Publications

The decentralized supply chain management scheme of Lee and Whang (1999) can be viewed as operationalizing the decentralized management scheme implicit in Clark and Scarf (1960). This paper proposes the use of what are called responsibility…

Consider selling to a news vendor. A manufacturer markets a product through a retailer who has one opportunity to order before demand is realized. Because of characteristics of the product, norms of the industry, or aspects of the manufacturer-…

As predicted, firms with more intangible assets are more likely to announce open-market share repurchases and experience more positive announcement returns. Also as predicted, idle cash is positively related to repurchase announcement likelihood…

The purpose of this study is to measure the effect of the Act on firm value by investigating the reaction of common equity prices to the Act’s passage. Because key events late in the legislative process (i.e., a Presidential veto and subsequent…

A straightforward generalization of the simple net present value rule that correctly predicts when to invest in two classes of projects that can be delayed is derived. The first class consists of projects for which the option to delay derives its…

One of the most popular explanations of the increased wage inequality that has occurred since the late 1970s is that technological change has resulted in a downward shift in the demand for low-skill workers. Such a pattern is also alleged to…

Consumer research using Distinctiveness theory implies that targeted advertisements will be most effective in contexts where the targeted group is a minority. This paper investigates the influence of social status in addition to numeric status.…

Among the factors contributing to the difficulty in resolving conflicts between environmental and economic interest are the dynamics of perception and decision making studied by social psychologists. We identify social psychological dynamics…

Abstract not available.

A stock market liberalization is a decision by a country’s government to allow foreigners to purchase shares in that country’s stock market. On average, a country’s aggregate equity price index experiences abnormal returns of 3.3 percent per…

This article provides a stochastic valuation framework for bond and stock returns that builds on three different pricing traditions: affine models of the term structure, present-value pricing of equities, and consumption-based asset pricing. Our…

This paper develops a contracting model in which a supplier and a buyer have an opportunity to enter a long-term supply relationship. The buyer knows whether the market for his new product is either large or small, but the supplier can only make…

This study examines whether the reported loss reserves of property-casualty insurers contain a discretionary discount for the time value of money. The results indicate that there is a positive and significant discount rate implicit in the…

In this paper, we model the determinants of franchise contract terms, namely royalty rates and franchise fees, using a unique panel data set of about 1000 franchisors for the period 1980-1992. We focus on the extent to which firms adjust the…

This paper argues that turnover processes in top management teams create inter-organizational interdependencies. I argue that managerial capabilities are shaped by their experiences in a given competitive context; differences in managerial tenure…