

In the United States from 2001 to 2006, federal regulations allowed entrants to lease from incumbents at relatively low cost all of the network infrastructure necessary to provide local phone service. These platform entrants could then provide phone service without installing any of their own equipment. Advocates of this policy claimed that it was needed to provide an economically feasible mean...