Publications

When pricing common shares investors do not assign the same earnings multiple  to all components of pension costs. And these multiples differ from the multiple assigned to earnings before pension expense, In particular, both return on plan…

Which is the more profitable way to sell a company: a public auction or an optimally structured negotiation with a smaller number of bidders? We show that under standard assumptions the public auction is always preferable, even if it forfeits all…

A clearer understanding of the strengths and weaknesses of measures of legislative preferences is essential for resolving substantive disputes about the composition of standing committees in legislatures. In criticizing interest group ratings as…

This chapter analyzes the political dispute surrounding the 957 replacement of the Bank deutscher Lander by the Deutsche Bundesbank and the 1992 changes to the Bundesbank law necessitated by German unification. The evidence suggests that the…

We report an exploratory study of the process of price formation in a speculative market in the absence of liquidity traders. Traders exchange a futures contract because they interpret information differently. We formulate trading as a sequence…

This paper tests for price patterns in retail gasoline markets consistent with those predicted by models of implicit collusion among firms. Recent supergame models show that the highest supportable collusive price is a function of today’s profit…

Abstract not available.

Recent tests of the capital asset pricing model by Fama and French (1992) showed that there is no significant relationship between the average return and systematic risk of common stocks. We propose two econometric methods to improve the…

Many organizations are made up of other organizations that have decided to act collectively — as with research and development consortia, industrial alliances, trade associations, and formal political coalitions. These collective action…

Political scientists have long been interested in the occupational decisions of politicians. At least two events prior to the 1992 congressional elections brought journalists and the broader public into emotion-rich but data-poor discussions of…

Small groups face special problems in purchasing health insurance. Among them, small employees are too small to spread the risks of high medical costs, to achieve economies of scale in administration, to manage competition among accountable…

Theory has been formulated that proposes research on the effects of industry variables on individual job mobility. I consider one such proposal — the possibility that the diversity of organizations affects the rate of job moves within and out of…

This chapter analyzes the ways some organizational theories reflect the viewpoints of the relatively prosperous, while ignoring the perspectives of the less advantaged. For example, research on institutional theory, internal labor markets, and…

This paper develops a signaling model of competitive lobbying. Interest groups pay a monetary contribution to gain access and provide information to a policymaker. If their interests are aligned with those of the policymaker’s constituency, they…

This paper studies the cross-border transaction in equity by investors in Canada, Germany, Japan, the U.K. and the U.S. We find that investors from different countries make very different decisions about the allocation of their portfolio across…

This paper examines whether the trading decisions of institutional investors can be explained in part by the effects of taxation on portfolio returns. The trading strategy that maximizes benefits to owners in the absence of taxes on capital gains…