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Using a panel data of S&P 500 Index firms covering 1998–2004, this paper compares the determinants of lobbying expenditures and campaign contributions and estimates the returns to lobbying as assessed by the financial market. Lobbying depends more on managerial incentives and protection needs beyond industry structures than contributions do. Lobbying also has a positive effect on the firm's equity returns relative to the market and, to a lesser degree, relative to its industry.

Abstract
Copyright protection can be used to raise entry barriers by impairing the demand. When there is a complementary market in addition to the copyrighted goods market, the incumbent prefers stronger copyright protection than is needed to maximize the sales profit in the primary market. Although strong protection can reduce demand substitution by copies, it makes it more difficult for the entrant to reach a large audience and become established. In some cases, the entrant may choose to opt out of copyright protection.

This study examines how the effects of Cold War rhetoric, especially Korean War-era psychological warfare, manifest dramatically in media coverage of crises or conflicts involving the former adversaries of the Cold War in the Far East. After identifying major clusters of the Korean War-era rhetorical polemics from various psywar leaflets, this study demonstrates how the effects of political self-indoctrination have surfaced in the U.S. and Chinese media coverage of the 1991–94 North Korean nuclear weapons development crisis, the North Korean famine crisis of the mid-1990s, the South Korean financial crisis of 1997–98 and the U.S. bombing of the Chinese Embassy in Belgrade in 1999. The study contends that various "enemy images," cultivated and reinforced through the process of self-indoctrination over an extended period, have provided a journalistic framing device which ultimately contributes to a non-dialogic media-based political discourse among the former adversaries of the Korean War.