Did AT&T die in vain? An empirical comparison of AT&T and Bell Canada.(The Enduring Lessons of the Breakup of AT&T: A Twenty-Fiv

(1.) See Viviane Reding, Commissioner for Information Society and Media, European Union, The EU Telecoms Reform 2007: Better, More Consistent Rules for Effective Competition and Sustainable Investment, Address at the 8th Annual European Competitive Telecommunications Association Regulatory Conference (Nov. 28, 2007), available at http://europa.eu/rapid/pressReleasesAction.do? reference=SPEECH/07/765&format=HTM L.

(2.) See PETER TEMIN & LOUIS GALAMBOS, THE FALL OF THE BELL SYSTEM (Cambridge University Press 1987).

(3.) See Harry M. Trebing, A Critique of Structure Regulation in Common Carrier Telecommunications, in TELECOMMUNICATIONS REGULATION TODAY AND TOMORROW, 125-167 (Eli Noam ed., 1983).

(4.) See WILLIAM J. BAUMOL, JOHN C. PANZAR & ROBERT D. WILLIG, CONTESTABLE MARKETS AND THE THEORY OF INDUSTRY STRUCTURE (1982).

(5.) See PAUL MACAVOY, THE FAILURE OF ANTITRUST AND REGULATION TO ESTABLISH COMPETITION IN LONG-DISTANCE TELEPHONE SERVICE (1996).

(6.) One difference: Bell Canada did not fully own the monopoly long-distance carrier Stentor but was the dominant partner in this consortium with the other regional carriers. Competition was introduced in 1992.

(7.) ELI NOAM, MEDIA OWNERSHIP AND CONCENTRATION IN AMERICA (forthcoming, Jan. 2009) (manuscript at 258, on file with author).

(8.) Id. (manuscript at 358, on file with author).

(9.) SONNY KLEINFIELD, THE BIGGEST COMPANY ON EARTH: A PROFILE OF AT&T 3 (1981).

(10.) Noam, supra note 7 (manuscript at 232, on file with author).

(11.) Verizon is credited here only with its 55% share of Verizon Wireless (Vodafone owns the remainder). If one counts all of Verizon Wireless as Verizon's, the latter's national overall share would rise by another 6% to 34%.

(12.) Press Release, TELUS Corp., TELUS Reports Fourth Quarter Results, (Feb. 15, 2008), available at http://about.telus.com/investors/downloads/20074Q/Q407Rep.pdf.

(13.) CANADIAN RADIO-TELEVISION AND TELECOMM. COMM'N, UPDATE TO CRTC TELECOMMUNICATIONS MONITORING REPORT, table 4.6.4 (July 2007) available at http://www.crtc.gc.ca/eng/publications/reports/ PolicyMonitoring/2007/tmr2007.htm.

(14.) Noam, supra note 7 (manuscript at 236-37, 240-43, on file with author).

(15.) See, e.g., U.S. Has Overtaken Japan in Retail VoIP Subscriber Numbers, Mar. 17, 2008, http://www.ilocus.com/2008/03/us_has_overtaken_japan_in_reta.html; Residential Telephone Service Survey, THE DAILY (STATISTICS CANADA), Apr. 23, 2008, http://www.statcan.ca/Daily/English/080423/d080423d.htm.

(16.) All dollar values given in U.S. dollars unless otherwise specified.

(17.) Noam, supra note 7 (manuscript at 346, on file with author).

(18.) BELL CANADA, 1983 ANNUAL REPORT (1984).

(19.) For information from 2000-2008, see U.S. BUREAU OF LABOR STATISTICS, ARCHIVED CONSUMER PRICE INDEX DETAILED REPORT INFORMATION, http://www.bls.gov/cpi/cpi_dr.htm (last visited Nov. 10, 2008). The U.S. Consumer Price Index is based upon a 1984 base rate of 100; thus, any increase in the index represents total inflation since the base year.

(20.) For detailed statistics on the Canadian Consumer Price Index, see Statistics Canada, http://www.statcan.ca/start.html (last visited Nov. 13, 2008). The Canadian Consumer Price Index is based upon a 2002 base rate of 100; here, the data has been recalculated so that 1984 = 100 for direct comparison with the U.S. Consumer Price Index.

(21.) See OFFICE OF COMM., THE COMMUNICATIONS MARKET 2006 (2006), available at http://www.ofcom.org.uk/research/cm/cm06/cmr06_print/main.pdf.

(22.) LEE L. SELWYN & COLIN B. WEIR, ECONOMICS & TECHNOLOGY INC., COMPARISON OF WIRELESS SERVICE PRICE LEVELS IN THE US AND CANADA 7, tbl.3 (May 25, 2007).

(23.) Cristopher C. Carbone, Cutting the Cord: Telecommunications Employment Shifts Toward Wireless, 129 MONTHLY LABOR REV. 28 (July 2006).

(24.) MOODY'S INVESTORS SERVICE, PUBLIC UTILITIES MANUAL, 70, 77 (1981).

(25.) Noam, supra note 7 (manuscript at 388, 392, on file with author).

(26.) Press Release, BCE, BCE and Purchaser Enter Into Final Agreement Financing and Credit Agreements Signed, (July 4, 2008), available at http://www.bce.ca/en/news/releases/ corporate/index.php?cat=1&year=2008&month=7.

(27.) Id.

(28.) InverstorGuide.com, Nortel Networks (NT) Stock Charts--Technical Analysis and Charting, http://www.investorguide.com (enter "NT" in "Get Quotes" search field and follow hyperlink) (last visited Nov. 13, 2008).

(29.) Noam, supra note 7 (manuscript at 253, on file with author).

(30.) Id. (manuscript at 257, 260-261, 263-264, 266, on file with author).

(31.) Id. (manuscript at 192, on file with author).

(32.) Id. (manuscript at 207, on file with author).

(33.) ORGANISATION OF ECONOMIC CO-OPERATION AND DEVELOPMENT, INFORMATION AND COMMUNICATIONS TECHNOLOGIES--COMMUNICATIONS OUTLOOK 2007 90 (2007), available at http://213.253.134.43/oecd/pdfs/browseit/9307021E.PDF [hereinafter OECD COMMUNICATIONS OUTLOOK].

(34.) A. Michael Noll, Telecommunication Basic Research: An Uncertain Future for the Bell Legacy, 21 PROMETHEUS 184-86 (2003).

(35.) NATIONAL RESEARCH COUNCIL, RENEWING TELECOMMUNICATIONS RESEARCH 25 (Robert W. Lucky & Jon Eisenberg eds., 2006), available at http://www.nap.edu/catalog.php?record_id=11711.

(36.) OECD COMMUNICATIONS OUTLOOK, supra note 30, at 136.

(37.) OECD COMMUNICATIONS OUTLOOK, supra note 30, at 126.

Eli M. Noam, Columbia University, September 2008. Special thanks go to John Heywood, Namwoo Kim, Dominik Lembke, Arian Rivera, Manuela Sehauer and Joost van Dreunen for research assistance.

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