This study investigates economic causes and consequences of large corporate divestitures between 1983 and 1987. Prior empirical evidence suggests that firms hold on to poorly performing operating units for many years before divestiture. An agency-cost explanation for 'holding on to losers' has...

This paper is an application of Darwinian analysis to the study of humans as inputs to the production process. Biologists believe that the only factor capable of explaining the extraordinary level of human intelligence is selection pressure from competition with other proto-humans. This...

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