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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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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…
The Market for Knowhow and the Efficient International Transfer of Technology
This paper explores the nature of international technology transfer and the operation of the market for knowhow. It begins by examining the relationship between codification and transfer costs, and then moves on to analyze various imperfections…
The Metric Quality of Ordered Categorical Data
An index of metric quality for ordered categorical scales is proposed. The index is defined as the extent to which the ordered categorical measurement is linearly related to an underlying interval scaled measurement of the property. The index,…
The Multinational Enterprise: Market Failure And Market Power Considerations
Abstract not available.
The Multiregion Dynamic Capacity Expansion Problem: An Improved Heuristic
We consider the problem of determining a schedule of capacity expansions for m producing regions and a schedule of shipments from the regions to n markets so as to meet arbitrary market demands over a T-period planning horizon at minimum…
The Relation Between Forward Prices and Futures Prices
This paper consolidates the results of some recent work on the relation between forward prices and futures prices. It develops a number of propositions characterizing the two prices. These propositions contain several testable implications about…
The Sources of Labor Productivity Variation in U.S. Manufacturing, 1947-80
Because it concentrates on the co-movements of jointly determined endogenous variables, the traditional analysis of labor productivity does not directly address the question of the causes of productivity change. This problem is solved by a…
The Statistical Significance of Stepwise Regression Models Developed by Forward Selection: A Monte Carlo Calibration
Information for evaluating the statistical significance of stepwise regression models developed with a forward selection procedure is presented. Cumulative distributions of the adjusted coefficient of determination (R-2) under the null hypothesis…
A Unified Theory of Syndicates, Aggregation and Separation in Financial Markets
Abstract not available.
Vertical Integration and Risk Reduction
Abstract not available.
Accounting Policy Decisions and Capital Market Research
This paper examines methodological problems in measuring the capital market impact of accounting policy decisions. Topics covered include the development of hypotheses about the magnitude and timing of capital market impacts, sample selection…
An Evaluation of Corrective Advertising Effects: A Field Study
Previous research on corrective advertising has generally involved a forced exposure in a laboratory setting using student subjects. Treatment and criterion variables have also usually been developed by the researcher independent of the real…
Analysis of Pension Funding Under Erisa
This paper begins by describing the tax, funding, and insurance aspects of the Pension Reform Act of 1974. Next, the implications of those laws are analyzed from the standpoint of the funding decision of the firm. The tax advantage of early…
Appropriable Rents and Quasi Integration
Abstract not available.