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Economics

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PROSPECT THEORY: AN ANALYSIS OF DECISION UNDER RISK

This paper presents a critique of expected utility theory as a descriptive model of decision making under risk, and develops an alternative model, called prospect theory. Choices among risky prospects exhibit several pervasive effects that are inconsistent...

An evolutionary theory of economic change

Sidney G. Winter, Richard R. Nelson

Multiple regression: testing and interpreting interactions

Leona S. Aiken, Stephen G. West, Raymond R. Reno

The Pricing of Options and Corporate Liabilities

If options are correctly priced in the market, it should not be possible to make sure profits by creating portfolios of long and short positions in options and their underlying stocks. Using this principle, a theoretical valuation formula for options...

Building Theories from Case Study Research

This paper describes the process of inducting theory using case studies-from specifying the research questions to reaching closure. Some features of the process, such as problem definition and construct validation, are similar to hypothesis-testing research....

Sample Selection Bias as a Specification Error

Sample selection bias as a specification error This paper discusses the bias that results from using non-randomly selected samples to estimate behavioral relationships as an ordinary specification error or «omitted variables» bias. A simple consistent...

Law and Finance

This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries. The results show that common†law countries generally have the strongest,...

Dynamic Capabilities and Strategic Management

The dynamic capabilities framework analyzes the sources and methods of wealth creation and capture by private enterprise firms operating in environments of rapid technological change. The competitive advantage of firms is seen as resting on distinctive...

Sample Selection Bias as a Specification Error (with an Application to the Estimation of Labor Supply Functions)

In this paper, I present a simple characterization of the sample selection bias problem that is also applicable to the conceptually distinct econometric problems that arise from truncated samples and from models with limited dependent variables. The problem...

A Behavioral Theory of the Firm

Richard M. Cyert, James G. March

A resource‐based view of the firm

Summary The paper explores the usefulness of analysing firms from the resource side rather than from the product side. In analogy to entry barriers and growth-share matrices, the concepts of resource position barrier and resource-product matrices are...

Generalized autoregressive conditional heteroskedasticity

The present paper proposes a generalization of the canonical AutoRegressive Conditional Heteroskedasticity (ARCH) model by extending the conditional variance equation toward past conditional variances. The stationarity conditions and autocorrelation structure...

MEASURING THE EFFICIENCY OF DECISION MAKING UNITS

A. Charnes, W. W. Cooper, Edward Rhodes

Endogenous Technological Change

Growth in this model is driven by technological change that arises from intentional investment decisions made by profit-maximizing agents. The distinguishing feature of the technology as an input is that it is not a conventional good or a public good;...

Increasing Returns and Long-Run Growth

This paper presents a fully specified model of long-run growth in which knowledge is assumed to be an input in production that has increasing marginal productivity. It is essentially a competitive equilibrium model with endogenous technological change....

Common risk factors in the returns on stocks and bonds

This paper identities five common risk factors in the returns on stocks and bonds. There are three stock-market factors: an overall market factor and factors related to firm size and book-to-market equity. There are two bond-market factors. related to...

CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK

One of the problems which has plagued thouse attempting to predict the behavior of capital marcets is the absence of a body of positive of microeconomic theory dealing with conditions of risk/ Althuogh many usefull insights can be obtaine from the traditional...

Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation

Traditional econometric models assume a constant one-period forecast variance. To generalize this implausible assumption, a new class of stochastic processes called autoregressive conditional heteroscedastic (ARCH) processes are introduced in this paper....

The Nature of the Firm

Наверное, это самая популярная и удивительная статья 20 в., которая фактически привела к созданию через полвека новой экономической дисциплины...

Exploration and Exploitation in Organizational Learning

This paper considers the relation between the exploration of new possibilities and the exploitation of old certainties in organizational learning. It examines some complications in allocating resources between the two, particularly those introduced by...

User Acceptance of Computer Technology: A Comparison of Two Theoretical Models

Computer systems cannot improve organizational performance if they aren't used. Unfortunately, resistance to end-user systems by managers and professionals is a widespread problem. To better predict, explain, and increase user acceptance, we need to better...

