Well-functioning financial markets are key to efficient resource allocation in a capitalist economy. While many managers express reservations about the accuracy of stock prices, most academics and practitioners agree that markets are efficient by some reasonable operational criterion. But if...

This article examines a two-stage model of asymmetric conflict based on the classic Colonel Blotto game in which players have, in the first stage, the ability to increase the number of battlefields contested. It thereby endogenizes the “dimensionality” of conflict. In equilibrium, if the...

If history is any guide, we may be at the front end of another mergers and acquisition (M&A) wave. M&A activity tends to follow the stock market with a modest lag. The strong rally in equities off the March 2009 lows, combined with improved credit conditions, solid nonfinancial corporate balance...

India faces a turbulent water future and the current water development and management system is not sustainable.Unless dramatic changes are made and made soon in the way in which government manages water, India will have neither the cash to maintain and build new infrastructure, nor the water...

Latin American experts demonstrate how market-friendly measures in key policy areas can promote greater equity and efficiency. By identifying win-win strategies, the authors challenge the conventional wisdom that there is always a tradeoff between these two objectives. This volume shows how...