Publications

In this article we examine theoretically the use of benchmark portfolios in the compensation of privately informed portfolio managers. We find that the use of a benchmark, and particularly the types of benchmarks often observed in practice,…

If the size of firms is measured correctly, small firms do not necessarily earn higher returns than larger firms. Yet, this finding is not inconsistent with the empirical fact that firms with small market values earn higher returns. Modern…

This paper models trading in a dealer market as a two-stage game. In the first page, risk averse dealers compete in a Bertrand fashion for liquidity-motivated public orders. The resulting inventories are private information. In the second stage,…

Commonly chosen combinations of methods choices have restricted organizational culture research. We selected an atypical mix of these choices and used them to develop a Values Audit Survey that used a mix of quantitative and qualitative methods…

The present study provides evidence for two psychological processes that may help explain managers’ reluctance to use worker empowerment practices such as delegation or self-managing teams: 1) a faith in supervision effect, which reflects the…

A number of countries have delayed the opening of their capital markets to international investment because of reservations about the impact of foreign speculators on both expected returns and market volatility. We propose a cross-sectional time-…

This paper examines future directions for MAR. Emphasis is given to promoting efforts that will identify relatively unexplored areas that could make a substantive contribution to knowledge. Specifically, we are interested in research topics that…

Social dominance orientation (SDO) has been found to predict racism, sexism, political conservatism, and a variety of other “hierarchy enhancing” attitudes and behaviors (Pratto, Sidanius, Stallwork, and Malle, 1994). On the basis of system…

This paper studies time-based competition in imperfect securities markets, linking IT investment decisions, information processing delays and trading strategies. At the IT investment stage, traders trade off the cost of IT against their…

Abstract not available.

Most theoretical models of dealer markets conclude that interdealer trade increases the efficiency of trading. Until recently, finance economists have not had access to the data necessary to assess the importance and consequence of interdealer…

The objective of this paper is to investigate how harmonization affects securities market performance. We adopt an investor perspective on the effects of international accounting differences and seek to provide insights potentially relevant to…

Previous research on status in markets has posited that status orderings are stable, self-reproducing entities. Higher status facilitates an actor’s ability to acquire resources that will in turn allow the actor s actually know what the correct…

This paper studies the diversification benefits from investing in emerging equity markets for the years 1990-1996. We focus on investable assets, namely U.S. and U.K. traded closed-ends funds, open-end funds and ADRs, for comparison with…