Working Papers

A parameter adaptive decision process is a sequential decision process where some parameter or parameter set impacting the rewards and/or transitions of the process is not known with certainty. Signals from the performance of the system can be…

Customized Conjoint Analysis combines self-explicated preference structure measurement with traditional full-profile conjoint analysis. The more important attributes for each respondent are first identified by the self-explicated approach. Full…

Venture Capitalists hold extensive control rights over entrepreneurial companies, includingthe right to fire the entrepreneurs with little severance. I examine why, and under what circumstances, entrepreneurs would voluntarily choose to…

Recent research suggests that the response to sales promotion depends on the price-quality tier of the promoting brand, with high-tier brands tending to gain more share than lower-tier brands (e.g., Blattberg and Wisniewski 1989) We examine the…

Companies often introduce new product features in order to differentiate their brands and gain a competitive advantage. In this research we investigate factors that moderates the impact of a new feature on brand choice. Building on two…

This study investigates coefficient bias and heteroscedasticity resulting from scale differences in accounting levels-based research designs analytically and using simulations based on accounting data. Findings indicate that including a scale…

This paper analyzes intrady patterns for U.K. and U.S. trading of British cross-listed stocks. For each market, the intrady patterns for these stocks closely resemble those of otherwise similar, non-cross-listed stocks. There is a two-hour…

In their 1981 model, Stiglitz and Weiss demonstrated that there may be credit rationing in markets with adverse selection. WOrk by Cho and DeMeza and Webb has subsequently shown that rationing would disappear in the 1981 model if entrepreneurs…

SFAS 107 fair value estimates are significant in explaining bank share prices beyond book values. In particular, securities, loans, and long-term debt are value-relevant, although deposits and off-balance sheet items are not. The core deposit…

The Japan-America Alliances and Partnerships Project has been investigating business alliances and partnerships between U.S. high-technology ventures and Japanese corporations. The purpose of the project is to promote better understanding of the…

Organizations vary in how well they perform. This can be due to differences in their strategic positions and to differences in their competitive abilities. We propose an evolutionary model in which there is a trade off between these two sources…

In meta-analysis multiple regression models, the dependent variable is a parameter estimate, and the independent variables are study descriptors. The error term in such a multiple regression model arises from two sources. First, the parameter…

The term “market microstructure” was coined in 1976 by Mark Garman to define “moment-to-moment trading activities in asset markets” (1976, Abstract). With the stated goal of providing insight and testable implications regarding the transaction-to…

Despite familiar arguments for diversification, many investors choose to hold significant blocks of equity in the same firm. While control benefits may explain majority blocks, most blocks are much smaller than what is generally considered…

The paper by Takatoshi Ito and Weng-Ling Lin (henceforth IL) falls in the general category of market microstructure, which includes the structure of markets, the causes of transaction to transaction price movements, and the way in which…

In this paper we study retail price promotions and manufacturer trade deals in markets with single or multiple product retailers. We find that models that do not account for the existence of retailers overestimate the depth of promotions. In…

This research examines how a market incumbent’s competitive reputation with a potential entrant can deter market entry. The authors develop a psychologically-based set of propositions regarding the antecedents and consequences of an incumbent’s…

The Japan-America Alliances and Partnerships Project has been investigating business alliances and partnerships between U.S. high-technology ventures and Japanese corporations. The purpose of the project is to promote better understanding of the…

This study examines an aspect of competitive interactions that has attracted increasing research attention: the relationship between deterrence and competitive reputations. We build a conceptual model of the antecedents and consequences of a firm…

Using an extensive new data set on U.S. and U.K.-traded closed-end funds, we examine the diversification benefits from emerging equity markets and the extent of their integration with global capital markets. To measure diversification benefits,…