This article argues that the three major elements of typical university conflict-of-interest (COI) policies (i.e., disclosure, management, and elimination of conflicts via divestiture or recusal) are likely to be insufficient for screening out many worrisome influences of financial COIs. Current psychological research challenges the effectiveness of disclosure, management plans are unlikely to ...

Using a linear complementarity approach, we simulate the Japanese wholesale electricity market as a transmission-constrained Cournot market. Following Hobbs (2001), our model adopts the Cournot assumption in the energy market and the Bertrand assumption in the transmission market. The Bertrand assumption means that generators consider transmission charges as being exogenous, which can be interp...

The US department store industry has undergone a recent round of strategic acquisition-based portfolio restructuring. This paper analyses one such acquisition, studying how its geography is restructured in the premerger stage to conform to the Federal Trade Commission's 'fix-it-first' policy and to improve the strategic fit of the transaction. The article then investigates evidence, and analyse...

Traditionally, vertical integration has concerned industrial economists only insofar as it affects market outcomes, particularly prices. This paper considers reverse causality, from prices – and more generally, from demand – to integration in a model of a dynamic oligopoly. If integration is costly but enhances productive efficiency, then a trend of rising prices and increasing integration coul...

This paper investigates the pricing of differentiated products in a vertical sector, with a focus on the role of industry concentration. We propose concentration indices that extend the classical Hirschman-Herfindahl Index (HHI) to include vertical structures that manage differentiated products. We also identify how substitution/complementarity among products affects pricing. We compare our pro...

We examine whether equity carve-outs (ECOs) lead to improvements in the functioning of internal capital markets (ICM) diversified firms. Divestitures, including spin-offs, sell-offs, and carve-outs, can be employed by firms improve allocative efficiency. Equity unlike other forms divestiture, leave parent's ICM largely intact but provide opportunity enhance external corporate governance mechani...