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International Accounting Harmonization and Global Equity Markets
We show harmonizing domestic GAAP with foreign GAAP can have deleterious effects on security market performance, specifically price informativeness and trading volume. Harmonization effects result from interaction between two forces. Direct…
Revaluations of Fixed Assets and Future Firm Performance: Evidence from the U.K.
We find, as predicted, that upward revaluations of fixed assets by UK firms are significantly positively related to changes in future performance, measured by operating income and cash from operations, indicating revaluations reflect asset value…
Analyst Coverage and Intangible Assets
This study examines the relation between analyst coverage and firms’ intangible assets. We assume that firms with substantial intangible assets, most of which are not recognized in firms’ financial statements, have more information asymmetry…
Buying the Bums Out: What's the Dollar Value of a Seat in Congress?
Because of a little noticed provision of the Federal Elections Campaign Act, slightly more than a third of the members of the 102nd House of Representatives were allowed to convert unspent campaign fund to personal use - but only if they left…
CEO Stock Option Awards and Corporate Voluntary Disclosures
This study investigates whether CEOs manage investors’ expectations downward to scheduled stock option awards. Because executive stock options are typically awarded with a fixed exercise price equal to the stock price on the award date, we…
Capacity Realization in Stochastic Batch-Processing Networks Using Discrete-Review Policies
We present difficulties with realizing the capacity of queueing networks with batch servers under well known scheduling disciplines. We introduce a family of scheduling policies called discrete-review policies, which not only guarantee capacity…
Competitive Lobbying in a Majority-Rule Institution
This paper presents a complete information model of competitive lobbying in a majority-rule institution where lobbying consists of support provided to legislators in the form of politically valuable resources. Two lobbyists alternate in…
Conditioning Information and Variance Bounds on Pricing Kernels
Gallant, Hansen and Tauchen (1990) show how to use conditioning information optimally to construct a sharper unconditional variance bound on pricing kernels. The literature predominantly resorts to a simple, sub-optimal procedure that scales…
Consistent Human Resource Practices
Crises of Legitimization Among Self, Group, and System: A Theoretical Integration
Several decades of research on the psychology of justice leads one to the almost overwhelming conclusion that people generally prefer to believe that the social system to which they belong is fair, legitimate, and justifiable than that it is…
Culture and Language
Common culture and common language facilitate trade between people. Minorities have incentives to become assimilated and to learn the majority language so that they have a larger pool of potential trading partners. The value of assimilation is…
Customer Service Competition in Capacitated Systems
We investigate a simple dynamic model of firm behavior in which firms compete by investing in capacity that is used to provide a good or service to their customers. There is a fixed total market of customers whose demands for the good or service…
Diffusion of Innovation under Supply Constraints
In this paper we present a canonical setting that illustrate the need for explicitly modeling interactions between manufacturing and marketing/sales decisions in a firm. We consider a single firm that sells an innovative product with a given…
Do Stock Markets Liberalizations Cause Investment Booms?
Stock market liberalizations lead private investment booms. In a sample of 11 developing countries that liberalized, 9 experience growth rates of private investment above their non-liberalization median in the first year after liberalizing. In…
A Dynamic Model of Multidimensional Collective Choice
This paper presents a finite-horizon, game-theoretic model of the dynamics of multidimensional collective choice and a set of analytical and computational results characterizing those dynamics. The focus is on continuing collective goods programs…
Dynamic Pricing for Network Service: Equilibrium and Stability
Consider a data communication network owned and operated by a single organization. The network has an infinite number of small users and is managed by a system manager (SM) whose objective is to maximize the net value of the system as a whole.…
Dysphoric cognition and self-defeating bargaining behavior
Estimation Techniques for Macro Diffusion Models
In this chapter, the authors review estimation techniques for macro diffusion models. The chapter begins by discussing estimation of single equation models under the assumption of time invariant parameters. The authors then focus on recent models…
Evidence-Based Organ Allocation
Background. There is sufficient cadaveric kidney supply to meet the demands of suitable transplant candidates. The comparative equity and efficiency characteristics of alternative organ allocation strategies have not been rigorously examined.…
Fairness Norms and the Potential for Mutual Agreements Involving Majority and Minority Groups
Most theories of interpersonal and intergroup behavior stress the role of self-serving and group-serving motives in the choice of procedures for allocating resources and determining representation. The present research suggests that such motives…