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Mergers Deregulation And Cost Savings In The Us Rail Industry
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Book Synopsis Mergers, Deregulation and Cost Savings in the U.S. Rail Industry by :
Download or read book Mergers, Deregulation and Cost Savings in the U.S. Rail Industry written by and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The success of deregulation in creating a viable private rail freight system in the?U.S. since 1979 is relatively undisputed. Deregulation has proceeded in three ways: (i) eased rate setting restrictions; (ii) simplified merger applications and approval procedures; and (iii) relaxed route abandonment policies. In this paper we attempt to disentangle the effects of deregulation on rail costs from those directly attributable to mergers and acquisitions. We employ a translog variable cost function, based on an unbalanced panel data set of annual observations for major U.S. Class I railroads from 1974 to 1986. We find that both deregulation and mergers contributed significantly to cost savings. However, of the accumulated cost savings achieved by the six major firms involved in mergers post-deregulation, we estimate that by 1986 about 91% of the reduction in accumulated costs is due to deregulation, and about 9% is directly due to mergers and acquisitions (which in turn were facilitated by regulatory reforms). In terms of factor biases, we find that both deregulation and mergers resulted in a substantial labor-saving bias; the point estimate of the deregulation labor-saving bias is larger than that for mergers, but we were not able to estimate this bias precisely. We conclude that mergers were not a prerequisite for railroads being able to achieve substantial cost and productivity improvements in our 1974-1986 sample period. Deregulation also had an enormous direct impact; indeed, its impact appears to have been much larger.
Book Synopsis Mergers, deregulation and cost savings in the U.S. rail industry by : Ernst R. Berndt
Download or read book Mergers, deregulation and cost savings in the U.S. rail industry written by Ernst R. Berndt and published by . This book was released on 1991 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rail Merger Study: Alternatives to mergers by : United States. Rail Services Planning Office
Download or read book Rail Merger Study: Alternatives to mergers written by United States. Rail Services Planning Office and published by . This book was released on 1977 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Deregulation, Mergers, and Cost Savings in Class I U.S. Railroads, 1974-1986 by :
Download or read book Deregulation, Mergers, and Cost Savings in Class I U.S. Railroads, 1974-1986 written by and published by . This book was released on 1992 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Productivity Issues in Services at the Micro Level by : Zvi Griliches
Download or read book Productivity Issues in Services at the Micro Level written by Zvi Griliches and published by Springer Science & Business Media. This book was released on 1993-06-30 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: 7 take advantage of the panel structure of their data to control for possible errors of specifica tion in their models. It is interesting to note that the econometric and DEA methods may be closer than some of their respective advocates seem to believe. Several of the studies show that the former as well as the latter can be effectively used to assess the relative effi ciency of groups of firms or individual firms, and one of them explicitly compare results arising from both (Fecher et al.). Econometric techniques can also be nonparametric and applied to estimating cost or production frontiers (and not only "average" functions), while ultimately DEA should be amenable to statistical inference. Perhaps the most valuable feature of all the analyses is their care and ingenuity in putting together the data, measuring variables, and pulling out relevant information. Many of them are not content with an overall output measure, but endeavor to manage with less aggregated measures. Nearly all also include in the estimated models a number of auxiliary variables intended to control for specific attributes of outputs, inputs, or production techniques, and other characteristics of firms.
Book Synopsis Deregulation of Network Industries by : Sam Peltzman
Download or read book Deregulation of Network Industries written by Sam Peltzman and published by Rowman & Littlefield. This book was released on 2011-04-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the airline, railroad, telecommunications, and electric power industries are at very different stages in adjusting to regulatory reform, each industry faces the same critical public policy question: Are policymakers taking appropriate steps to stimulate competition or are they turning back the clock by slowing the process of deregulation? This volume addresses that issue and identifies the next steps that policymakers should take to enhance public welfare in the provision of these services. Each chapter identifies the central policy issues that have arisen in each industry as it undergoes transformation to a deregulated environment. The authors reveal the flaws in the residual regulations and make the case for faster and more comprehensive deregulation. A concluding chapter identifies how interest groups continue to exert influence on regulatory agencies and on Congress, potentially undermining deregulation. The papers included here were initially presented in December 1999 at a conference sponsored and organized by the AEI–Brookings Joint Center for Regulatory Studies.
