f, or Samuel Goldwyn in the twentieth century. There is surely little role for public policy to find the best organizational structure to exploit the relevant network effects. The markets will have to provide this service, hopefully unencumbered by regulation. Changes of ownership may be required. For instance, Rupert Murdoch recently acquired the leading U.S. satellite broadcaster, DirecTV, from General Motors. Telephone companies could be transformed through ac- quisition, much as Telecom Italia was transformed when it was acquired by Olivetti. Time Warner, though not successful in combining with AOL, has media, programming, and cable television operations that could be employed in the exploitation of broadband. The capital markets are surely the best instruments for matching opportunities with the requisite man- agement skills and entrepreneurial energies. Appendix: Estimates of Bell Company Cumulative Capital Expenditures across States, 1996-2003 his appendix provides a summary of the regression analysis of cumu- lative capital investment by Bell companies across states in 1996-2003. These regressions attempt to replicate the empirical method- ology of Robert Willig and his colleagues described in chapter 5, using the same variables where possible. A complete list of the variables used appears in table A-1. Willig and asso- ciates use a measure of the rate for leasing the UNE-P provided to them by AT&T. I use four measures available from public sources in addition to one from Kevin Hassett and his associates that is apparently from AT&T. I also insert separate dummy variables for each Bell company other than Qwest (U S West) in each of the regression equations. The complete results are available from the author. Results I attempt to replicate the basic equation of Willig and associates: Estimates of Bell Company Cumulative Expenditures Table A-1. Variables Used in Capital-Spending Regression Analysis, 1996-2003 Variable Definition Source of data CapEx/Pop Change in net plant over the period FCC ARMIS; Census 