Most prior event studies find that the announcement of a new alliance is accompanied by a positive stock market response for the partners. This result has usually been interpreted as evidence for the prevailing view that alliances are effective vehicles for partners to acquire or access new...

The contracting practices of franchisors outside their domestic market have received little attention in the empirical literature on franchising to date, largely because of lack of data. We exploit a novel data set that allows us to describe the contracts offered by a number of US and Canadian...

Drawing on the hostage model of Williamson (1983. "Credible Commitments: Using Hostages to Support Exchange." The American Economic Review 73: 519--540) and recent studies identifying equity affiliation as a robust hostage in the Japanese automotive industry, we examine the relationship between...

This paper examines academic earmarks and its role in the funding of university research. It provides a summary and review of the evidence on the supply of earmarks by legislators. It then discusses the role of university lobbying for earmarks on the demand side. After a review of the literature...

A growing literature explores the degree to which firms learn from exporting. Although this literature finds that firms that export subsequently enjoy enhanced innovative performance, there has been little research that compares the effect of exporting to that of alternative internationalization...

This article reviews the experience of SEMATECH as a model for high-technology research consortia. SEMATECH's original aims of developing next-generation manufacturing technology proved hard to achieve, and the program has refocused on generic technology and the equipment industry...

This paper examines how the density and governance of vertically related populations affect the life chances of organizations. We integrate the literatures on organizational ecology and vertical integration to develop a theory of how (1) specialized upstream industries affect downstream survival...