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Since the 1930s, comic books in America have risen to be an important component in the market of entertainment goods and services. This paper presents a holistic economic analysis of the modern American comic book industry in recent years, from the creation of the artwork, to its distribution system and, ultimately, the sale to the consumer. Using distributor data from 2005 to 2017, our analysis shows that while the industry has seen its share of booms-and-busts, the profitability of licensing, advertising, growing market concentration, and a steady readership has caused the industry to consistently grow, albeit at a slow pace, since its decline in the 1990s. Further, it is discovered that publisher "special events" and the recent rise in comic book-based films has had little to no effect on comic book sales within the American market. [ABSTRACT FROM AUTHOR]

We explore how the dramatic increase in the share of leisure travel has changed aircraft utilization in the U.S. airline industry. We argue that the growth in leisure travel—which is due to increases in household income and to airline deregulation—has been responsible for an increase in airlines' load factors. Because of data limitations, we use cross-sectional variation in the mix of passenger types to identify the effect of passenger mix on load factors. We find that routes that have a greater share of leisure travelers also have higher load factors. We use this evidence to argue that the growth of leisure travel since airline deregulation is an important driver of aircraft utilization and other characteristics of the U.S. airline industry. [ABSTRACT FROM AUTHOR]

Background: Since the site of human subjects research has public health, regulatory, ethical, economic, and social implications, we sought to determine the global distribution and migration of clinical research using an open-access trial registry. Methods: We obtained individual clinical trial data including location of trial sites, dates of operation, funding source (United States government, pharmaceutical industry, or organization), and clinical study phase (1, 1/2, 2, 2/3, or 3) from ClinicalTrials.gov. We used the World Bank's classification of each country's economic development status ["High Income and a Member of the Organization for Economic Co-operation and Development (OECD)", "High Income and Non-Member of the OECD", "Upper-Middle Income", "Lower-Middle Income", or "Low Income"] and United Nations Populations Division data for country-specific population estimates. We analyzed data from calendar year 2006 through 2012 by number of clinical trial sites, cumulative trial site-years, trial density (trial site-years/106 population), and annual growth rate (%) for each country, and by development category, funding source, and clinical study phase. Results: Over a 7-year period, 89,647 clinical trials operated 784,585 trial sites in 175 countries, contributing 2,443,850 trial site-years. Among those, 652,200 trial sites (83%) were in 25 high-income OECD countries, while 37,195 sites (5%) were in 91 lower-middle or low-income countries. Trial density (trial site-years/106 population) was 540 in the United States, 202 among other high-income OECD countries (excluding the United States), 81 among high-income non-OECD countries, 41 among upper-middle income countries, 5 among lower-middle income countries, and 2 among low-income countries. Annual compound growth rate was positive (ranging from 0.8% among low-income countries to 14.7% among lower-middle income countries) among all economic groups, except the United States (-0.5%). Overall, 29,191 trials (33%) were funded by industry, 4,059 (5%) were funded by the United States government, and 56,397 (63%) were funded by organizations. Countries with emerging economies (low- and middle-income) operated 19% of phase 3 trial sites, as compared to only 6% of phase 1 trial sites. Conclusion: Human clinical research remains concentrated in high-income countries, but operational clinical trial sites, particularly for phase 3 trials, may be migrating to low- and middle-income countries with emerging economies. [ABSTRACT FROM AUTHOR]

Fish consumption in Mexico is considered low (around 12 kg per person per year) and non-homogeneously distributed across the country. One of the reasons for this situation is the scarcity of wholesale selling sites. In this context, the Mercado del Mar (MM), located in Guadalajara city, Jalisco, is the second biggest wholesale fish market in Mexico, with a distribution of about 500 tons per day and a variety of about 350 different species of fish. In this paper, we argue that MM has accumulated social capital, which is formed from two main resources: buyer and seller relationships, and reputation. Specifically, the MM manages a broad and intensive interaction among business actors and the already achieved reputation allows the MM to adapt to market changes. To validate our hypotheses, an empirical study was conducted in 2015 by means of interviews to fish wholesalers in the MM and a sample of their suppliers and buyers. For simplicity we have only considered fresh water fish. We have followed snow-ball sampling as the survey strategy. Results show that the MM has responded to fish market dynamics organizing a complex network of buyers and suppliers whose relationships can be explained in the form of strong and weak ties. At the same time, reputation has been the central resource to build this social capital and also gives place to market transactions. Additionally, the strategic position of Guadalajara city and the well-connected routes have facilitated fish bulking and distribution in the region. [ABSTRACT FROM AUTHOR]

