Publications

In the 19th century, the railroad and telegraph were at the center of a set of technological advances, physical investments and managerial innovations that transformed American industry (Alfred Chandler). Later, the automobile and telephone…

The Japanese have devoted substantial time and resources to understanding Western markets and competitors. The West has typically not reciprocated. The resulting information asymmetry has contributed to Japanese competitive success. The article…

Mean squared error of prediction is used as the criterion for determining which of two multiple regression models (not necessarily nested) is more predictive. We show that an unrestricted (or true) model with t…

The authors develop a survey approach to determine cross-price elasticities and switching matrices for brands in a prespecified product class. The survey determines for each household whether to elicit multiple subhousehold preference…

This study examines thrifts’ supplemental disclosures with respect to default risk (scheduled items) and interest rate risk (repricing data). It represents an extension of a recent study (Beaver, Eger, Ryan, and Wolfson 1989; hereafter BERW),…

The abstract for this item is not available.

The literature on networks suggests that the value of a network is positively affected by the number of geographically dispersed locations it serves (the “network effect”) and the number of its users (the “production scale effect”). We show that…

Abstract not available.

This paper presents asset pricing theory with representative-agent utility given by a stochastic differential formulation of recursive utility. Asset returns are characterized from general first order conditions of the Hamilton-Bellman-Jacobi…

Do birth order and the size of one’s childhood family influence environment, thereby potentially affecting future achievement? This article investigates the hypothesis that they do, presenting two major empirical findings. First, neither birth…

I. Introduction Political parties, their candidates, and their contributors are involved in a complex relationship in which policy positions are taken by parties, candidates compete for votes and for campaign contributions, interest groups and…

Distortionary proportional capital income taxation is shown to cause both static effects via portfolio re-allocation and dynamic effects via changes in the value of a claim to future transfers as well as via perceived changes in the future…

A conceptual model of brand equity from the perspective of the individual consumer is presented. Customer-based brand equity is defined as the differential effect that knowledge about the brand has on consumer response to marketing activity for…

In this paper we analyze the price and advertising strategies for firms competing for the demand of an assortment of goods in an environment with imperfect information. We obtain advertising and loss-leader pricing as an equilibrium outcome.…

This paper develops an infinite horizon, continuous-time, single-agent security pricing model. No restrictions are placed on the underlying information filtration (other than the “usual conditions”) and the agent is assumed to have a monotone…

Manufacturers selling into the U.S. market often use independent sales agencies (manufacturers’ representatives) to serve some or all of their customers. We model a manufacturer’s intention to replace its independent sales agents by…

If a firm has information pertinent to its own dividend stream that is not made available to its shareholders, it may be in the interests of the firm and its shareholders to adopt a financial hedging policy. This is in contrast with the…

The authors develop a model of consideration set composition. The approach taken is to compare the marginal expected benefits of including an additional brand in the consideration set with its associated cons of consideration. From an expression…