Publications

Our 20 year studies find that MBAs are happy, prosperous, and are moving from large to small business. On average they are either very Satisfied , or Satisfied with their jobs. Their median earnings at 20 years out in 1981, 1982, and 1983,…

Stochastic equilibria under uncertainty with continuous-time security trading and consumption are demonstrated in a general setting. The equilibrium shown has the property of no expected financial gain from trading securities. The relevance of…

We show that, for strategic reasons, an oligopolist in a natural resource industry might employ a backstop technology to develop costly reserves even if it does not plan to exhaust all less expensive deposits. The reason is that an oligopolist…

The strategic process in large, diversified firms is shown to be isomorphous to the enactment—selection—retention model of evolutionary theory. Such strategic processes are internalized selection mechanisms, nested within external environmental…

This study is designed to augment the buy-versus-lease literature by incorporating (1) risk-sharing motives, (2) moral hazard-related incentive problems and their mitigation, and (3) tax considerations in the choice of how to allocate an asset’s…

The paper applies some game-theoretic and incentive arguments to the analysis of fiscal federalism. First, decentralized taxation in a setting with agents having costly opportunities to move across states is modeled as a game between state…

When the assumption of constant risk premiums is relaxed, financial valuation models may be tested, and risk measures estimated without specifying a market index or state variables. This is accomplished by examining the behavior of conditional…

This paper examines the effects of Broad Tape news releases of earnings and dividend announcements on three aspects of intraday stock price behavior: mean returns, return variance, and serial correlation in consecutive price changes. The initial…

The learning curve has become a central concept for corporate strategic planning. However, strategies based on the learning curve often fail to achieve their intended results. This paper explores the implications of the learning curve for…

This pager uses data on 37 chemical products to test a number of hypotheses about the learning curve and industrial price behavior. The results document a strong and consistent learning effect. Learning is found to be a function of cumulated…

Abstract not available.

Reprinted in the following:

• Reprinted in J. M. Shafritz and J. S. Ott (Eds.), Classics of Organization Theory. Chicago: The Dorsey Press, 1987.

This paper explores, within the context of a continuous-time noncooperative game, how time and information affect the rational behavior of bargainers. In the model, a buyer and a seller are engaged in the trade of a single object. Both bargainers…

Abstract not available.

This paper reconsiders the effects of taxation on risky assets, recognizing the importance of variations in asset prices. We show that earlier analyses which assumed that depreciation rates are constant and that the future price of capital goods…

This paper analyzes the value of information that is used in speculative trading. There is an important externality effect in the valuation of information in this context. The value of information depends, through its dependence on the…

Abstract not available.

This paper approximates the discounted average cost in regenerative models by an undiscounted average cost. A financial holding cost is assessed on expenditures that are incurred earlier than the middle of each cycle. Explicit upper and lower…

Abstract not available.