Working Papers

This paper asks how we can predict entrepreneurship, an individual’s participation in the founding of a new organization. We advance a model that combines aspects of two distinct perspectives on entrepreneurship: the social structural view that…

It is an assumption shared by social identity theory (Tajfel and Turner, 1986) and system justification theory (Jost and Banaji, 1994) that the perceived legitimacy of status differences moderates the expression of ingroup vs. outgroup favoritism…

Political conservatism is considered as a special case of motivated social cognition. This perspective helps to integrate three classes of thories: (a) conservatism as a simention of personality ( such as authoritarianism, dogmatism, intolerance…

Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in Eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in startup…

The decentralized supply chain management scheme of Lee and Whang (1999) can be viewed as operationalizing the decentralized management scheme implicit in Clark and Scarf (1960). This paper proposes the use of what are called responsibility…

Consider selling to a news vendor. A manufacturer markets a product through a retailer who has one opportunity to order before demand is realized. Because of characteristics of the product, norms of the industry, or aspects of the manufacturer-…

As predicted, firms with more intangible assets are more likely to announce open-market share repurchases and experience more positive announcement returns. Also as predicted, idle cash is positively related to repurchase announcement likelihood…

The purpose of this study is to measure the effect of the Act on firm value by investigating the reaction of common equity prices to the Act’s passage. Because key events late in the legislative process (i.e., a Presidential veto and subsequent…

One of the most popular explanations of the increased wage inequality that has occurred since the late 1970s is that technological change has resulted in a downward shift in the demand for low-skill workers. Such a pattern is also alleged to…

Consumer research using Distinctiveness theory implies that targeted advertisements will be most effective in contexts where the targeted group is a miniority. This paper investigates the influence of social status in addition to numeric status.…

Among the factors contributing to the difficulty in resolving conflicts between environmental and economic interest are the dynamics of perception and decision making studied by social psychologists. We identify social psychological dynamics…

Abstract not available.

A stock market liberalization is a decision by a countrys government to allow foreigners to purchase shares in that countrys stock market. On average, a countrys aggregate equity price index experiences abnormal returns of 3.3 percent per month…

This article provides a stochastic valuation framework for bond and stock returns that builds on three different pricing traditions: affine models of the term structure, present-value pricing of equities, and consumption-based asset pricing. Our…

This paper develops a contracting model in which a supplier and a buyer have an opportunity to enter a long-term supply relationship. The buyer knows whether the market for his new product is either large or small, but the supplier can only make…

This study examines whether the reported loss reserves of property-casualty insurers contain a discretionary discount for the time value of money. The results indicate that there is a positive and significant discount rate implicit in the…

Considerable research in consumer experimental psychology has examined the self-expressive role of brands, but has found little support for the premise that the interaction of the personality traits associated with a brand and those associated…

The present paper applies the mismatch hypothesis to the contemporary American film industry. This proposition, successfully applied to the stock market, holds that failing to gain the attention of the critics who specialize in a product’s…

This study evaluates corporate voluntary disclosure of forward-looking information under the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Using data on earnings and sales forecasts issued by 547 computer,…

An integrated marketing and manufacturing innovation in this paper is a new substitute product having different attributes and ( possibly) a different unit cost than the current products. We develop a simple single period model that is a…