Publications

This paper examines whether market participants implicitly assign different coefficients to pension cost components when determining security prices. The major findings are: (1) The pension cost components’ coefficients generally differ from one…

The authors determine the multiple effects of retail promotions on brand loyal and brand switching segments of consumers. Segments are determined by an iterative Bayesian procedure. The variations in within-segment…

This article links institutional and impression management perspectives in a process model of how controversial and possibly unlawful actions of members of organizations can lead to endorsement and support from key constituencies. This model is…

We analyze single parameter process design problems that typically entail minimizing the sum of convex and concave functions. We transform such problems into a tractable form, and obtain sharp characterizations of the original problem. Solution…

In this paper we examine the determinants of a firm’s level of voluntary disclosure. As a comprehensive measure of a firm’s disclosure level, we use analysts’ evaluations of firms’ disclosures as reported in the Financial Analysts Federation…

This paper explains a puzzle created by the S&P 500 cash and futures prices during the crash of October 1987. The cash index appears to be a moving average of the futures, but nontrading in constituent stocks explains only the initial period…

Firms often concentrate on a narrow range of activities and claim to forego other, apparently profitable, opportunities. This pursuit of narrow strategies is applauded by some academics who study strategic management. We present two related…

In this paper we prove that any strategy in any evolutionary game may result in four different types of evolutionary stability. We formulate and prove necessary and sufficient conditions for all four types of stability. We argue that only two of…

Consumer choice is often influenced by the context, defined by the set of alternatives under consideration. Two hypotheses about the effect of context on choice are proposed. The first hypothesis, tradeoff contrast, states that the tendency to…

This paper examines the set of outcomes sustainable by a leader with the power to make suggestions in games. By acting as focal points, these suggestions are important even if players can communicate and form coalitions. For finite-horizon…

We develop an ordinal approach to comparing the equilibria of economic models. The main advantages of this approach, compared to the traditional approach based on signing derivatives, are that (1) it utilizes only a subset of the assumptions…

This paper develops a signaling theory of competitive political action. Despite the free rider problem associated with mass political participation, rational and self-interested individuals may take costly political action to inform or manipulate…

The Condorcet Jury Theorem has classically presumed a static context: the decision making group faces a fixed set of alternatives, compares the options in a pairwise fashion, and the process ends when the group makes a final choice. This is a…

In this paper we conduct an empirical investigation of the recent explanations offered for the nature of a franchising contract. In particular, we focus on the arguments posited by Lal (1990) where it is suggested that since both the franchisor’…

This paper develops a model in which debt serves to constrain inefficient investments of empire building managers due to the consequent control implications of bankruptcy. Unlike related free cash flow models, capital structure is voluntarily…

Converters, emulators, or adapters can often make one technology partially compatible with another. The authors analyze the equilibrium market adoption of otherwise incompatible technologies when such converters are available and the incentives…

Organizational theorists have long recognized the important role cooperation plays in organizations. However, current theories say little about the antecedents of cooperative behavior in organizations. In this chapter, I present a conceptual…