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Exit from Declining Industries: "Shakeout" or "Stakeout"
Data on thirty declining chemical products are used to test theories of exit. The results offer support for two different models. The first model predicts that small firms would be most likely to exit. The second model predicts that large…
Financial Reporting, Supplemental Disclosures, and Bank Share Prices
Firm-Level Productivity and Management Influence: A Comparison of U.S. and Japanese Automobile Producers
This study compares the productivity of six major U.S. and Japanese motor vehicle manufacturers-General Motors, Ford, Chrysler, Toyota, Nissan and Mazda-from the early 1950’s through 1987. Techniques of productivity measurement, conventionally…
Futures Markets
Duffie surveys the structure, uses, and strategies of the modern futures markets. He explores financial decision-making procedures—pointing out techniques for hedging with futures—and gives readers a wealth of proven, up-to-date methods for…
How Much is Enough? Psychological Aspects of "Guns Versus Butter" Decisions in a Simulated Security Dilemma
The present research investigated the role of cognitive processes in decisions regarding how much to spend on security, using a laboratory simulation of a security dilemma. Two experiments are described. The first experiment examined how…
In the Beginning ... an Informal History of the Founding of the TIMS Marketing College
Information in Financial Markets: The Rational Expectations Approach
Interactive Data Visualization
Intertemporal Arbitrage and the Markov Valuation of Securities
This paper explores the intertemporal nature of arbitrage and its connection to Markov processes. We suppose that an economy is in one of a fixed set (symbol insert) of possible states at each date. Assuming that prices and dividends are…
Liberalization in the Japanese Financial Markets
Abstract not available.
Majoritarian Incentives, Pork Barrel Programs, and Procedural Control
Abstract not available.
Memory And Evaluation Effects In Competitive Advertising Environments
A laboratory experiment examined the effects of quantitative (i.e., number) and qualitative (i.e., valence) dimensions of competitive advertising on consumer memory and evaluations. Print ads were developed to elicit predominately either a…
Myopic Replenishment Policies for Inventory Models with History-Dependent Demand Distributions
This paper considers single-item, periodic review inventory systems with linear procurement, holding and shortage costs, and immediate delivery. Immediate stock disposal with a linear disposal fee may or may not be an option. The demand in each…
A Noncooperative Theory of Legislative Coalitions
Abstract not available.
Optimal Innovation of Futures Contracts
Optimality of Debt Contracts for Financial Intermediaries
We first prove that the debt contract is the optimal contract between entrepreneurs and arbitrary financial intermediaries in a model where the bank faces an endogenous bankruptcy penalty (as in Diamond (1984)) - the optimality for depositors has…
Out of Equilibrium Beliefs and Out of Equilibrium Behavior
Post-Entry Pricing and Vertical Integration in the Chemical Process Industries
This paper examines the magnitude of price changes following entry into markets for 30 undifferentiated chemical products. On average, prices fell by about 6% in years when entry occurred. Price cuts were roughly twice as deep when the entrant…