Book Synopsis Initial Paper of the Rail Services Planning Office in the Study of Rail Mergers and Consolidations by : United States. Rail Services Planning Office
Download or read book Initial Paper of the Rail Services Planning Office in the Study of Rail Mergers and Consolidations written by United States. Rail Services Planning Office and published by . This book was released on 1977 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights Publisher : ISBN 13 : Total Pages :200 pages Book Rating :4.0/5 (13 download)
Book Synopsis Railroad Mergers by : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights
Download or read book Railroad Mergers written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights and published by . This book was released on 1979 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Compilation of Executive Summaries by : United States. Rail Services Planning Office
Download or read book Compilation of Executive Summaries written by United States. Rail Services Planning Office and published by . This book was released on 1977 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Transportation After Deregulation by : B Starr McMullen
Download or read book Transportation After Deregulation written by B Starr McMullen and published by Elsevier. This book was released on 2001-09-12 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several of the papers in this volume are concerned with assessing both the timing and the impacts of deregulation and regulatory reform in the US transportation sector. Of increasing interest is the importance of productivity growth and the role played by new technologies in a more competitive market environment. Four of the papers in this volume deal directly with these issues in the context of motor carriers and railroads, two sectors which have been operating under substantially reduced regulatory constraints for the past twenty years in the US. Although the financial condition of US railroads has improved since 1980, there is still some concern regarding their long run viability as private enterprises. Accordingly, one of the papers considers the potential for further reductions in railroad costs through transcontinental mergers, a controversial issue due to the small number of railroads that remain in the industry.
Book Synopsis Emerging Issues in Competition, Collusion, and Regulation of Network Industries by : Antonio Estache
Download or read book Emerging Issues in Competition, Collusion, and Regulation of Network Industries written by Antonio Estache and published by CEPR. This book was released on 2011 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a comprehensive review of the vast economic literature covering the governance issues of network industries and suggests paths to improve their efficiences.
Book Synopsis The Move Toward Railroad Mergers by : Leon Hirsch Keyserling
Download or read book The Move Toward Railroad Mergers written by Leon Hirsch Keyserling and published by . This book was released on 1962 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis American Railroads by : Robert E. Gallamore
Download or read book American Railroads written by Robert E. Gallamore and published by Harvard University Press. This book was released on 2014-06-17 with total page 523 pages. Available in PDF, EPUB and Kindle. Book excerpt: Overregulated and displaced by barges, trucks, and jet aviation, railroads fell into decline. Their misfortune was measured in lost market share, abandoned track, bankruptcies, and unemployment. Today, rail transportation is reviving. American Railroads tells a riveting story about how this iconic industry managed to turn itself around.
Author :United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Transportation and Commerce Publisher : ISBN 13 : Total Pages :1304 pages Book Rating :4.3/5 (121 download)
Book Synopsis Railroad deregulation act of 1979 by : United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Transportation and Commerce
Download or read book Railroad deregulation act of 1979 written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Transportation and Commerce and published by . This book was released on 1979 with total page 1304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Railroad Bankruptcies and Mergers from Chicago West: 1975-2001 by : Michael Conant
Download or read book Railroad Bankruptcies and Mergers from Chicago West: 1975-2001 written by Michael Conant and published by JAI Press. This book was released on 2004-02-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two major U.S. Midwestern railroads, the Rock Island Lines and the Milwauke Road, filed for bankruptcy after 1975 and the Court ordered them dismembered. This study explains the economic factors causing financial failure such as total rail line excess capacity in the region leading to low density of freight traffic; in addition, labor union rules required unnecessary large train crews. The regulations of the Interstate Commerce Commission aggravated the economic problems by limiting rail line abandonments and mergers designed to improve efficiency. Congress passed the Staggers Act in 1980 to correct a large part of the regulatory limitations to efficient reorganization of the U.S. rail system, but it was too late to save the Rock Island and the Milwaukee Road. The later chapters are economic analyses of the more recent mergers of the large railroads from the Mississippi River to the Pacific Coast. A key saving resulted from the court ruling that segments of rail line could be sold to new short-line railroads without the selling carrier having to pay special compensation to rail workers who were discharged. The Illinois Central Railroad was a prime example of a carrier that sold almost all of its branch lines. Great efficiencies in operations were realized as the Union Pacific acquired the Missouri Pacific and the Southern Pacific. Comparable efficiencies were realized by the Burlington Northern acquisitions of the St. Louis-San Francisco and the Atchison, Topeka & Santa Fe.
Author :United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights Publisher : ISBN 13 : Total Pages :184 pages Book Rating :4.:/5 (327 download)
Book Synopsis Railroad Mergers by : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights
Download or read book Railroad Mergers written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights and published by . This book was released on 1979 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on the Judiciary. Subcommittee on Courts and Competition Policy Publisher : ISBN 13 : Total Pages :362 pages Book Rating :4.3/5 (91 download)
Book Synopsis Railroad Antitrust Enforcement Act of 2009 by : United States. Congress. House. Committee on the Judiciary. Subcommittee on Courts and Competition Policy
Download or read book Railroad Antitrust Enforcement Act of 2009 written by United States. Congress. House. Committee on the Judiciary. Subcommittee on Courts and Competition Policy and published by . This book was released on 2010 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
