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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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Volatility, Efficiency and Trading: Evidence from the Japanese Stock Market
We study the joint effect of the trading mechanism and the time at which transactions take place on the behavior of stock return using data from Japan. The Tokyo Stock Exchange employs a periodic clearing procedure twice a day, at the opening of…
A Welfare Analysis of Political Action
In earlier work, I examine the situation where information pertinent to political decisions is dispersed among the members of a society. Rational, self-interested individuals may take costly political action to signal their private information to…
An Empirical Analysis of Software and Hardware Spending
The growth in information systems budgets and in their primary components, hardware and software effort, are analyzed empirically. It is demonstrated that while a large component of the growth is due to technology related factors, these…
Foreign Investment Economic Growth and Technology Transfer in the Republic of China
This paper examines the impact of foreign direct investment on the transfer of technology to the Republic of China (Taiwan). Using a macroeconomic approach based on aggregate statistical data and a macroeconomic approach based on a questionnaire…
Homework in Macroeconomics I: Basic Theory
This paper argues that the home, or nonmarket, sector is empirically large, whether measured in terms of the time devoted to household production activities or in terms of the value of home produced output. We also argue that there may be a good…
Homework in Macroeconomics II: Aggregate Fluctuations
This paper explores the implications of including home, or nomarket, production in an otherwise standard model of cyclical fluctuations. In particular, we generalize the stochastic growth model, or the real business cycle model, to include a…
Individual Differences in Response to Consumer Promotions
This research hypothesizes important individual differences in response to promotions and tests for them using a cross-sectional multinomial logit choice model. Our hypotheses suggest interactions between individual brand preference and the…
Infinite Horizon Stochastic Differential Utility
This note supplements Duffie and Epstein (1989). Existence and uniqueness of an infinite horizon stochastic differential utility function is proved. The issue of existence is analogous to that of stability of a non-linear feedback system.…
Intergroup Relations and Organizational Dilemmas: The Role of Categorization Processes
The competitive nature of intergroup relations has been acknowledged in many contemporary views of organizations. However, there is much about the determinants of such competition that remain unclear. The primary purpose of the present chapter is…
Joint Projects Without Commitment
This paper concerns the pattern of contributions to a joint project when commitments and enforceable contracts are not available. We analyze a game in which partners alternate in making contributions to the project until the project is…
Making Manufacturing Market Driven
World-Class Manufacturing has received a great deal of attention in the past few years, drawing largely on successful Japanese manufacturing practices. There has also been a separate explosion in the use of conjoint analysis to determine customer…
A Multi-Segment Theory of Price Elasticity Structure
Elasticity structure, the pattern of the cross-price elasticities characterizing a given market, is a revealing way of studying the nature of interbrand competition. Elasticity patterns, however, are often difficult to interpret because the…
Nontraded Assets in Incomplete Markets: Pricing and Portfolio Choice
This paper examines portfolio choice and asset pricing when some assets are nontraded, for instance when a country cannot trade claims to its output on world capital markets, when a government cannot trade claims to future tax revenues, or when…
On Manufacturing/Marketing Incentives
Stereotypically, marketing is mainly concerned about satisfying customers and manufacturing is mainly interested in factory efficiency. Using the principal-agent (agency) paradigm, which assumes that the marketing and manufacturing managers of…
On Stationary Distributions for Dynamic Economies
A problem that is arising with increasing frequency in dynamic economic analyses is the study of time invariant distributions. These arise in at least two classes of problems. The first is when the object of the research is an equilibrium…
On the Optimality of Public Signal Releases in the Presence of Private Information
Abstract not available.
Organization Development Transformation
Abstract not available.
PDE Solutions of Stochastic Differential Utility
This paper presents conditions for the existence and properties of stochastic differential utility as a solution of a partial differential equation. Stochastic differential utility is an extension of the classical additively-separable utility…