The Cross-Section of Expected Stock Returns

Two easily measured variables, size and book-to-market equity, combine to capture the cross-sectional variation in average stock returns associated with market {3, size, leverage, book-to-market equity, and earnings-price ratios. Moreover, when the tests...

The general theory of employment, interest and money

The general theory of employment, interest and money

Basics of Qualitative Research

Julie L. Ozanne, Anselm L. Strauss, Juliet M. Corbin

On the Mechanics of Economic Development

Thls paper considers the prospects for constructing a neoclassical theory of growth and international trade that is consistent with some of the main features of economic development. Three models are considered and compared to evidence: a model emphasizing...

The Theory of Industrial Organization

The Theory of Industrial Organization is the first primary text to treat the new industrial organization at the advanced-undergraduate and graduate level. Rigorously analytical and filled with exercises coded to indicate level of difficulty, it provides...

SERVQUAL ; A Multiple-Item Scale for Measuring Consumer Perceptions of Service Quality

SERVQUAL ; A Multiple-Item Scale for Measuring Consumer Perceptions of Service Quality

A Survey of Corporate Governance

This article surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world. CORPORATE GOVERNANCE DEALS WITH the ways...

Economic Growth In A Cross Section Of Countries

In neoclassical growth models with diminishing returns to capital, a country's per capita growth rate tends to be inversely related to its initial level of income per person. This convergence hypothesis seems to be inconsistent with the cross-country...

A Contribution to the Theory of Economic Growth

I. Introduction, 65. — II. A model of long-run growth, 66. — III. Possible growth patterns, 68. — IV. Examples, 73. — V. Behavior of interest and wage rates, 78. — VI. Extensions, 85. — VII. Qualifications, 91.

Economic Growth in a Cross Section of Countries

In neoclassical growth models with diminishing returns to capital, a country's per capita growth rate tends to be inversely related to its initial level of income per person. This convergence hypothesis seems to be inconsistent with the cross-country...

Specification Tests in Econometrics

Using the result that under the null hypothesis of no misspecification an asymptotically efficient estimator must have zero asymptotic covariance with its difference from a consistent but asymptotically inefficient estimator, specification tests are devised...

A Contribution to the Empirics of Economic Growth

This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description...

Corporate Financing and Investment Decisions When Firms Have Informationthat Investors Do Not Have

This paper considers a firm that must issue common stock to raise cash to undertake a valuable investment opportunity. Management is assumed to know more about the firm's value than potential investors. Investors interpret the firm's actions rationally....

SOME MODELS FOR ESTIMATING TECHNICAL AND SCALE INEFFICIENCIES IN DATA ENVELOPMENT ANALYSIS

In management contexts, mathematical programming is usually used to evaluate a collection of possible alternative courses of action en route to selecting one which is best. In this capacity, mathematical programming serves as a planning aid to management....

A Contribution to the Empirics of Economic Growth

This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description...

The Market for “Lemons”: Quality Uncertainty and the Market Mechanism

I. Introduction, 488. — II. The model with automobiles as an example, 489. — III. Examples and applications, 492. — IV. Counteracting institutions, 499. — V. Conclusion, 500.

Economic Growth in a Cross Section of Countries

In neoclassical growth models with diminishing returns to capital, a country's per capita growth rate tends to be inversely related to its initial level of income per person. This convergence hypothesis seems to be inconsistent with the cross-country...

Innovation and Growth in the Global Economy

Traditional growth theory emphasizes the incentives for capital accumulation rather than technological progress. Innovation is treated as an exogenous process or a by-product of investment in machinery and equipment. Grossman and Helpman develop a unique...

Knowledge of the Firm, Combinative Capabilities, and the Replication of Technology

How should we understand why firms exist? A prevailing view has been that they serve to keep in check the transaction costs arising from the self-interested motivations of individuals. We develop in this article the argument that what firms do better...

CLUSTERS AND THE NEW ECONOMICS OF COMPETITION

Paradoxically, the enduring competitive advantages in a global economy lie increasingly in local things – knowledge, relationships, and motivation that distant rivals cannot match. Untangling the paradox of location in a global economy offers insights...