A detailed understanding of technological change as an evolutionary process is currently not well understood. To increase our understanding, we build upon theory from organizational ecology to develop a model of endogenous technological growth and determine to what extent the pattern of technological growth can be attributed to the structural or systemic characteristics of the technology itself. Through an empirical investigation of patent data in the biotechnology industry from 1976 to 2003, we find that a technology’s internal (i.e., density and diversity) ecological characteristics have a positive effect on its growth rate. The niche’s external characteristics of crowding and status have a negative effect on its growth rate. Hence, applying theory from organizational ecology increases our understanding of technological change as an evolutionary process. We discuss the implications of our findings for the study of technological growth and evolution, and suggest avenues for further research. [ABSTRACT FROM AUTHOR]

The United States is the main destination for Dominican Republic (DR) green skin avocado exports accounting for over 70 % of the total DR green skin avocado exports from 2004 to 2013. Given the US dominant position in the US-DR green skin avocado trade, the United States may have an incentive to deviate from the competitive markets model, and behave as an oligopsonist. The present study seeks to assess potential oligopsonistic behavior in the US green skin avocado import market. A residual supply model was specified and estimated. Findings indicate that despite its dominant position in the world avocado trade, there is no empirical evidence that indicates that the United States exercises market power over DR exports of green skin avocados. [ABSTRACT FROM AUTHOR]

Postgrant validity challenges at patent offices rely on the private initiative of third parties to correct mistakes made by patent offices. We hypothesize that incentives to bring postgrant validity challenges are reduced when many firms benefit from revocation of a patent and when firms are caught up in patent thickets. Using data on opposition to patents at the European Patent Office we show that opposition decreases in fields in which many others profit from patent revocations. Moreover, in fields with a large number of mutually blocking patents, the incidence of opposition is sharply reduced, particularly among large firms and firms that are caught up directly in patent thickets. These findings indicate that postgrant patent review may not constitute an effective correction device for erroneous patent grants in technologies affected by either patent thickets or highly dispersed patent ownership. [ABSTRACT FROM AUTHOR]

This paper explores the dynamics of value distribution within a sector, using data on the U.S. computer industry as an illustration. It provides exploratory quantitative evidence for the way in which conditions within the segments of a sector's value chain affect the profitability of those segments compared with the sector as a whole. To consider how value shifts from one part of the sector (such as computer assemblers) to another (such as software and microprocessor makers), we look at how conditions within a segment (such as software developers) affect changes in the value share of that segment compared with the entire sector in terms of market capitalization. We find that the presence of what we call "kingpins"--firms with superior capabilities, modeled in our study as having superior market capitalization and as being disproportionately important in terms of research and development (R&D)--is correlated with a higher share of total sector value, suggesting that kingpins can help a segment to become a "bottleneck." Sales concentration and the level of R&D expenditure are not always reliable predictors. Kingpins exert a positive externality on their direct competitors, yet their segments display increasing internal inequality over time, making the presence of kingpins a double-edged sword for their peers. Our findings extend recent work on industry architectures, highlighting the interconnectedness of different segments within a sector. They also provide a structure to help study the dynamics of "value migration," which has not yet attracted much academic scrutiny. [ABSTRACT FROM AUTHOR]

This article examines how antitrust law and policy can benefit from ideas developed in the academic strategy field. Because accurate assessment and prediction of the effects of firm conduct depend in part on understanding individual firm capabilities, knowledge from the strategy field and other business fields complements the contributions from industrial organization economics (IO). These business fields also offer theoretical and empirical challenges to the IO paradigm, which dominates antitrust analysis. The article begins with a comparison between strategy and IO and then illustrates how the strategy field can contribute to antitrust merger analysis. The article then assesses the influence of the strategy field on antitrust law and scholarship based on a citation analysis, which reveals little evidence of influence. It concludes with an examination of the likely impediments to the diffusion of strategy field ideas into antitrust. [ABSTRACT FROM PUBLISHER]

Objective To investigate how integration between Medicare Advantage plans and health care providers is related to plan premiums and quality ratings. Data Source We used public data from the Centers for Medicare and Medicaid Services ( CMS) and the Area Resource File and private data from one large insurer. Premiums and quality ratings are from 2009 CMS administrative files and some control variables are historical. Study Design We estimated ordinary least-squares models for premiums and plan quality ratings, with state fixed effects and firm random effects. The key independent variable was an indicator of plan-provider integration. Data Collection With the exception of Medigap premium data, all data were publicly available. We ascertained plan-provider integration through examination of plans' websites and governance documents. Principal Findings We found that integrated plan-providers charge higher premiums, controlling for quality. Such plans also have higher quality ratings. We found no evidence that integration is associated with more generous benefits. Conclusions Current policy encourages plan-provider integration, although potential effects on health insurance products and markets are uncertain. Policy makers and regulators may want to closely monitor changes in premiums and quality after integration and consider whether quality improvement (if any) justifies premium increases (if they occur). [ABSTRACT FROM AUTHOR]

