Curt Rice has published "Wall Street Analysts Say Open Access Has Failed Due to Lack of Focus, but Their Analysis Might Help It Succeed" in The LSE's Daily Blog on American Politics and Policy.
Here's an excerpt:
The absence of clear leadership at the helm of the open access movement is made painfully clear in a recent report about Elsevier's value as a company, entitled Goodbye to Berlin—The Fading Threat of Open Access. Why could the authors of this report at Bernstein Research let go of their earlier concerns and now upgrade their predictions about Elsevier's stock? "The rise of OA," they write, "has inflicted little or no damage on the leading subscription publishers."
Digital Scholarship | "A Quarter-Century as an Open Access Publisher"