Agency Problems and the Theory of the Firm

This paper attempts to explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization. We first set aside the presumption that a corporation has owners in any meaningful sense....

A Behavioral Model of Rational Choice

Introduction, 99. — I. Some general features of rational choice, 100.— II. The essential simplifications, 103. — III. Existence and uniqueness of solutions, 111. — IV. Further comments on dynamics, 113. — V. Conclusion, 114. — Appendix, 115.

Increasing Returns and Economic Geography

This paper develops a two-region, two-sector general equilibriun model of location. The location of agricultural production is fixed, but ionopolistcally competitive manufacturing finns choose their location to maximize profits. If transportation costs...

DETERMINANTS OF CORPORATE BORROWING

Many corporate assets, particularly growth opportunities, can be viewed as call options. The value of such ‘real options’ depends on discretionary future investment by the firm. Issuing risky debt reduces the present market value of a firm holding...

Geography and Trade

"I have spent my whole professional life as an international economist thinking and writing about economic geography, without being aware of it," begins Paul Krugman in the readable and anecdotal style that has become a hallmark of his writings. Krugman...

Limited-dependent and qualitative variables in econometrics

This book presents the econometric analysis of single-equation and simultaneous-equation models in which the jointly dependent variables can be continuous, categorical, or truncated. Despite the traditional emphasis on continuous variables in econometrics,...

The theory of the growth of the firm

There are not many books that are genuine classics, and only a handful in business and management whose insights and ideas last for 50 years and more. This book is one of the very few 'must reads' for anybody seriously interested in the role of management...

The Cost of Capital, Corporation Finance and the Theory of Investment

The potential advantages of the market-value approach have long been appreciated; yet analytical results have been meager. What appears to be keeping this line of development from achieving its promise is largely the lack of an adequate theory of the...

Strategic assets and organizational rent

We build on an emerging strategy literature that views the firm as a bundle of resources and capabilities, and examine conditions that contribute to the realization of sustainable economic rents. Because of (1) resource-market imperfections and (2) discretionary...

Macroeconomics and Reality

Existing strategies for econometric analysis related to macroeconomics are subject to a number of serious objections, some recently formulated, some old. These objections are summarized in this paper, and it is argued that taken together they make it...

Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy

This paper attempts to explain why innovating firms often fail to obtain significant economic returns from an innovation, while customers, imitators and other industry participants benefit. Business strategy - particularly as it relates to the firm's...

THE CORNERSTONES OF COMPETITIVE ADVANTAGE: A RESOURCE-BASED VIEW

This paper elucidates the underlying economics of the resource-based view of competitive advantage and integrates existing perspectives into a parsimonious model of resources and firm performance. The essence of this model is that four conditions underlie...

RISK, RETURN AND EQUILIBRIUM: EMPIRICAL TESTS

This paper tests the relationship between average return and risk for New York Stock Exchange common stocks. The theoretical basis of the tests is the "two-parameter" portfolio model and models of market equilibrium derived from the two-parameter portfolio...

Monopolistic Competition and Optimum Product Diversity: Reply

Monopolistic Competition and Optimum Product Diversity: Reply

The Behavioral Consequences of Service Quality

Valarie A. Zeithaml, Leonard L. Berry, A. Parasuraman

Research in organizational behavior

A. J. Grimes, L. L. Cummings

Advances in prospect theory : Cumulative representation of uncertainty

We develop a new version of prospect theory that employs cumulative rather than separable decision weights and extends the theory in several respects. This version, called cumulative prospect theory, applies to uncertain as well as to risky prospects...

The Use of Knowledge in Society

Friedrich A. von (Friedrich August) Hayek

A Theory of the Term Structure of Interest Rates

This paper uses an intertemporal general equilibrium asset pricing model to study the term structure of interest rates. In this model, anticipations, risk aversion, investment alternatives, and preferences about the timing of consumption all play a role...

A NEW APPROACH TO CONSUMER THEORY

The theory of consumer behavior in deterministic situations as set out by, say, Debreu (1959, 1960) or Uzawa (1960) is a thing of great aesthetic beauty, a jewel set in a glass case. The product of a long process of refinement from the nineteenth-century...

