The relationship between firm-specific strategies and the firm's value has attracted considerable attention from researchers. The present article seeks to add to the literature by investigating firm-specific business strategy and value. We categorize firms into different ‘strategy...

The recent financial crisis has plagued banking institutions around the world. Using a non-parametric (data envelopment analysis) approach, we measure operating and profit efficiency of 21 commercial banks from four countries during 2004-2010. The results suggest that for the most part there is...

While the provision of a cash discount is equivalent to a reduction in price, the role of price elasticity of demand in determining credit terms has been neglected in the extant literature. In this paper, this role is investigated and it is shown that the optimal cash discount rate is affected...

The bid-ask spread of stock prices is examined for a sample of dividend initiating firms. The average percentage and dollar bid-ask spreads increase significantly on the day preceding the "Wall Street Journal Index" announcement date, possibly reflecting, on average, the market maker's...

In a model of strategic interaction between firms in lobbying activity, I show that capitalists might prefer tariffs (protection) to production subsidies (promotion). This is due to the congestion problem arising from the government's convex welfare costs of providing subsidies as opposed to...