Nonprofit organizations play a critical role in efforts to conserve biodiversity. Their success in this regard will be determined in part by how effectively individual nonprofits and the sector as a whole are structured. One of the most fundamental questions about an organization's structure is how large it should be, with the logical counterpart being how concentrated the whole sector should be. We review empirical patterns in the size, concentration, and growth of over 1700 biodiversity-conservation nonprofits registered for tax purposes in the United States within the context of relevant economic theory. Conservation-nonprofit sizes vary by six to seven orders of magnitude and are positively skewed. Larger nonprofits access more revenue streams and hold more of their assets in land and buildings than smaller or midsized nonprofits do. The size of conservation nonprofits varies with the ecological focus of the organization, but the growth rates of nonprofits do not. [ABSTRACT FROM AUTHOR]

Complex social networks have received increasing attention from researchers. Recent work has focused on mechanisms that produce scale-free networks. We theoretically and empirically characterize the buyer-supplier network of the US economy and find that purely scale-free models have trouble matching key attributes of the network. We construct an alternative model that incorporates realistic features of firms' buyer-supplier relationships and estimate the model's parameters using microdata on firms' self-reported customers. This alternative framework is better able to match the attributes of the actual economic network and aids in further understanding several important economic phenomena. [ABSTRACT FROM AUTHOR]

This article compares sales per employee for a panel of over 300 US firms which are majority employee-owned through employee stock ownership plans with a panel of closely matched, traditionally owned firms. Responses from a survey of firm work practices are used to estimate worker participation effects. Comparing matched firms, sales per employee are substantially and significantly higher for the employee-owned group of firms. This ‘employee-owned advantage’ is significantly greater among smaller firms, and (holding firm size constant) improves as the average employee’s ownership stake in firm stock goes up. Holding both firm size and employee stake constant, the employee-owned advantage is substantially (though not significantly) greater in the large group of firms which are 100 percent owned by their ESOP trusts. Holding firm size constant, increased production—worker influence on three facets of firm innovation also improves the advantage. [ABSTRACT FROM PUBLISHER]

The online news industry in the United States faces a challenge: Whether online news media can produce enough quality content that generates revenue and profit at a level comparable to traditional media. To meet the challenge, this study applied two economic models, the industrial organization (IO) and the resource-based view of the firm (RBV), to locate the determinants of market performance for the industry. Relatively, IO's industry effects were twice as powerful as RBV's firm effects in explaining news sites' revenue growth, profitability, and relative performance. Together, the determinants derived from both models explained 21 to 39 percent of variance in market performance among the 208 news sites in the study. [ABSTRACT FROM AUTHOR]

How does information technology (IT) alter the organizational dynamics in an industry? In this article, we examine changes in competition and interfirm relations in the U.S. logistics industry, particularly whether ‘trust-based’ interfirm relationships are being substituted by ‘competition-based’ relationships and the rationale for outsourcing. We also examine how new IT tools and outsourcing interact and how logistics contracts, the size of firms, and knowledge lead to integration or disintegration within the industry. The results of our research demonstrate that while the use of IT tools is widespread, traditional trust-based relationships exhibit a considerable resilience in the logistics industry. The industry is also undergoing a complex process of restructuring in response to technological change, on the one hand, and the persistence of geographic and functional specialization, on the other hand. The industry's focus on the delivery of high-quality services, coupled with excess capacity in the industry in the past few years, has contributed to these contradictory trends. As a result, elimination of the middleman has not been as widely observed as expected. [ABSTRACT FROM AUTHOR]

Although the logistics industry provides critical services to all sectors of the economy, few studies exist in economic geography that examine and explain the organizational dynamics of this industry. This article highlights the significance of the logistics industry in contemporary industrialization and argues that an enriched understanding of the interaction between technology and space can be achieved by examining the evolution of an industry that plays a central role in the contemporary economy. We focus on dimensions that are identified as particularly important: organizational, geographic, and risk and security. [ABSTRACT FROM AUTHOR]

Using a large dataset of automobile transaction prices, we find that offline African-American and Hispanic consumers pay approximately 2% more than do other offline consumers; however, we can explain 65% of this price premium with differences in observable traits such as income, education, and search costs. Our estimates of unexplained race premia are smaller than previous estimates in the literature. Online, we find that minority buyers pay nearly the same prices as do whites controlling for consumers' income, education, and neighborhood characteristics. These results are consistent with the Internet facilitating information search and removing cues to a consumer's willingness to pay. Our results imply that the Internet is particularly beneficial to those whose characteristics disadvantage them in negotiating. [ABSTRACT FROM AUTHOR]

This paper formally articulates Porter's hypothesis that the degree of competition in domestic markets is positively linked to performance in international markets. Hypotheses are tested using measures of the trade performance of U.S. food manufacturing industries as proxies for international competitiveness. Empirical results are generally consistent with Porter's hypothesis; net export share is negatively related to industry concentration. The competitiveness of agricultural inputs, R&D intensity, and trade barriers of other countries were also found to be important determinants of the performance of these industries in global markets. [ABSTRACT FROM AUTHOR]