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SSRN Research Paper Series
The Social Science Research Network’s Research Paper Series includes working papers produced by Stanford GSB the Rock Center.
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Alternative Non-nested Specification Tests of Time Series Investment Models
This paper develops and compares nonnested hypothesis tests for linear regression models with first-order serially correlated errors. It extends the nonnested testing procedures of Pesaran, Fisher and MacAleer, and Davidson and MacKinnon, and…
An Efficiency Analysis of Proposed Rules to Limit Resistance to Tender Offers
Easterbrook and Fischel have proposed a passivity rule that would prohibit target management from resisting a tender offer. For a m model in which target management has private information about the true value of the target and tender offers are…
An Empirical Analysis of the Effect of Exchange Rate Changes on Goods Prices
It is widely believed that changes in foreign currency exchange rates can affect the prices of goods in domestic markets as well as the prices of traded goods. A question of interest to economists, businesses and policymakers is: What determines…
An Equilibrium Model with Keynesian Unemployment at Walrasian Prices
One of the oldest and most central open problems confronting economic theory is to reconcile the fact of involuntary unemployment with the hypothesis of equilibrium by constructing a closed, reasonably complete economic model which admits such…
An Evolutionary Perspective on Strategy-Making in Organizations: Theory, Comparative Analysis, Research Directions
This paper proposes that the strategic process in large, diversified organizations constitutes an internalized and contrived evolutionary mechanism nested in the external environmental context. The paper elaborates this argument and shows how it…
Anomalies in Financial Economics: Blueprint for Change?
This paper examines the case for major changes inn the behavioral assumptions underlying economic models, based on apparent anomalies in financial economics. Arguments for such changes based on claims of “excess volatility” in stock prices…
Attributes of Successful MBAs: A Twenty-Year Longitudinal Study
Are attributes of successful MBAs useful for predicting success, and thereby improving business management? In a twenty-year study of Stanford MBAs, 15 and 20 year results have identified the extreme importance to success of sociability. The…
Breach of Contract in Agencies
We consider an agency model in which the agent acquires private pre-decision information after contracting. The agent is allowed to breach the contract by paying the principal pre-determined damages. We demonstrate the relationship of this model…
CASEMAP: Computer-Assisted Self-Explication of Multi-Attributed Preferences
Traditional conjoint analysis techniques do not take account of the fact that consumers often rule out from consideration products that have totally unacceptable attribute levels. This paper proposes a data collection and analysis technique that…
Common Behavior Changes in Successful Organization Development
The field of organizational development suffers from a lack of a unifying theory of planned organizational change. Diverse models and methods for achieving organizational change have made integration of research difficult, hampering the advance…
A Comparative Evolutionary Perspective on Strategy-Making: Advantages and Limitations of the Japanese Approach
Abstract not available.
Competitive Efficiency Wage Models with Keynesian Features
Competitive general equilibrium models with efficiency wage features are used to analyze some Keynesian propositions. The models are characterized by fully optimizing agents, flexible prices, competitive markets, and absence of demand uncertainty…
Contributions to The New Palgrave
This “paper” consists of six separate, individually authored entries to appear in “The New Palgrave: A Dictionary of Economic Theory and Doctrine”. The contributions are: “Nash Equilibrium” by Kreps, “Large Economies,” “Lindahl Equilibrium and “…
Detecting Multiple Outliers with an Application to R&D Productivity Studies
Multiple outlying observations are frequently encountered in applied studies in business and economics. Several multiple outlier tests exist, but little evidence is available on their relative power against alternative types of outliers and…
Direct and Indirect Sale of Information
We compare two methods for a monopolist to sell information to traders in a financial market. In a direct sale, buyers of the information observe (versions of) the seller’s signal and subsequently use it to make investment decisions.…
Dual Career Couples: Anxiety of MBA Couples Compared with Traditional Couples
The anxiety of members of dual career couples was compared with that of more traditional couples where only the husband worked outside the home. MBA husbands with children whose MBA wives were also employed outside the home showed more anxiety.…
Dynamic Price Games With Learning-by-Doing
Learning-by-doing and increasing returns are often perceived to have similar implications for industrial concentration. We analyze this issue in the context of an infinite horizon. price-setting game. A complete characterization of market sharing…
Empirical Examination of the Return Generating Process of the Arbitrage Pricing Theory
The return generating process of the arbitrage pricing theory is examined using factor analysis. Over the period 1953-1971 not only do formal statistical tests fail to confirm the notion of industry factors, but the statistics suggest that the…
Empirical Tests of the Consumption-Oriented CAPM
The empirical implications of the consumption-oriented capital asset pricing model (CCAPM) are examined, and its performance is compared with a market portfolio-oriented capital asset pricing model. Measurement problems associated with reported…