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- Fabrication of Special Purpose Capital Equipment
- The following article establishes a policy and working procedure when a Principal Investigator wishes to build or fabricate a piece of capital equipment. These instances arise when it is more economically feasible or fabrication is the only means of acquiring the specialized equipment. The sponsor has generally approved such fabrication....
- White papers 2003-01-01
- Inventory and Eort Choice When a Sales Agent Possesses Private Demand Information
- The inventory planning decision of a firm principal is considered in the situation where a sales agent possesses better information about future product demand than the principal. This could occur simply because the agent has more familiarity with the customers than the principal, giving him a better signal of demand....
- White papers 2005-05-31
- Who's to Blame?: A Bayesian Decomposition of Efficiency in Hierarchical Sales Organizations
- An efficient and effective salesforce provides a firm with a competitive advantage in today's marketplace. An important ingredient in achieving such a salesforce is the ability to measure, evaluate and compare the performance of individual salespeople. Unfortunately, the methods available in the extant marketing and sales literature are ill-suited for...
- White papers 2004-11-04
- Measuring Productivity In Retail Trade And Services
- The measurement of productivity must recognize that the "Output" is a composite bundle of services. These services can be performed by manufacturer, retailer, or consumer. The efficiency in performing these services depends on the prices of complementary inputs [cars, refrigerators, and large houses] as well as the transport and communication...
- White papers 2006-02-22
- The Dynamics Of Government: A Positive Analysis
- How does the size of the transfer system evolve in the short and in the long run? The authors modeled income redistribution as determined by voting among individuals of different types and income realizations. Taxation is distortionary because it discourages effort to accumulate human capital. Voters are fully rational, realizing...
- White papers 2003-01-01
- Structure Management For Scalable Overlay Service Construction
- This paper explores the model of providing a common overlay structure management layer to assist the construction of large-scale wide-area Internet services. To this end, the authors propose Saxons, a distributed software layer that dynamically maintains a selected set of overlay links for a group of nodes. Saxons maintains high-quality...
- White papers 2004-02-07
- Menu Auctions In Procurement Of Differentiated Products
- This paper studies procurement auctions in which firms bid on both price and qualitative attributes. The standard way of taking qualitative attributes into account is to use score auctions. Menu auctions, which also take qualitative attributes into account and do not have the same difficulty of design as score auctions,...
- White papers 2005-12-01
- IPO Failure Risk: Determinants And Pricing Consequences
- While a large body of research examines different aspects of the post-IPO Initial Public Offering stock return performance of new listings, little has been documented regarding the firm-specific characteristics that are associated with IPO failures. The authors contribute to the IPO literature by developing an IPO failure prediction model that...
- White papers 2005-04-27
- Disclosure Of Intended Use Of Proceeds And Underpricing In Initial Public Offerings
- The authors uses the context of a company's IPO Initial Public Offerings of equity securities as a capital-market setting to empirically study the economic consequences of endogenous disclosure. Specifically, the relation between the extent of detail that an issuer provides regarding their intended use of the IPO proceeds and the...
- White papers 2003-02-26
- The Dynamics Of Plant-Level Productivity In U.S. Manufacturing
- Nowadays work in I.O. has emphasized the importance of firm- and plant-level heterogeneity in total factor productivity. In this paper, we estimate establishment-level productivity for the entire U.S. manufacturing sector from 1976 until 1999 by using the Census Bureau's Longitudinal Research Database combined with the Bureau's Longitudinal Business Database. We...
- White papers 2006-09-05
- Contract Duration: Evidence From Franchising
- Economists generally view standard franchise contracts as efficient, while franchisee advocates view them as exploitive. Consistent with the economic view, it was found that contract duration is positively and significantly related to the franchisee's physical and human capital investments which are often firm specific. In contrast to assertions by franchisee...
- White papers 2006-05-22
- Ambiguity, Information Quality and Asset Pricing
- When ambiguity averse investors process news of uncertain quality, they act as if they take a worst-case assessment of quality. As a result, they react more strongly to bad news than to good news. They also dislike assets for which information quality is poor, especially when the underlying fundamentals are...
- White papers 2004-05-27
- Human Resources Management System: Employee Guide to Time and Labor Entry
- The HRMS system enhances the user's ability to remain compliant with NYS labor laws, ensuring all employees are paid correctly. This paper provides a step-by-step manual to assist employees in entering and editing time. All employees are able to view the screen; each department has selected permission levels for entering...
- White papers 2005-05-01
- A Multivariate Model Of Strategic Asset Allocation
- From the executive summary: ‘Much recent work has documented evidence for predictability of asset returns. The paper shows how such predictability can affect the portfolio choices of long-lived investors who value wealth not for their own sake but for the consumption their wealth can support. An approximate solution method for...
- White papers 2002-02-01
- Investing In Equity Mutual Funds
- From the executive summary: ‘Selecting a portfolio of mutual funds involves a combination of data and judgment. The paper constructs optimal portfolios of equity funds by combining historical returns on funds and passive indexes with prior views about asset pricing and skill. By including benchmark and non-benchmark indexes, the paper...
- White papers 2001-02-21
- Why Constrain Your Mutual Fund Manager?
- From the executive summary: ‘The money management industry has often been used as a laboratory for exploring issues of general interest in corporate finance. Although, much has been written about the return performance and investment styles of professional asset managers, the academic literature has devoted surprisingly little attention to the...
- White papers 2000-09-05
- Why do Public Firms Issue Private and Public Equity, Convertibles and Debt
- The paper examines a comprehensive set of private and public security issuance decisions by publicly traded companies. The market for public firms issuing private securities is large. Of the over 13,000 issues we examine, more than half are in the private market. The paper finds that asymmetric information and moral...
- White papers 2004-10-01
- Learning and the Return to Private Equity
- A first effort to provide empirical knowledge of the features of investment in entrepreneurial capital and the associated risk and return has been recently made by Moskowitz and Vissing-Jorgensen (2002). This paper suggests a solution to the puzzling finding documented in Moskowitz and Vissing-Jorgensen (2002) that the return to an...
- White papers 2004-01-25
- A Parsimonious Macroeconomic Model for Asset Pricing: Habit Formation or Cross-sectional Heterogeneity?
- This paper studies the asset pricing implications of a parsimonious two-agent macroeconomic model with two key features: limited participation in the stock market and heterogeneity in the elasticity of inter-temporal substitution. The parameter values for the model are taken from the business cycle literature and, in particular, are not calibrated...
- White papers 2003-09-01
- Time Orientation and Asset Prices
- The paper analyzes a general-equilibrium asset pricing model where a small subset of the consumers/investors has a short-run "urge to save". That is, their attitudes toward consumption in the long run is a standard one they do place zero weight on consumption far enough out in the future but their...
- White papers 2001-04-01
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