Publications

This paper develops a return-based measure of market integration for 19 emerging equity markets. It then examines the relationship between that measure, other return characteristics and investment barriers broadly defined. Although the analysis…

In an economy with uninsured banks, market rate deposits are shown to provide services identical to fixed rate deposits without risking banking panics as long as there is not both aggregate uncertainty about liquidity demands and asymmetric…

An important subfield of physics — Nuclear Physics — deals with the smallest particles of which matter is composed. Constructs developed by Kenneth Arrow (2) and Gerard Debreu (3) provide a similar foundation for financial economics. With a bit…

We analyze a numerical scheme for solving the consumption and investment allocation problem studied in a companion paper by Hindy, Huang, and Zhu (1993). For this problem, Bellman’s equation is a differential inequality involving a second order…

Rather than portray institutions as de jure constraints on behavior that bind in all circumstances, recent formal theories of legislatures have begun to portray institutions more plausibly as de facto constraints on behavior in most circumstances…

We study a model of consumption choice and portfolio allocation that captures, in two different interpretations, the combined effect of durability of consumption goods and habit formation over service flows from those goods. In a third…

We present a new methodology for studying the general problem of labor contracting within a firm’s boundaries where contracts provide only a minimal commitment to wages and employment. Given the peculiar contractual incompleteness of labor…

For the first time, prominent scholars of the major disciplines in organization studies come together to search for common ground. Economists, sociologists and psychologists put aside their disciplinary, their language and paradigm barriers, in…

*Reprinted in Hatch, M. J., & Schultz, M. (Eds.), Organizational identity, pp.223-274. Oxford, Eng: Oxford University Press, 2004.

Four studies examined the relation between college students’ own attitudes toward alcohol use and their estimates of the attitudes of their peers. All studies found widespread evidence of pluralistic ignorance: Students believed that they were…

Returns policies are widely used in the marketing of products and services. That they do much more than provide insurance is, however, not well known. In this paper, we develop a number of other rationales for distributor and consumer returns…

In this paper, we develop a conceptual framework to explore why particular technologies become elaborated and extended, while others are forsaken. The core of the framework is the role-based conception of the technological niche, which is…

This essay presents a sequential choice theory perspective on legislative organization as an alternative to social choice-based theories. Because of the sequential process of proposal-making and voting, sequential choice theory yields equilibrium…

Theory and methods from organizational ecology and the strategy field are combined to predict the dynamic consequences of strategic deterrence. A model is developed to investigate which strategies will prevail through an industry ‘shake out’ when…

The role of suspicion in the dispositional inference process is examined. Perceivers who are led to become suspicious of the motives underlying a target’s behavior appear to engage in more active and thoughtful attributional analyses than…