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Now showing items 1-7 of 7
Industrialization and the Big Push
(University of Chicago Press, 1989)
This paper explores Rosenstein-Rodan's idea that simultaneous industrialization of many sectors of the economy can be profitable for them all even when no sector can break even industrializing alone. We analyze this idea ...
Large Shareholders and Corporate Control
(University of Chicago Press, 1986)
In a corporation with many small owners, it may not pay any one of them to monitor the performance of the management. We explore a model in which the presence of a large minority shareholder provides a partial solution to ...
Implementation Cycles
(University of Chicago Press, 1986)
The paper describes an artificial economy in which firms in different sectors make inventions at different times but innovate simultaneously to take advantage of high aggregate demand. In turn, high demand results from ...
The Efficiency of Investment in the Presence of Aggregate Demand Spillovers
(University of Chicago Press, 1988)
In the presence of aggregate demand spillovers, an imperfectly competitive firm's profit is positively related to aggregate income, which in turn rises with profits of all firms in the economy. This pecuniary externality ...
The Strategic Bequest Motive
(University of Chicago Press, 1986)
Although recent research suggests that intergenerational transfers play an important role in aggregate capital accumulation, our understanding of bequest motives remains incomplete. We develop a simple model of strategic ...
The Size and Incidence of the Losses from Noise Trading
(Wiley-Blackwell, 1989)
Recent empirical research has identified a significant amount of volatility in stock prices that cannot be easily explained by changes in fundamentals; one interpretation is that asset prices respond not only to news but ...
Management ownership and market valuation
(Elsevier BV, 1988)
We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines as board of directors ...