Publications

It is extensively documented that underwriters often ” stabilize” or ” support ” initial offerings (IPOs). However, little is known about the types of IPOs that are supported, and more broadly, how price support impacts the IPO process. We…

Behavioral research on negotiation in recent years has been dominated by the decision making research paradigm, which accords a relatively narrow role to emotions. Decision making researchers have considered emotions primarily in terms of how an…

Organizational theorists now widely recognize that both institutions and competition play major roles in the evolution of industries and organizational populations. A central research question facing the field concerns how these two phenomena…

In many real-world situations, agents must formulate option exercise strategies with imperfect information. In such a setting, agents may infer the private signals of other agents through their observed exercise strategies. The building of an…

Firms routinely rely on other firms’ goodwill. Where a well-functioning legal system exists, in advanced economies, ongoing relationships complement formal contracts in helping deals work smoothly [Macaulay 1963; Haley 1997]. Where laws of…

It is widely believed that correlations between international equity markets tend to increase in highly volatile bear markets. This has led some to doubt the benefits of international diversification. This article solves the dynamic portfolio…

We review progress in research attempting to model the influence of culture on judgments of justice. We review research on people’s reactions to resource allocation outcomes, the psychology of distributive justice, as well as on people’s…

Abstract not available.

This paper studies commercial aircraft production, with an emphasis on the dynamics of production technology. Because commercial production is subject to many uncertainties not present in military production, the data presented here allows…

We investigate when and how aviation pilots respond to a near accident by drawing lessons for improved future performance. We hypothesize that individuals learn from a “close call” by imagining how the danger could have been reduced had they…

Legislative organization in the face of uncertain policy outcomes has been investigated from the perspective of signaling models in which an informed committee reports a bill and the legislature then amends, enacts or rejects the bill. As the…

We consider the problem of the design and sale of a security backed by specified assets. Given access to higher-return investments, the issuer has an incentive to raise capital by securitizing part of these assets. At the time the security is…

This paper critically reviews the research on how collective bargaining systems influence macroeconomic performance in industrialized countries. The review considers effects of bargaining level, coordination, and corporatist institutional…

We study the evolution of prices in a symmetric duopoly where firms are uncertain about the degree of product differentiation. Customers sometimes perceive the products as close substitutes, sometimes as highly differentiated. Firms learn about…

This study demonstrates that firms with patterns of increasing earnings have higher price-earnings multiples than other firms,1 and that this relation persists after controlling for growth and risk using proxies identified in previous research. 2…

This study demonstrates that firms with patterns of increasing earnings have higher price-earnings multiples than other firms.(1) We find that patterns of increasing earnings are positively correlated with growth and negatively correlated with…

This article presents convenient reduced-form models of the valuation of contingent claims subject to default risk, focusing on applications to the term structure of interest rates for corporate or sovereign bonds. Examples include the valuation…

We examine the effects of interorganizational network structures on acquisition premiums. Drawing on several learning and decision-making theories, we propose a model whereby firms learn by sampling the experiences of their network partners. This…