ANTITRUST POLICY AND MERGERS: THE WEALTH EFFECT OF SUPREME COURT DECISIONS

Many believe that antitrust policy has had a dramatic impact on merger strategies in the United States. For this to be true, enforcement of antitrust laws must affect a wide range of firms, not just those firms whose mergers are contested. This study tests whether or not firms engaged in uncontested mergers are affected by antitrust enforcement, as signalled by Supreme Court decisions. Using event study methodology, we find that antitrust policy against mergers was binding during the 1960s and 1970s as it ulowered the value of targets in ucontested ongoing mergers.     

A Non-Treatment Paradigm for Probation Practice

Summary Empirical and theoretical critiques of treatment can no longerbe ignored in probation practice, but the probation service'straditional core values of respect for persons and hope forthe future can be realized in a non-treatment context. Fourtraditional aims of the probation service are identified, namely(i) the provision of appropriate help for offenders; (ii) thestatutory supervision of offenders; (iii) diverting appropriateoffenders from custodial sentences; (iv) the reduction of crime.It is argued that each of these aims remains worth pursuing,but that they need radical reconceptualization in the lightof the collapse of treatment A paradigm for practice in respectof each aim is offered for criticism and comment     

JOB MOBILITY AND GENDER-BASED WAGE GROWTH DIFFERENTIALS

Studies of gender differences in the returns to job mobility have yielded conflicting results. We examine whether there are gender differences in mobility patterns or in the returns to different types of mobility. Our results, based on the National Longitudinal Survey of Youth, imply that there are gender differences in mobility patterns, but there are not gender differences in the wage growth associated with different types of mobility. Therefore, it appears that empirical estimates of the gender differences in the returns to job mobility may be misleading if they do not consider the cause of separation.