A study of one brokerage house's recommendations to its individual customers during the 1960s suggests that they were genuinely valuable, even after allowing for transactions costs and risk. On the other hand, the recommendations were useful in selection, rather than in market timing: The ratio...

This paper examines the critical importance of specific legal foundations common to economies that have developed and now enjoy high standards of living. It explains the economic cycle and identifies the importance of a legal system to all types of capital and to the operation of the cycle to...

Individual decisions fall in the broad categories of instinctive, automatic, intuitive, deliberate, and impulsive. Decisions may be conscious, pre‐conscious, or unconscious. These broad categorizations serve as background for the thrust of this paper. Decisions occur if certain forces exceed a...

Like many companies that have experienced enormous domestic success but then stumbled when attempting to enter international markets, Japan is finding that the international scene presents a significantly different set of challenges from those encountered and surmounted domestically. Those...