Strategic capital investment decisions are being made every day in an increasingly uncertain world. While the traditional NPV approach does a reasonable job of valuing simple, passively managed projects, it does not capture the many ways in which a highly uncertain project might evolve, and the...

Many companies have acted to increase direct stock ownership among their employees. For most firms, these actions have not resulted in major changes in the ownership structure of the firm. However, from a personal portfolio standpoint, the typical level of employee stock ownership appears...

The role of technical progress as a means of extending energy resources, together with the widespread use of flexible functional forms, has led to increased interest in the estimation of nonneutral technical change in recent years. Studies by Binswanger (1974), Berndt and Khaled (1979), and...

In recent years, film studios have accelerated the release of films on DVDs, prompting theatre owners to express concerns about the possible negative impact of the early release of DVDs on a film's box office revenues. This study examines the impact of releasing a film on DVD before the film...

Using prices obtained from shopbots, we test several hypotheses regarding the economics of information and optimal search. We find that price dispersion is positively (negatively) related to product price and the number of sellers in cross-sectional (time series) analysis. Price dispersion...