ts using a pooled times-series, cross-sec- tion sample of aggregate subscriber data from fifty-six countries: see Gary Madden and Grant Coble-Neal, "Economic Determinants of Global Mobile Telephony Growth," Infor- mation Economics and Policy, available online December 4, 2003. 27. FCC, Local Telephone Competition: Status as of December 31, 2003 (June 2004), table 13. 28. The price variable was the price of residential service in the largest city in the state as published by the FCC, Reference Book of Rates, Price Indices, and Expenditures for Tele- phone Service (July 2004). 29. The estimated cross-price elasticity was 0.18 for the local fixed-wire rate. 30. FCC, Telephone Subscribership in the United States (Data through March 2004) (August 2004), table 1. 31. Ibid., p.2, fn. 2. 32. Steve Kirkeby, J. D. Power and Associates, paper presented to the 31st Telecommu- nications Conference, KMB Video, St. Petersburg Beach, Florida, May 7, 2003. 33. Ernst & Young/Primetrica, Mobile Wireless-Primary Fixed Line Substitution (2003). 34. The price variable was the price of residential service in the largest city in the state as published by the FCC, Reference Book. 35. The HHI will rise if Sprint's meger with Nextel is completed. 36. For an early example of this methodology, see Eric B. Lindenberg and Stephen A. Ross, "Tobin's q Ratio and Industrial Organization," Journal of Business 54 (January 1981): 1-32. 37. Some of the variance may reflect the differential costs of moving the former users of such spectrum to new frequencies, as required by the FCC. Moreover, the later "re- auctions" were bedeviled by legal uncertainties concerning previous defaults by winning bidders. 38. See "Cingular Wireless and NextWave Telecom Agree to Terms for Spectrum Licenses," PRNews Wire, August 5, 2003 (http://prnewswire.com/cgi-bin/stories.pl?ACCT =104&STORY=/www/story/08-05-2003/000199...). 39. CTIA, Semiannual Wireless Industry Survey. 40. Ibid. 41. Data derived from the carriers' financial statements. 42. The market caps of all three c