Winter 1988 Table of Contents

• Timothy Dunne, Mark J. Roberts, and Larry Samuelson
  Patterns of Firm Entry and Exit in U.S. Manufacturing Industries

• Jean-Jacques Laffont and Jean Tirole
  Repeated Auctions of Incentive Contracts, Investment, and Bidding Parity with an Application to Takeovers

• Richard C. Levin and Peter C. Reiss
  Cost-Reducing and Demand-Creating R&D with Spillovers

• Laurence Schumann
  State Regulation of Takeovers and Shareholder Wealth: The Case of New York's 1985 Takeover Statutes

• Michael D. Whinston
  Exit with Multiplant Firms

• Benjamin E. Hermalin and Michael S. Weisbach
  The Determinants of Board Composition

• James W. Friedman
  On the Strategic Importance of Prices versus Quantities

• Cynthia A. Montgomery and Birger Wernerfelt
  Diversification, Ricardian Rents, and Tobin's q

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