We document economically large differences in the beforeand after-fee returns earned by speculative traders. We establish this result by focusing on day traders in Taiwan from 1992 to 2006. We argue that these traders are almost certainly speculative traders given their short holding period. We sort day traders based on their returns in year y and analyze their subsequent day trading performanc...

It is one of controversial issues in health economics whether the severer competition among physicians causes the higher medical fee because of the physician-induced demand or it causes decline of the fee because of the competition. We focus on the dental service market in Japan and examine the relation between the dentist-to-population ratio and dentistry fee using the fixed-effects model incl...

A model of franchising competition in locationally differentiated products is constructed. A franchisor (upstream firm) collects a marginal transfer fee per unit of output sold by a franchisee (downstream firm). For example, the marginal transfer fee can be realized as a markup on variable inputs supplied by the franchisor. A franchisor also collects a lump-sum rent (commonly called "franchisin...