Vertical Integration in the U.S. Pulp and Paper Industry, 1900-1940
利用1900-1940年间美国所有纸浆和造纸厂的详细数据，检验了纵向一体化的交易成本模型，发现区域集中度、纸厂产能和标准化纸品生产与一体化正相关，且新进入者行为与老厂不同。
A transaction-cost model of vertical integration is tested, based on detailed descriptions of every pulp and paper mill operating in the United States between 1900 and 1940. This study contributes to the literature on integration through the use of a large, disaggregated database that allows identification of individual mills over time. Vertical integration of pulp and paper production is found to be positively associated with regional concentration, paper-mill capacity, and production of standardized grades of paper. Over time, new entrants behaved differently than established mills, because few mills switched between integration and specialization once established. Copyright 1994 by MIT Press.