This paper addresses a particular form of price discrimination, known as "chaotic discrimination", that has the following features: sellers quote a common price but, in reality, they engage in secret and apparently unsystematic price discounts "which may be seriously inconsistent with...

In establishing convergence to the 'natural state,' this paper examines the allocation of capital by the 'captains of industry' who respond to profit rate differentials. Such allocations unleash the equilibration forces of competition. It is constructively shown that the problem of capital...

We examine the information asymmetry hypothesis and the management control hypothesis by examining the relation between insider trading and insider holdings to the choice of payment method in acquisitions. Our results indicate that both insider ownership and insider trading are significantly...

Jegadeesh (1991) finds evidence of January mean reversion in stock returns. In this paper we attempt to distinguish between two competing economic explanations of January mean reversion in returns: (1) mispricing in irrational markets versus (2) predictable time variation in security risk...