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This paper develops a structural model of newspaper markets to analyze the effects of ownership consolidation, taking into account not only firms' price adjustments but also the adjustments in newspaper characteristics. A new dataset on newspaper prices and characteristics is used to estimate the model. The paper then simulates the effect of a merger in the Minneapolis newspaper market and studies how welfare effects of mergers vary with market characteristics. It finds that ignoring adjustments of product characteristics causes substantial differences in estimated effects of mergers.

How do firms respond to entry in multi-sided markets? We address this question by studying the impact of Craigslist, a website providing classified-advertising services, on local U.S. newspapers. We exploit temporal and geographical variation in Craigslist's entry to show that newspapers with greater reliance on classified-ad revenue experience a larger drop in classified-ad rates after Craigslist's entry. The impact of Craigslist's entry on the classified-ad side appears to propagate to other sides of the newspapers' market. On the subscriber side, these newspapers experience an increase in subscription prices, a decrease in circulation, and an increase in differentiation from each other. On the display-ad side, affected newspapers experience a decrease in display-ad rates. We also find evidence that affected newspapers are less likely to make their content available online. Finally, we estimate that Craigslist's entry leads to $5.0 billion (year 2000 dollars) in savings to classified-ad buyers during 2000-2007. This paper was accepted by Sandra Slaughter, information systems.

The number of open access articles published in hybrid journals has increased recently. However, there are concerns over the practice of double dipping, when hybrid journals charge for publishing the same article twice, once for subscription and once for open access. To determine whether double dipping occurs, this study examined the relationship between the subscription prices for hybrid journals and the proportions of open access articles in hybrid journals. Two simultaneous equations of subscription prices and article processing charges for Wiley’s 1141 hybrid journals were estimated using the full information maximum likelihood method. The results revealed that the increased proportions of open access articles did not result in lower subscription prices; thus, there is no denying that double dipping occurs. Furthermore, the article processing charges are affected by subscription prices, whereas subscription prices are significantly unaffected by article processing charges. The findings suggest that article processing charges rise in tandem with increased subscription prices; therefore, university libraries and consortiums must exercise caution when making subscription contracts with publishers.

This paper presents a model of media competition with free entry when media platforms are financed both from advertising receipts and customers' subscriptions. We establish a relationship between the equilibrium levels of prices, advertising and entry, the welfare maximizing levels and the advertising technology. Under constant or increasing returns to scale in the audience size, we find an excessive level of entry and an insufficient level of advertising. We then extend the analysis along several dimensions: the price as a strategic variable on the market for advertising, free media platforms and the media quality dimension.

We examine the role of shareholder takeup in rights offerings on the subscription period price reaction and liquidity. Our results indicate that takeup information is reflected in price adjustments over the subscription period and that quality-related information disclosed on the rights announcement date further impacts prices in this period. Higher shareholder takeup improves liquidity. We do find some evidence of inefficiencies in the adjustment process over the subscription period that, in part, is consistent with a model where markets are characterized by overconfident investors and that also articulates with takeup information arriving in the market.

For nearly three centuries the spectacular rise and fall of the South Sea Company has gripped the public imagination as the most graphic warning to investors of the dangers of unbridled speculation. Yet history repeats itself and the same elemental forces that drove up the price of South Sea shares to dizzying heights in 1720 have in recent years produced the global crash of 1987, the Japanese stock market bubble of the 1980s/90s, and the international dot.com boom of the 1990s. The First Crash throws light on the current debate about investor rationality by re-examining the story of the South Sea Bubble from the standpoint of investors and commentators during and preceding the fateful Bubble year. In absorbing prose, Richard Dale describes the trading techniques of London's Exchange Alley (which included 'modern' transactions such as derivatives) and uses new data, as well as the hitherto neglected writings of a brilliant contemporary financial analyst, to show how investors lost their bearings during the Bubble period in much the same way as during the dot.com boom. The events of 1720, as presented here, offer insights into the nature of financial markets that, being independent of place and time, deserve to be considered by today's investors everywhere. This book is therefore aimed at all those with an interest in the behavior of stock markets.

We examine what factors affect the degree of price discrimination for an academic journal by analyzing data on 190 of the 208 economics journals indexed in the 2008 edition of Journal Citation Reports. We find that (i) the library-to-individual price ratio of a for-profit journal is 37% higher than that of a comparable nonprofit journal because the price premium of a forprofit journal in the library market is disproportionately larger than that in the individual market, (ii) journals with higher citations per page or impact factor are more price discriminatory, and (iii) Elsevier and Wiley-Blackwell practice the highest degree of price discrimination of all publishers.

This paper explores investor behaviour during the South Sea Bubble-the first major speculative boom and bust on the stock markets. Previous literature debates whether investors during this episode acted rationally. Newly acquired data involving parallel markets for the South Sea Company's stock and subscription receipts are analysed, and widening valuation gaps are observed between these substitutable financial instruments. Rational explanations do not prove adequate, and the anomalies are explained by the biased decision-making of investors, and their tendency to view financial markets as wagering markets. The implications of these findings for the current debate on rationality in financial markets are identified.

This empirical research investigates subscription price variations of scholarly journals in five business subject–specific areas using the semilogarithmic regression model. It has two main purposes. The first is to address the unsettled debate over whether or not and to what extent commercial publishers reap monopoly profits by overcharging academic libraries for scholarly journals they subscribe to. The second is to provide librarians with scholarly journal price estimates and to test publication factors that affect journal prices. The subject-specific approach used in this study provides more accurate estimates for serial budgeting and management. The findings show that in all cases the coefficient of the commercial publisher variable is statistically significant at a very high level (p< .0001). In most cases, the coefficients of other observed variables are also significant, and scholarly journal prices vary significantly among the business subject-specific areas.