Publications

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 country’s government to allow foreigners to purchase shares in that country’s stock market. On average, a country’s aggregate equity price index experiences abnormal returns of 3.3 percent per…

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…

In this paper, we model the determinants of franchise contract terms, namely royalty rates and franchise fees, using a unique panel data set of about 1000 franchisors for the period 1980-1992. We focus on the extent to which firms adjust the…

This paper argues that turnover processes in top management teams create inter-organizational interdependencies. I argue that managerial capabilities are shaped by their experiences in a given competitive context; differences in managerial tenure…

Using product assortment to gain a sustainable differentiation is becoming increasingly difficult in the current retail environment and is likely to become even more challenging as the importance of location continues to decline and the share of…

This study uses personally collected data from 41 steel production lines to assess the effects of Japanese and U.S. human resource management (HRM) practices on worker productivity. The Japanese production lines employ a common system of HRM…

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…

We model a war of attrition with N + K firms competing for N prizes. In a “natural oligopoly” context, the K - 1 lowest-value firms drop out instantaneously, even though each firm’s value is private information to itself. In a “standard setting”…

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…

Venture capital is widely believed to be an influential arrangement for the financing of new innovative companies. We examine and find empirical evidence that venture capital financing is related to product market strategies and outcomes of…