This study examines the informational role of credit watch placements in the overall bond rating process. We show that the act of a company's bond being put on a credit watch is, in itself, associated with significant abnormal returns in the company's stock and bond rating revision that are...

This paper presents repeated games with hidden moves, in which players receive imperfect private signals and are able to communicate. We propose a conditional probability approach to solve the learning problem in repeated games with correlated private signals and delayed communication. We then...

We consider a sequential merger game between Cournot firms with homogeneous product and quadratic cost. A large slope of the marginal cost function or a small slope of inverse market demand are both predicted to increase the incentive to merge. The profitability of any merger increases with the...

type="main" xml:id="sjpe12041-abs-0001" <title type="main">Abstract</title> <p>We study multiple research joint ventures (RJVs) using a repeated game with imperfect monitoring. Compared with the single joint venture case, we show that cooperation in multiple joint ventures creates two advantages for participating firms....</p>

The Companion lays out a comprehensive history of the field and, in five additional parts, it explores public choice contributions to the study of the origins of the state, the organization of political activity, the analysis of decision-making in non-market institutions, the examination of...

The paper develops a simple model of repeated automobile insurance contracts, providing a framework for analyzing changes in aggregate insurance data in periods of changes that affect driver incentives. Experience rating of premiums gives drivers an incentive to exert effort to avoid accidents...