This paper surveys the legal economic literature on market power in electricity over the last 15 years. Many of the market power issues in electricity fit within the broader, long-familiar rubric of antitrust analysis. But electricity also displays special characteristics and complexities that may require a more tailored approach--or even special guidelinesâ014for competition analysis. Most of the current research regarding market power in electricity focuses on five major areas: (1) withholding; (2) measuring market power; (3) market definition; (4) vertical issues; and (5) remedies. Numerous forms of withholding pose novel and serious policy issues, which are confounded by a virtually nonexistent role for antitrust and various impediments to effective regulatory enforcement. Much research has also been devoted to measuring market power, particularly in the aftermath of the California energy crisis. While empirical studies that diagnose and quantify market power are useful, they may also deflect attention from the broader issue of structural reforms that would address market power better than behavioral fixes. Market definition has been a key issue in merger and market-based rate policyâ014revealing the importance of transmission constraints and demand conditions in defining relevant markets. Current modeling approaches are limited in their usefulness, however, thus introducing the debate about the usefulness of simulation models. New vertical issues have also emerged over the last 15 years. New forms of ability to foreclose rivals (e.g., transmission rights and reliability) and incentive (e.g., increased concentration and M&A activity) pose policy challenges in light of renewed interest in the benefits of vertical rebundling. Finally, the research on remedies exposes the tension between structural and behavioral that has polarized antitrust and regulatory approaches to dealing with market power. But outside the realm of merger review, antitrust will likely continue to play a very limited role in electricity, leaving the burden largely on the shoulders of regulators.
{"title":"Electricity and Market Power: Current Issues for Restructuring Markets (A Survey)","authors":"Diana L. Moss","doi":"10.2139/ssrn.1103663","DOIUrl":"https://doi.org/10.2139/ssrn.1103663","url":null,"abstract":"This paper surveys the legal economic literature on market power in electricity over the last 15 years. Many of the market power issues in electricity fit within the broader, long-familiar rubric of antitrust analysis. But electricity also displays special characteristics and complexities that may require a more tailored approach--or even special guidelinesâ014for competition analysis. Most of the current research regarding market power in electricity focuses on five major areas: (1) withholding; (2) measuring market power; (3) market definition; (4) vertical issues; and (5) remedies. Numerous forms of withholding pose novel and serious policy issues, which are confounded by a virtually nonexistent role for antitrust and various impediments to effective regulatory enforcement. Much research has also been devoted to measuring market power, particularly in the aftermath of the California energy crisis. While empirical studies that diagnose and quantify market power are useful, they may also deflect attention from the broader issue of structural reforms that would address market power better than behavioral fixes. Market definition has been a key issue in merger and market-based rate policyâ014revealing the importance of transmission constraints and demand conditions in defining relevant markets. Current modeling approaches are limited in their usefulness, however, thus introducing the debate about the usefulness of simulation models. New vertical issues have also emerged over the last 15 years. New forms of ability to foreclose rivals (e.g., transmission rights and reliability) and incentive (e.g., increased concentration and M&A activity) pose policy challenges in light of renewed interest in the benefits of vertical rebundling. Finally, the research on remedies exposes the tension between structural and behavioral that has polarized antitrust and regulatory approaches to dealing with market power. But outside the realm of merger review, antitrust will likely continue to play a very limited role in electricity, leaving the burden largely on the shoulders of regulators.","PeriodicalId":224456,"journal":{"name":"ERPN: Industry Studies (Sub-Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127410540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines why, even when financial resource constraints are significantly relaxed, some new ventures struggle to survive while others prosper. Using the data of approximately 200 new Internet ventures that went public during the years 1997 through 1999, we propose that the performance of new ventures is a function of pre-IPO characteristics. We determined that firm-level characteristics including top management team, financial position, networks and location are related to the performance of struggling new ventures. We found strong evidence of agency relationships, so that a substantial reduction in equity holdings by the entrepreneurial team is strong signal of impending crisis. Interestingly, similar reductions by venture capital backers did not serve as a signal of crisis. A revised version of this paper is forthcoming in the Journal of Business Venturing, Vol.20, No.4.
