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Alternative Valuation Models and the Valuation Parameters of Property-Casualty Insurers' Share Prices
This paper examines the value-relevance of various balance sheet items and earnings streams to the share prices of property-casualty (“P&C”) insurance companies under several alternative valuation model specifications. This study extends…
Asymmetric Volatility and Risk in Equity Markets
It appears that volatility in equity markets is asymmetric: returns and conditional volatility are negatively correlated. We provide a unified framework to simultaneously investigate asymmetric volatility at the firm and the market level and to…
At the breaking point: Cognitive and social dynamics of revenge in organizations
Comparative Dynamics of Parliamentary Governments
This paper presents a dynamic theory of parliamentary governments that incorporates attributes of the institutional system in a country, exogenous events that shape parliamentary and electoral opportunities, and the strategies of the government…
Competing in Product and Service
In this paper we develop a product life-cycle model that studies a set of strategic choices facing manufacturers as they design the joint product/service bundle for a product which may require maintenance and repair support after its sale. The…
Competitive Reactions and Conjecture: Issues and Prospects
We review recent literature on competitive reactions and strategic thinking and offer several observations. Evidence is mounting that strategic thinking is an unnatural act, made difficult by natural individual biases and organizational…
Creativity Doesn't Require Isolation: Why Product Designers Bring Visitors
Most existing writings imply that creative work is best done in physical and social isolation from outsiders, including case studies of successful product development teams that worked in isolation and psychological research showing that novel…
Dimensions of Brand Personality
While a considerable amount of research in personality psychology has been done to conceptualize human personality, identify the “Big Five” dimensions, and explore the meaning of each dimension, no parallel research has been conducted on brand…
Distributional Characteristics of Emerging Market Returns and Asset Allocation
The behavior of emerging market returns sharply differs from the behavior of developed equity market returns. Whereas forecasts of expected returns and volatilities in emerging markets have been extensively studied, we focus primarily on skewness…
Does It All Add Up? Benchmarks and the Compensation of Active Portfolio Managers
In this article we examine theoretically the use of benchmark portfolios in the compensation of privately informed portfolio managers. We find that the use of a benchmark, and particularly the types of benchmarks often observed in practice,…
Does Size Really Matter?
If the size of firms is measured correctly, small firms do not necessarily earn higher returns than larger firms. Yet, this finding is not inconsistent with the empirical fact that firms with small market values earn higher returns. Modern…
A Double Auction Model of Interdealer Trading
This paper models trading in a dealer market as a two-stage game. In the first page, risk averse dealers compete in a Bertrand fashion for liquidity-motivated public orders. The resulting inventories are private information. In the second stage,…
Economics: The Current Position
Enacting Share Values - Myth or Reality?: A Context-Specific Value Audit
Commonly chosen combinations of methods choices have restricted organizational culture research. We selected an atypical mix of these choices and used them to develop a Values Audit Survey that used a mix of quantitative and qualitative methods…
Escaping the IT Abyss
Faith in Supervision and the Self-Enhancement Bias: Two Psychological Reasons Why Managers Don't Empower Workers
The present study provides evidence for two psychological processes that may help explain managers’ reluctance to use worker empowerment practices such as delegation or self-managing teams: 1) a faith in supervision effect, which reflects the…
Foreign Speculators and Emerging Equity Markets
A number of countries have delayed the opening of their capital markets to international investment because of reservations about the impact of foreign speculators on both expected returns and market volatility. We propose a cross-sectional time-…
Frontiers of Management Accounting Research
This paper examines future directions for MAR. Emphasis is given to promoting efforts that will identify relatively unexplored areas that could make a substantive contribution to knowledge. Specifically, we are interested in research topics that…
Group Justification and System Justification as Distinct Components of Social Dominance Orientation among African Americans and European Americans
Social dominance orientation (SDO) has been found to predict racism, sexism, political conservatism, and a variety of other “hierarchy enhancing” attitudes and behaviors (Pratto, Sidanius, Stallwork, and Malle, 1994). On the basis of system…
Information Technology and Time-Based Competition in Financial Markets
This paper studies time-based competition in imperfect securities markets, linking IT investment decisions, information processing delays and trading strategies. At the IT investment stage, traders trade off the cost of IT against their…