Publications

This paper examines recent evidence on the characteristics and pricing of debt securities underwritten by Section 20 subsidiaries (referred to as banks) of U.S. commercial bank holding companies compared to those underwritten by investment…

Experimental research indicates that people in face-to-face brainstorming meetings are less efficient at generating ideas than when working alone. This so-called productivity loss has led many brainstorming researchers to conclude that there is…

In this paper we study the role of the store brand in building store loyalty. Through a game theoretic approach we show how the store brand can create store differentiation leading to superior profits for the retailers. More specifically, we show…

We analyze pricing strategies for digital information goods, such as those increasingly available via the Internet. Because perfect copies such goods can be created and distributed almost costlessly, any single positive price for copies is…

Recent progress in data processing technology has made the accumulation and systematic organization of large volumes of data a routine activity. As a result of these developments, there is an increasing need for data-based or data-driven methods…

This research examines how a market incumbent’s competitive reputation with a potential entrant can deter market entry in the context of multimarket competition. The authors use a judgment experiment to examine this relationship. In a setting…

An algorithm is described for computing fixed points on a Grassmannian manifold. The method can be applied in the more general setting of solving equations on abstract smooth manifolds into vector bundles. This development is part of a…

Existence of equilibrium with incomplete markets is problematic because demand functions are typically not continuous. Discontinuities occur at prices for which a marketed asset suddenly becomes redundant. We show that this discontinuity…

An algorithm is described for computing fixed points on a Grassmannian manifold. The method can be applied in the more general setting of solving equations on abstract smooth manifolds into vector bundles. This development is part of a…

When commercial banks both lend to, and underwrite securities for a firm, does this result in higher or lower prices for the underwritten securities, compared to investment houses’ underwritings? Investment houses have an incentive to…

A hotly debated question of organizational theory—especially evolutionary theories of organization—asks how inert are organizational structures. Answering the question requires analysis of not only organizational change but also of the…

Abstract not available.

“Defensive medicine” is a potentially serious social problem: if fear of liability drives health care providers to administer treatments that do not have worthwhile medical benefits, then the current liability system may generate inefficiencies…

This paper 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 used benchmark-adjusted…

This paper develops a model in which managers voluntarily choose debt to credibly constrain their own future empire-building. Dynamically consistent capital structure is derived as the optimal response in each period of partially entrenched…

I examine the outcomes of cases of entry by merchant shipping lines into established markets around the turn of the century. These established markets are completely dominated by an incumbent cartel composed of several member shipping lines.…