{"title":"Cash Crisis in Internet-Based Ipos During the 1990s Bubble","authors":"R. Mudambi, M. Treichel","doi":"10.2139/SSRN.535182","DOIUrl":"https://doi.org/10.2139/SSRN.535182","url":null,"abstract":"This study examines why, even when financial resource constraints are significantly relaxed, some new ventures struggle to survive while others prosper. Using the data of approximately 200 new Internet ventures that went public during the years 1997 through 1999, we propose that the performance of new ventures is a function of pre-IPO characteristics. We determined that firm-level characteristics including top management team, financial position, networks and location are related to the performance of struggling new ventures. We found strong evidence of agency relationships, so that a substantial reduction in equity holdings by the entrepreneurial team is strong signal of impending crisis. Interestingly, similar reductions by venture capital backers did not serve as a signal of crisis. A revised version of this paper is forthcoming in the Journal of Business Venturing, Vol.20, No.4.","PeriodicalId":224456,"journal":{"name":"ERPN: Industry Studies (Sub-Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116215433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Scientist-entrepreneurs prominent in biotech and other high-technology industries view going public not as a cost-effective source of capital but as a cross between selling a now-proven innovation and winning a lottery. Unlike most empirical IPO analyses confined to those firms that go public, we study substantially all the non-public biotech firms founded up through 1989. The probability that one of these firms goes public in any given year increases with the quality of the firm's science base (use of recombinant DNA technology, number of articles by star scientists as or with firm employees, number of biotech patents), the percentage of eligible firms going public the year the firm was founded as a strategy indicator, recent biotech returns as an indicator of a hot market, and whether or how many rounds of venture capital has been obtained. The same key factors increase the expected proceeds raised from IPOs, but the quality of the firm's science base plays a more dominant role. All firms going public try to look like the next Genentech, but only those with the strong science base necessary for success attract large investments.
{"title":"Going Public When You Can in Biotechnology","authors":"M. Darby, L. Zucker","doi":"10.3386/W8954","DOIUrl":"https://doi.org/10.3386/W8954","url":null,"abstract":"Scientist-entrepreneurs prominent in biotech and other high-technology industries view going public not as a cost-effective source of capital but as a cross between selling a now-proven innovation and winning a lottery. Unlike most empirical IPO analyses confined to those firms that go public, we study substantially all the non-public biotech firms founded up through 1989. The probability that one of these firms goes public in any given year increases with the quality of the firm's science base (use of recombinant DNA technology, number of articles by star scientists as or with firm employees, number of biotech patents), the percentage of eligible firms going public the year the firm was founded as a strategy indicator, recent biotech returns as an indicator of a hot market, and whether or how many rounds of venture capital has been obtained. The same key factors increase the expected proceeds raised from IPOs, but the quality of the firm's science base plays a more dominant role. All firms going public try to look like the next Genentech, but only those with the strong science base necessary for success attract large investments.","PeriodicalId":224456,"journal":{"name":"ERPN: Industry Studies (Sub-Topic)","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120887401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Small and Medium Enterprises (SMEs) play very significant role in the economies of both developed and developing countries, representing well over 90 percent of all manufacturing enterprises in the world. Over the years, SMEs have gained wide recognition as a major source of employment, income generation, poverty alleviation and regional development in Sri Lanka. While little empirical research has addressed the small firm performance, even few studies have concentrated in rural areas; this study aims to examine the factors influencing the performance of SMEs in North Central Province (NCP) in Sri Lanka. The study directs to SMEs owner Managers to examine their character traits, strategic capabilities and external environment influences and effect of them towards the firm performance.
{"title":"Analysis of Factors Influencing the Performance of Small and Medium Enterprises in North Central Province in Sri Lanka","authors":"P. Jayathilake, Indumathi Welmille","doi":"10.2139/ssrn.2032475","DOIUrl":"https://doi.org/10.2139/ssrn.2032475","url":null,"abstract":"Small and Medium Enterprises (SMEs) play very significant role in the economies of both developed and developing countries, representing well over 90 percent of all manufacturing enterprises in the world. Over the years, SMEs have gained wide recognition as a major source of employment, income generation, poverty alleviation and regional development in Sri Lanka. While little empirical research has addressed the small firm performance, even few studies have concentrated in rural areas; this study aims to examine the factors influencing the performance of SMEs in North Central Province (NCP) in Sri Lanka. The study directs to SMEs owner Managers to examine their character traits, strategic capabilities and external environment influences and effect of them towards the firm performance.","PeriodicalId":224456,"journal":{"name":"ERPN: Industry Studies (Sub-Topic)","volume":"135 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127375444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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