Using intra-day transaction data for a sample of NYSE firms, I show that medium size trades have the highest percent cumulative price change and greatest impact on transaction-by-transaction stock price changes. Even though large size trades have the highest price impact per transaction, it is...

We investigate the efforts of public announcements of analyst recommendations on the bid-ask spreads, the corresponding bad and ask depths and on trading volume of the associated stocks. Using a sample of analyst recommendations made on all stocks trading in the NYSE and AMEX over an 18-month...

We examine the determinants of the realized bid-ask spread in the U.S. corporate, municipal, and Treasury bond markets for the period 1995 to 1997, based on newly available transactions data. We find that the bid-ask spread is negatively related to a bond’s trading activity and positively...

In collaborating to compete, firms forge different types of strategic alliances: same-function alliances, parallel development of new products, and cross-functional alliances. A major challenge in the management of these alliances is how to control the resource commitment of partners to the...

Choosing between temporary services workers and long-term employees involves a tradeoff between flexibility and commitment. Temporary employees provide both a buffer against unforeseen shocks and a secondary internal labor market to preview employees prior to long-term hire. We use real options...

Adams Smith presented the notion of the labor commanded by a commodity in the marketplace. Much of what we think and we know regarding Smith's value measure and its role in his larger system must be jettisoned. That alone qualifies this new view as deserving of the most careful inspection, and...

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Emphasis on first-mover advantages has led strategic management researchers to advocate speed as a key to competitiveness. By contrast, real option theory emphasizes the value of waiting when considering sunk investments under uncertainty. We revisit the strategy question of market entry timing...

We construct asset markets, that are similar to those studied by Smith, Suchanek and Willians (1988), in which bubbles and crashes tended to occur. The main difference between the markets studied here and those studied by Smith et al. are that in the markets studied here, the fundamental values...

We report the results of an experiment designed to study the role of speculation in the formation of bubbles and crashes in laboratory asset markets. In a setting in which speculation is not possible, bubbles and crashes are observed. The results suggest that the departures from fundamental...