This paper examines the role of uncertainty and imperfect local knowledge in foreign direct investment. The main idea comes from the literature on investment under uncertainty, such as Pindyck (1991) and Dixit and Pindyck (1994). We empirically test .the value of waiting. with a dataset on...

Widely publicized reports of fresh MBAs receiving multiple job offers with six-figure annual salaries leave a long-lasting general impression about the high quality of selected business schools. Business Week reports on a regular basis ranking of MBA programs based on subjective surveys of...

The aggregate performance of the banking industry depends on the underlying micro-level dynamics within that industry -- adjustments within banks, reallocations between banks, entries of new banks, and exits of existing banks. Jeon and Miller (2002a) extend Bailey, Hulten, and Campbell (1992)...

Regulatory change not seen since the Great Depression swept the U.S. banking industry beginning in the early 1980s and culminating with the Interstate Banking and Branching Efficiency Act of 1994. Banking analysts anticipated dramatic consolidation with large numbers of mergers and acquisitions....

The last twenty years of the twentieth century witnessed regulatory change not seen since the Great Depression. That regulatory change, culminating with the Interstate Banking and Branching Efficiency Act of 1994, produced a significant consolidation within the banking industry, resulting from...

Regulatory change not seen since the Great Depression swept the U.S. banking industry beginning in the early 1980s and culminating with the Interstate Banking and Branching Efficiency Act of 1994. Banking analysts anticipated dramatic consolidation with large numbers of mergers and acquisitions....

Recent increases in the volume of canning grade tuna caught in the Western and Central Pacific Ocean (WCPO) have led to concern about the increasing catching capacity of the fleet of purse seine vessels operating in the fishery. In this paper, data envelopment analysis is used to examine the...

The biotechnology industry has the potential to add economic spillover effects to a national economy but heavy investment and systematic planning are required. In 2007, Korea started the second stage of an ambitious government-led program, Bio Vision 2016, which is aimed to create an extended...

Building large models, with little dynamics, was long considered to be an alternative to small dimensional time series models involving many lags. The advantages of one modelling methodology are compared to others; such as the size of the model, the use of economic theory, and simultaneity in...

This paper presents evidence, using data from Consensus Forecasts, that there is an "attraction" to conform to the mean forecasts; in other words, views expressed by other forecasters in the previous period influence individuals' current forecast. The paper then discusses--and provides further...