These papers are working drafts of research which often appear in final form in academic journals. The published versions may differ from the working versions provided here.
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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Irreversibility, Uncertainty, and Cyclical Investment
This paper builds on the theory of irreversible choice under uncertainty to give an explanation of cyclical investment fluctuations. The key observation is that, when individual projects are irreversible, agents must make investment timing…
Markets in Microcosm: Some Efficiency Properties of Vertical Integration
Abstract not available.
A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues
This paper presents a theory of the demand for investment banking advising and distribution services for the case in which the investment banker is better informed about the capital market than is the issuer and the issuer cannot observe…
Modeling-Based Organizational Development: A Longitudinal Assessment
Abstract not available.
On the Foundations of the Theory of Market Segmentation
Abstract not available.
Operations as Strategy: Lessons From Japan
The past year has witnessed tremendous interest in Japanese management practice. Owing in part to the increasingly worldwide competitive environment, and more particularly, the survivability of certain U.S. industries (television, automobiles,…
Permanent Income, Liquidity, and Expenditure on Automobiles: Evidence from Panel Data
Several recent papers have tested the permanent income-cum- rational expectations hypothesis using data on nondurable or semi- durable consumption. We show how this approach can be extended to the case of durables. An application to panel data on…
Quantal Choice Models and Conjoint Analysis: Diagnostic and Predictive Comparisons
Quantal choice models are used to link a dichotomous or multichotomous criterion variable, measuring actual choice, with predictor variables which define attributes of alternatives. Usually, individual differences in parameter estimates are…
Rational Cooperation in the Finitely-Repeated Prisoners' Dilemma
Abstract not available.
Rational Learning and Rational Expectations
A general formulation of a rational (Bayesian) learning model with rational expectations is given. The martingale convergence theorem is used to prove that in any rational learning model, each agents posterior assessments converge as time passes…
A Strict Paired Comparison Linear Programming Approach
Abstract available on PDF.
Supplier Switching Costs and Vertical Integration in the Automobile Industry
This paper tests a transactions cost theory of vertical integration using data from the U.S. automobile industry. Existing theory is first refined to take industrial know-how and its cost of transfer into account. A testable model is then…
The Effect of Time-Complementarity on Optimal Consumption-Investment Decisions
Abstract not available.
The Effects of Dividends on Common Stock Prices Tax Effects or Information Effects?
Abstract not available.
The Ex Ante and Ex Post Price Effects of Quarterly Earnings Announcements Reflected in Options and Stock Prices
Abstract not available.
The Intraday Timing of Corporate Disclosures
This study examines firms’ behavior with respect to the systematic intraday timing of earnings and dividend announcements. In particular, it tests the hypothesis that good news is more likely to be released when the security markets are open…