The optimal jurisdiction size has been debated since Plato and Aristotle. A large literature has studied economic and democratic scale effects, but we have almost no knowledge of the effects of jurisdiction size on the effectiveness of local services. This is due to two methodological problems. First, selection bias and reverse causality often render change in jurisdiction size an endogenous variable. Second, there is a lack of empirical indicators of effectiveness, and most studies therefore focus on spending measures. Extant research thus studies economies of scale, leaving effectiveness of scale unexamined. We address both problems in a quasi‐experimental study of public schools. Our findings from the school area indicate that jurisdiction size does not have systematic effects on effectiveness. Our analysis therefore supports recent studies of economic and democratic scale effects that indicate that the search for the optimal jurisdiction size is futile.

The article examines the European Commission's use of its legal powers over mergers. It discusses and tests two views. One is that the ‘neoliberal’ Commission has ended previous industrial policies of aiding ‘national champion’ firms to grow through mergers and instead pursues a ‘merger‐constraining’ policy of vigorously using its legal powers to block mergers. The other is that the Commission follows an ‘integrationist policy’ of seeking the development of larger European firms to deepen economic integration. It examines Commission decisions under the 1989 EC Merger Regulation between 1990 and 2009. It selects three major sectors that are ‘likely’ for the ‘merger‐constraining’ view – banking, energy and telecommunications – and analyses a dataset of almost 600 Commission decisions and then individual merger cases. It finds that the Commission has approved almost all mergers, including by former ‘national champion’ firms. There have been only two prohibitions over 20 years in the three sectors and the outcome has been the creation of larger European firms through mergers. It explains how the Commission can pursue an integrationist policy through the application of competition processes and criteria. The wider implication is that the Commission can combine competition policy with achieving the ‘industrial policy’ aim of aiding the development of larger European firms.

This paper tests the insiders’ dilemma hypothesis in a laboratory experiment. The insiders’ dilemma means that a profitable merger does not occur, because it is even more profitable for each firm to unilaterally stand as an outsider (Stigler, 1950; Kamien and Zang, 1990, 1993). The experimental data provides support for the insiders’ dilemma, and thereby for endogenous rather than exogenous merger theory. More surprisingly, our data suggests that fairness (or relative performance) considerations also make profitable mergers difficult. Mergers that should occur in equilibrium do not, since they require an unequal split of surplus.

The multilingual landscape of Canada creates opportunities for many heterogeneous bilingual communities to experience systematic phonetic variation within and across languages and dialects, and exposes listeners to different pronunciation variants. This paper examines phonetic variation through the lens of an ongoing sound change in Cantonese involving word-initial [n] and [l] across two primed lexical decision tasks (Experiment 1: Immediate repetition priming task, Experiment 2: Long-distance repetition priming task). Our main question is: How are sound change pronunciation variants recognized and represented in a Cantonese-English bilingual lexicon? The results of both experiments suggest that [n]- and [l]-initial variants facilitate processing in both short and long-term spoken word recognition. Thus, regular exposure to Cantonese endows bilingual listeners with the perceptual flexibility to dually and gradiently map pronunciation variants to a single lexical representation.

Public interest issues have the potential to play a significant role in the evaluation of mergers and acquisitions in Africa's regional competition laws. A case in point is the Common Market for Eastern and Southern Africa (COMESA): its regional competition authorities have jurisdiction to evaluate transactions within the Common Market. To that end, COMESA's regional competition law enumerates specific public interest factors regarding mergers and acquisitions. Further, COMESA's regional competition law permits the consideration of additional factors under the rubric of public interest, without specifying what these factors are. On this basis, COMESA's regional competition authorities have gradually created precedents on incorporating public interest considerations. This illustrates the point that purist positions towards competition law do not serve Africa's socio-economic development goals. Therefore, the challenge facing COMESA's regional competition authorities is the application of the public interest in a manner that remains faithful to the economic doctrine that underpins competition law.

At Corn Products Refining (CPR), stockholders so disagreed with one another that they threatened to undermine the merger itself. Its predecessor, Corn Products (1902–1906), nearly failed, and so might have CPR. For several years, from its organization in 1906 to perhaps 1915, CPR’s owners weighed paying dividends against funding factories. Because paying dividends chanced syphoning off sums needed for plants, this might cause facilities to deteriorate and workers to face threats like factory fires that often set off explosions. CPR President E. T. Bedford managed this test and strove to upgrade facilities, which, by design or not, helped improve safety. His efforts almost came to naught given CPR’s anticompetitive tactics, yet the court’s antitrust decision—although highly critical—inadvertently gave the merger the chance to enhance profits and safety.

We study the effect of minor mergers on star formation using simulations. We use GADGET4 code which has both collisionless and hydrodynamical particles. Our goal is to establish a relation between gas percentage present in the galaxies and the star formation in the merged galaxy. We use 1:10 minor mergers and we run the isolated simulations with varying gas percentages in the primary galaxy. We observe that the gas particles convert into stars due to the impact of the minor merger. As the gas percentage increases in the primary disk of the galaxy, more number of stars are formed. We also observed that newly formed star particles settle down in the disk of the primary galaxy and increase the thickness of the disk. We also observe that the thickness of the stellar disk containing the old stars also increases due to the impact of the merger.

The historical dynamics of entry and exit in the financial exchange industry are analyzed for a panel of 327 US exchanges from 1855 through 2012. We focus on economic, technological and regulatory factors. Using novel panel data evidence, we empirically test whether these factors are consistent with existing financial theories. We find that US exchanges are more likely to exit per year after the passage of the Securities Exchange Act. The telephone, literacy and regulation are robust predictors of financial exchange dynamics, whereby an upward trend in literacy is an important driver of exchange entry.

At International Harvester, a 1902 merger, the defining feature was discord. A J. P. Morgan financier by the name of George W. Perkins and a formal agreement initiated changes to mitigate stress and struggle. Existing research dates improvement to 1906. This paper extends the analysis and documents that, among changes, entrepreneur William Deering and his children parted with some holdings, helping to diminish tensions. Meanwhile, the McCormicks agreed to a stock dividend.  This action helped mellow strife and augment their power. How did discord affect efficiency? The conventional answer centers on management along with expansion abroad, but that analysis is enhanced through study of seven brands and their local factories, pricing, and an antitrust consent decree. When a voting trust ran out its clock in 1912, conflict at International Harvester was receding. The firm’s record suggests various governance formats could yield efficiency and profitability.

Agro-biotechnology is evolving from a pre-commerical phase dominated by basic research science to a commercial phase oriented around marketing products. In pursuing innovation rents in the commercial phase, firms are reorienting their strategies around complementary marketing and distribution assets. This is impacting vertical and horizontal industry structure. Conversely, industry structure is also impacting firm strategies. Horizontal alliances and consolidation continue from the pre-commercial phase into the commercial phase, while vertical coordination and integration strategies are accelerating rapidly. Interplay between firm strategy and industry structure is too complex for firms to anticipate early in the pre-commercial phase for long-term strategy formulation.

China and Australia are extremely significant trade partners and investors. Australia has a very well established competition law, now called the Competition and Consumer Law 2010, with a well-established merger regime. China has a relatively new competition law, the Anti-Monopoly Law 2007. This article compares merger control in the two jurisdictions. The Ministry of Commerce (MOFCOM) has already referred to an Australian decision in rejecting a merger, the only reference to a foreign decision to date, which confirms the utility of the comparison. This article critically evaluates the determinations of MOFCOM and compares the approach of the Australian Competition and Consumer Commission (ACCC), the Australian regulator. It assesses the transparency and predictability of procedures and decision-making in the two jurisdictions.