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Taxation and the Dynamics of Corporate Control: The Uncertain Case for Tax Motivated Acquisitions
We develop an analytic framework to examine the familiar claim that the tax system favors corporate acquisitions. The framework is then applied to the three most commonly identified sources of tax gains from acquisitions: the change in asset…
A Test of the Efficiency of a Given Portfolio
A test for the ex ante efficiency of a given portfolio of assets is developed. The relevant statistic has a tractable small sample distribution. Its power function is derived and used to study the sensitivity of the test to the portfolio choice…
The Cyclical Component of United States Economic Activity
Abstract not available.
The Gorbachev Era
Who runs the Soviet Union and how? What will change under Gorbachev? What is life like in the USSR today? What forces shaped modern Russia? How is the Soviet economy organized? What are its flaws? And what are Gorbachev’s prospects for correcting…
The Interrelations of Finance and Economics: Empirical Perspectives
Abstract not available.
The Old and New Export Pessimism: A Critical Survey
Rather ironically, the very success of the East Asian NICS (Newly Industrializing Countries) has evoked a new export pessimism. This paper sorts out the arguments underlying this pessimism and evaluates their credibility. The discussion moves…
The Present-Minded Professor: Controlling One's Career
No addition information is available at this time.
The Role of Obsolescence and Inventory Costs in Providing Commitment
The Tolerance of Injustice
No additional information is available at this time.
Transactions Cost and Portfolio Choice in a Discrete-Continuous Time Setting
This paper makes two modest observations concerning a new formulation of the consumption and portfolio choice model of Merton (1971), with transactions costs. Suppose the agent observes his or her current wealth only when making a transaction,…
Viable Allocations of Information in Financial Markets
This paper studies, in the context of a financial market, allocations of information that are consistent with endogenous information acquisition. We focus on whether information is concentrated within a fraction of the market, or is diffuse. The…
When Expectations and Justice Do Not Coincide: Blue-Collar Visions of a Just World
Psychological theories of distributive justice, such as equity, exchange, and relative deprivation, offer a picture of an economic world that is, in its broad outlines, perceived as just. For example, drawing on an extensive and persuasive…
Equilibrium in Incomplete Markets: I. A Basic Model of Generic Existence
Implementing Arrow-Debreu Equilibria By Continuous Trading of Few Long-Lived Securities
Experience Curves: Evidence, Empirical Issues, and Applications
The psychology of intergroup attitudes and behavior
Altruism and Aggression
An Evaluation of Estimation Procedures for New Product Diffusion Models
We compare four procedures for estimating new product diffusion models, viz., ordinary least squares, maximum likelihood estimation, nonlinear least squares, and algebraic estimation. The paper first discusses the advantages and disadvantages of…
An Introductory Theory of Security Markets
Abstract not available.