Publications

Although there are many varieties of feminist theory, they share two objectives. The first is descriptive: to reveal obvious and subtle gender inequalities. The second is change-oriented: to reduce or eradicate those inequalities. Feminist…

This paper extends transaction costs economics to analyze relationships between firms and regulatory agencies. It compares the economic efficiency of firm-agency governance structures for dealing with pollution reduction. The transaction costs of…

This study investigates factors associated with firms decisions in 2002 and early 2003 to recognize stock-based compensation expense under Statement of Financial Accounting Standards (SFAS) No. 123. We find that the likelihood of SFAS 123 expense…

Three experiments investigated the hypothesis that power increases an action orientation in the power holder, even in contexts where power is not directly experienced. In Experiment 1, participants who possessed structural power in a group task…

We show that hedonic price indexes may be biased when not all product characteristics are observed. We derive two primary sources of bias. The first is a classical selection problem that arises due to changes over time in the values of unobserved…

Debt relief is unlikely to stimulate investment and growth in the worlds highly indebted poor countries (HIPCs). This is because the HIPCs do not suffer from debt overhang. The principal obstacle to investment and growth in the worlds poorest…

Supply chain security has become a major concern to the private and public sector, after the disastrous event of September 11, 2001. Prior to September 11, 2001, supply chain security concerns were related to controlling theft and reducing…

This paper uses daily fund flow data to examine the extent of late trading in the mutual fund industry. Using data from a 10-15 percent subsample of the industry, I find annual long-term shareholder losses due to late trading of about 5 basis…

This paper analyzes the determinants of the cross-national adoption of the international Environmental Management System standard ISO 14001 using a panel of 102 countries from 1996 to 2000. I use new institutional economics to develop hypotheses…

This paper considers a principal-agent variant of the classical make-to-stock single-server queueing system. The principal incurs all costs for holding inventory and backordering demand. The agent dynamically controls the production rate at the…

This paper analyzes the effects of business cycle volatility on measures of subjective well-being, including self-reported happiness and life satisfaction. I find robust evidence that high inflation and, to a greater extent, unemployment lower…

When Less Developed Countries (LDCs) announce debt relief agreements under the Brady Plan, their stock markets appreciate by an average of 60 percent in real dollar terms, a $42 billion increase in shareholder value. In contrast, there is no…

The present research examines episodes of favor exchange among peer employees. We posit that favor receivers’ and favor givers’ commitment to their exchange relationships with one another will be accounted for by…

Turmoil in financial markets is often accompanied by a significant decrease in market liquidity. Here, we investigate how such key risk measures as likelihood of insolvency, value at risk, and expected tail loss respond to bid–ask spreads that…

The use of modern microeconomics in policy is illustrated by the markets for spectrum, electricity, greenhouse-gas reductions, defense procurement, and Treasury bills. Further examples are antitrust divestiture rules, market-based redistribution…

We provide an approach to the market valuation of deposit insurance that is based on reduced-form methods for the pricing of fixed-income securities under default risk. By reference to bank debt prices as well as qualitative-response models of…

We analyze a multiproduct duopoly and ask whether firms should offer general purpose products or tailor their offerings to fit specific consumer needs. There are two effects of offering a targeted product: (i) if a consumers favorite product is…

We develop a model in which firms set their salary levels before matching with workers. Wages fall relative to any competitive equilibrium while profits rise almost as much, implying little inefficiency. Furthermore, the best firms gain the most…

To understand the contemporary state of organizational culture theory and research, it is necessary to grapple with some of the major intellectual disputes that have swept through the humanities and social sciences in recent years. Some…

We construct a model for pricing sovereign debt that accounts for the risks of both default and restructuring, and allows for compensation for illiquidity. Using a new and relatively efficient method, we estimate the model using Russian dollar-…