Why do Some Countries Produce So Much More Output Per Worker than Others

Output per worker varies enormously across countries. Why? On an accounting basis, our analysis shows that differences in physical capital and educational attainment can only partially explain the variation in output per worker we find a large amount...

Bank Runs, Deposit Insurance, and Liquidity

This paper shows that bank deposit contracts can provide allocations superior to those of exchange markets, offering an explanation of how banks subject to runs can attract deposits. Investors face privately observed risks which lead to a demand for liquidity....

Toward a knowledge‐based theory of the firm

Given assumptions about the charcicteristics of knowledge acnd the knowledge requirements of production, the firm is conceptualized as an institution for integrating knowledge. The primary contribution of the paper is in exploring the coordination mechanisms...

Management Ownership and Market Valuation: An Empirical Analysis

We investigate the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, we find evidence of a significant nonmonotonic relationship. Tobin's Q first increases,...

Management Ownership and Market Valuation: An Empirical Analysis

Randall Morck, Andrei Shleifer, Robert W. Vishny

Theory of rational option pricing

The long history of the theory of option pricing began in 1900 when the French mathematician Louis Bachelier deduced an option pricing formula based on the assumption that stock prices follow a Brownian motion with zero drift. Since that time, numerous...

The spatial economy : cities, regions, and international trade

Книга «Пространственная экономика – города, регионы и международная торговля» рассматривает экономику с точки зрения экономической географии...

A Theory of Fairness, Competition, and Cooperation

\"There is strong evidence that people exploit their bargaining power in competitive markets but not in bilateral bargaining situations. There is also strong evidence that people exploit free-riding opportunities in voluntary cooperation games. Yet, when...

On Persistence in Mutual Fund Performance

Using a sample free of survivor bias, the author demonstrates that common factors in stock returns and investment expenses almost completely explain persistence in equity mutual funds' mean and risk-adjusted returns. Darryll Hendricks, Jayendu Patel,...

Integer and combinatorial optimization

George L. Nemhauser, Laurence A. Wolsey

The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration

What determines how integrated a firm is? We emphasize the benefits of "control" when there are difficulties in writing complete contracts. We define the firm as being composed of its assets. We present a theory of costly contracts which emphasizes that...

ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES*

Presented at the American Finance Association Meeting, New York, December 1973. (This abstract was borrowed from another version of this item.)

Organizational information requirements, media richness and structural design

This paper answers the question, "Why do organizations process information?" Uncertainty and equivocality are defined as two forces that influence information processing in organizations. Organization structure and internal systems determine both the...

Legal Determinants of External Finance

Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and...

Out of the Crisis

According to W. Edwards Deming, American companies require nothing less than a transformation of management style and of governmental relations with industry. In Out of the Crisis, originally published in 1982, Deming offers a theory of management based...

Human Behaviour and the Principle of Least Effort.

P. Sargant Florence, George Kingsley Zipf

Discretion versus policy rules in practice

This paper examines how recent econometric policy evaluation research on monetary policy rules can be applied in a practical policymaking environment. According to this research, good policy rules typically call for changes in the federal funds rate in...

The Colonial Origins of Comparative Development: An Empirical Investigation

We exploit differences in European mortality rates to estimate the effect of institutions on economic performance. Europeans adopted very different colonization policies in different colonies, with different associated institutions. In places where Europeans...

Integer and Combinatorial Optimization

George L. Nemhauser, Laurence A. Wolsey

EXPLORING INTERNAL STICKINESS: IMPEDIMENTS TO THE TRANSFER OF BEST PRACTICE WITHIN THE FIRM

The ability to transfer best practices internally is critical to a firtn's ability to build competitive advantage through the appropriation of rents from scarce internal knowledge. Just as a firm's distinctive competencies tnight be dificult for other...

Financial Intermediation and Delegated Monitoring

This paper develops a theory of financial intermediation based on minimizing the cost of monitoring information which is useful for resolving incentive problems between borrowers and lenders. It presents a characterization of the costs of providing incentives...

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