This paper examines some policy issues related to the interaction between internal and external corporate control mechanisms-board dismissals and takeovers-by focusing on the information aggregation and other effects related to this interaction. We model the functioning of corporate control...

This paper examines the effect of memory loss on the continuity of behavior. We consider a player (individual or firm) who remembers previous actions but not underlying rationales. In a stable environment, relative to a full-recall scenario, memory loss increases the probability of following old...