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Using Stock Price Data to Measure the Effects of Regulation: The Interstate Commerce Act and the Railroad Industry

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  • Robin A. Prager
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    Abstract

    This article uses financial data to measure the effects of the passage of the Interstate Commerce Act of 1887 and subsequent legislative and judicial developments on firms in the railroad industry. The results indicate that the Interstate Commerce Act had a significant positive impact on railroad stock prices and that court decisions in the 1890s which severely restricted the powers of the Interstate Commerce Commission caused negative stock price reactions. These findings offer support for the revisionist view of regulatory history, according to which the railroads welcomed regulation as a means of facilitating the enforcement of cartel-like agreements.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal RAND Journal of Economics.

    Volume (Year): 20 (1989)
    Issue (Month): 2 (Summer)
    Pages: 280-290

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    Handle: RePEc:rje:randje:v:20:y:1989:i:summer:p:280-290

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    Cited by:
    1. Carl Lin, 2011. "Give me your wired and your highly skilled: measuring the impact of immigration policy on employers and shareholders," Working Papers, Institut d'Economia de Barcelona (IEB) 2011/17, Institut d'Economia de Barcelona (IEB).
    2. Lin, Carl, 2012. "Less Myth, More Measurement: Decomposing Excess Returns from the 1989 Minimum Wage Hike," IZA Discussion Papers 6269, Institute for the Study of Labor (IZA).
    3. Victor Stango, 2002. "Strategic responses to regulatory threat in the credit card market," Working Paper Series, Federal Reserve Bank of Chicago WP-02-02, Federal Reserve Bank of Chicago.
    4. Bruce Blonigen & Anca Cristea, 2013. "The Effects of the Interstate Commerce Act on Transport Costs: Evidence from Wheat Prices," Review of Industrial Organization, Springer, Springer, vol. 43(1), pages 41-62, August.

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