Using Stock Price Data to Measure the Effects of Regulation: The Interstate Commerce Act and the Railroad Industry
利用股票价格数据，发现1887年州际商业法案对铁路公司股价有显著正面影响，而1890年代限制州际商业委员会权力的法院判决则导致股价下跌，支持了铁路公司欢迎监管以促进卡特尔协议执行的修正主义观点。
This article usesJinancial 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. Thesefindings offer support for the revisionist view of regulatory history, according to which the railroads welcomed regulation as a means offacilitating the enforcement of cartel-like agreements.