Working Papers

This paper studies how collateral affects bond yields. Using a large dataset of public bonds, we document that collateralized debt has higher yield than general debt, after controlling for credit rating. Our model of agency problems between…

Using globalization and contingency theory, this paper develops a supplier-based model of global account management (GAM). The model comprises the multinational suppliers industry globalization drivers, the multinational customers extent of…

We provide new measures of ethnic, linguistic and religious fractionalization for about 190 countries. These measures are more comprehensive than those previously used in the economics literature and we compare our new variables with those…

Recent efforts to restructure electricity markets have renewed interest in assessing how consumers respond to price changes. This paper develops a model for evaluating the effects of alternative tariff designs on residential electricity use. The…

This paper provides a new explanation for the use of convertible securities in venture capital, which is based on the trade-off between acquisition or IPOs. A key property of convertible preferred equity is that it allocates different cash flow…

This paper examines the position of India in the world trading system. It considers three separate questions: Firstly, how integrated is India in the world trade? Secondly, what gains could India reap from further trade liberalization? Thirdly,…

We analyze institutional allocation in initial public offerings (IPOs) using a new dataset of US offerings between 1997 and 1998. We document a positive relationship between institutional allocation and day one IPO returns. This is partly…

This paper develops a multiperiod agency model to study the use of leading indicator variables in managerial performance measures. In addition to the familiar moral hazard problem, the principal faces the task of motivating a manager to undertake…

This paper reports the results of a research project addressing the current state of e-procurement technologies. It analyzes which companies are moving fast into these technologies, how experimentation is taking place to learn about the business…

This paper exploits nationalistic biases in Olympic winter sport judging to study the problem of designing a decision making process that uses the input of potentially biased agents. Judges score athletes from their own countries higher than…

Researchers argue that the effectiveness of cognitive versus affective persuasive appeals depends in part on whether the appeal is congruent or incongruent with a primarily cognitive or affective attitude base. However, considerable research…

Consider an exponential single-server queue with two classes of customers that differ in price-and delay-sensitivity. A system manager sets the production rate and a static price for each class, dynamically quotes the leadtime for each class of…

This study illustrates how a manufacturer can use leadtime differentiation- selling the same product to different customers at different prices based on delivery leadtime to simultaneously increase revenue and reduce capacity requirements. The…

The purpose of this study is to investigate the relationships between firm resources and performance. We divide firm resources into two types: primary resources and support resources. Primary resources include technological assets and…

Pubic policies such as regulation, antitrust, and international trade are the result of public politics and competition over who gets what with government the arbiter of that competition. Policies are also chosen by private parties without the…

After entering into supply contracts, firms often later renegotiate the terms of those contracts. For example, firms that obtain market demand information after signing supply contracts may benefit by renegotiating the contracts to allow buyers…

When countries liberalize their stock markets, firms that become eligible for purchase by foreigners (investible), experience an average stock price revaluation of 15.1 percent. Since the covariance of the mean investible firms stock return with…

On grounds of inclusion of undesirable votes (type I errors) and exclusion of desirable votes (type II errors), we question the convention of selecting only final passage votes for roll call analysis. We propose an alternative selection method…

In the electronics industry and others, Original Equipment Manufacturers (OEMs) are selling their production facilities to contract manufacturers (CMs). The CMs achieve high capacity utilization through pooling (supplying many different OEMs).…

This comparative longitudinal study of Andy Groves tenure as Intel Corporations CEO (1987-1998) documents how he moved Intels strategy-making process from an internal ecology model to the classical rational actor model. His creation of a highly…