Publications

Consider a firm that is developing a highly innovative product. Producing the product requires that an upstream supplier invest in production capacity well in advance. Because the product is ill-defined at the time when the supplier initiates his…

I grew up in New England near the sea, and like everyone else there, I learned that swimming the tide was exhausting, especially where currents ran fast. Now, I am a professor, with left-wing values, working at a school and in academic fields…

This article is a critical survey of models designed for pricing fixed-income securities and their associated term structures of market yields. Our primary focus is on the interplay between the theoretical specification of dynamic term…

A new career in academia can be a challenge. While academia’s formal rules are published in faculty handbooks, its implicit rules are often difficult to discern. Like the first edition, this new and expanded volume of The Compleat Academic…

Providing explicit instructions to compare one option to other (reference) options is one of the most basic and commonly used promotional and persuasion tactics. Building on prior research on persuasion knowledge and the impact of suspicion, we…

Paragraph IV of the Hatch-Waxman Act provides a mechanism for the litigation of pharmaceutical patent infringement disputes. Many of these cases have been settled with reverse payments by the brand to the generic in return for delayed generic…

Over the past few years, customer relationship management and loyalty programs (LPs) have been widely adopted by companies and have received a great deal of attention from marketers, consultants, and, to a lesser degree, academics. In this…

Motivated by a $2.2 billion inventory write-off by Cisco Systems, we investigate how duplicate orders can lead a manufacturer to err in estimating the demand rate and customers’ sensitivity to delay, and to make faulty decisions about capacity…

Over the past few years, customer relationship management and loyalty programs (LPs) have been widely adopted by companies and have received a great deal of attention from marketers, consultants, and, to a lesser degree, academics. In this…

Debt relief is unlikely to stimulate investment and growth in the nations being considered for debt relief under the highly indebted poor countries (HIPCs) initiative. This is because the HIPCs do not suffer from debt overhang. The principal…

Abstract not available.

This paper revisits the empirical evidence on the relationship between economic integration and economic growth. First, we present an updated dataset of openness indicators and trade liberalization dates for a wide cross-section of countries in…

This paper compares how much managers value knowledge from internal and external sources. Although many theories account for favoritism toward insiders, we find that preferences for knowledge obtained from outsiders are also prevalent. Two…

Drawing on public and proprietary data, we analyzed past correlations of VC investments and returns with changes in GDP, Nasdaq returns, and productivity. Using statistical models, we applied those correlations to hypothetical future scenarios,…

We analyze financial market data in order to produce an ex-ante assessment of the economic consequences of war with Iraq. The novel feature of our analysis derives from the existence of a market for Saddam Securities, a new future traded on an…

Previous theory and research on exchange relationships offer conflicting predictions about how givers and receivers evaluate episodes of favor exchange. Whereas studies of egocentric biases suggest that favors are valued more by givers than by…

This paper reports results from a longitudinal field experiment examining the evolution of relationships between consumers and an on-line photography brand in response to brand personality and transgression manipulations. Development patterns…

Overconfident CEOs over-estimate their ability to generate returns. Thus, on the margin, they undertake mergers that destroy value. They also perceive outside finance to be over-priced. We classify CEOs as overconfident when, despite their under-…