Publications

Using qualitative data from a large, successful private sector corporation (The Body Shop International), which was managed and staffed by an unusually high proportion of women, this paper questions whether norms of impersonality need be a…

This paper provides some empirical generalizations regarding how the relative prices of competing brands affect the cross-price effects between them. Particular focus is on the asymmetric price effect, which states that the price promotion by a…

A number of theories have been proposed to explain the medium-term momentum in stock returns identified by Jefadeesh and Titman (1993). We test one such theory based on the gradual-information-diffusion of Hong and Stein (1997)—and establish…

This paper examines the competitive effects of recent commercial bank entry into the corporate debt underwriting market. In particular, the effects of bank entry on underwriter spreads, ex-ante yields, and market concentration. We find that…

Brand value estimates are significantly positively related to prices and returns, incremental to accounting variables. Questionable brand value estimate reliability underlies lack of financial statement recognition for brands. Findings suggest…

We find that brand value estimates reported by Financial World are significantly positively related to prices and returns, incremental to other accounting variables. Concerns about brand value estimate reliability underlie lack of financial…

In this paper we document that stocks highly recommended by analysts outperform the market, while those that are unfavorably recommended underperform. Our findings are based on an extensive analysis of over 360,000 analyst recommendations from…

Foreign portfolio flows may reflect deep changes in the functioning of an emerging market economy and its capital markets. Using a database of monthly net U.S. equity flows, we investigate the relation of these flows to the behavior of equity…

This research examines how a market incumbent’s competitive reputation with a potential entrant can deter market entry in the context of multimarket competition. The authors use a judgment experiment to examine this relationship. In a setting…

A widely deplored bias in organizational decision-making is attributing an accident simply to “human error” and them attempting to correct the problem through changing employees rather than changing the technological or organizational environment…

US joint ventures with Asian firms often flounder because cultural differences impede the smooth resolution of conflicts between managers. In a survey of young managers in the US, PRC, Philippines, and India, we find support for two hypotheses…

Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which appear comprehensive may have little impact on the functioning of the capital market if they fail to lead to foreign portfolio…

We develop a model of the extent to which multinational companies use global account management (GAM), its determinants, and its effects on performance. A study of 191 senior executives’ perceptions, using structural equations modeling, shows…

In designing the spreadsheet optimizer that is bundled with Microsoft Excel, we and Microsoft made certain choices in designing its user interface, model processing, and solution algorithms for linear, nonlinear, and integer programs. We describe…

This paper examines how founding conditions shape subsequent organizational evolution— specifically, the proliferation of management and administrative jobs. Analyzing quantitative and qualitative information on a sample of young technology start…

This study examines an aspect of competitive interactions that has attracted increasing research attention: the relationship between deterrence and competitive reputations. We build a conceptual model of the antecedents and consequences of a firm…

Using a sample of banks, this study examines the capital market pricing implications of discretionary and nondiscretionary components of loan fair value estimates. We conduct our analysis in two stages. First, we determine the discretionary…

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…