Measuring Market Response to Regulation of the Cable TV Industry
AbstractDuring the 1988-1990 period, the cable television industry was subject to a number of regulatory events. These centered on possible reregulation of rates for basic service and reduction of entry barriers for potential competitors. Using the event study methodology on a portfolio of cable firms, we find evidence that news of no regulation caused significant positive abnormal returns. News of reregulation caused insignificant negative abnormal returns. These findings provide some support for the traditional consumer protection theory of regulation. News related to entry barriers generally had no significant effect on returns, which suggests that elements of natural monopoly may exist in the industry. Copyright 1993 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Regulatory Economics.
Volume (Year): 5 (1993)
Issue (Month): 4 (December)
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Web page: http://www.springerlink.com/link.asp?id=100298
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- Kasuga, Norihro & Manabu, Shishikura & Masanori, Kondo, 2007. "Platform Competition in Pay-TV Market," MPRA Paper 5694, University Library of Munich, Germany.
- Lamdin, Douglas J., 2001. "Implementing and interpreting event studies of regulatory changes," Journal of Economics and Business, Elsevier, Elsevier, vol. 53(2-3), pages 171-183.
- Arthur Havenner & Thomas Hazlett & Zhiqiang Leng, 2001. "The Effects of Rate Regulation on Mean Returns and Non-Diversifiable Risk: The Case of Cable Television," Review of Industrial Organization, Springer, Springer, vol. 19(2), pages 149-164, September.
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