The core belief among agency theorists is that when a firm is both owned and managed by family members, its governance structure is efficient. We argue that this belief over-simplifies the complexity of exchanges that occur among the family firm's decision agents, and does not conform to...

No Abstract

The time-to-market in the presence of a window of opportunity is analyzed using ;a probabilistic model, i.e. a model where the completion time of new product development is a random variable characterized by a gamma distribution. Two cases are considered: the first, a case where the discounted...

The assessment of public universities has gained importance because of the demands from such state government bodies as the executive and the legislature. Public universities are increasingly being asked to account for how efficiently they have used diminishing state financial resources....

No Abstract

Property is a significant asset in the balance sheets of some Singapore industrial|commerce firms and hotel corporations. In this research, we take on the task of examining the relationship between real estate and stock market valuation of these business firms from an asset pricing perspective....

Casino gambling is a social issue, because in addition to the direct benefits to those who own and use casinos, positive and negative externalities are reaped and borne by those who do not gamble. To correctly assess the total economic impact of casinos, one must distinguish between business...

Some models of industries with horizontal shareholding interlocks are generalized. First, we consider industries where firms exhibit different technologies and more general market demand functions. The cartelizing effects of financial interlocks are examined using both the Lerner index and the...

This paper explores contemporary efforts to enrich the economic theory of firms. Its theme is the search for a postmodern approach to the firm, and it explores how those search efforts are reshaping the narrative of conventional neoclassical economic theory. My main interests are the concepts of...

In a single period stewardship setting in which an agent has some reporting discretion, we identify the types of reporting discretion that lead to relevant and reliable reporting. We also provide instances when the reporting discretion available to the agent will cause these two characteristics...