This paper considers the nonparametric estimation of spectral densities for second order stationary random fields on a d-dimensional lattice. I discuss some drawbacks of standard methods, and propose modified estimator classes with improved bias convergence rate, emphasizing the use of kernel...

We present a differential game to study how companies can simultaneously license their innovations to other firms when launching a new product. The licensee may cannibalize licensor’s sales, albeit this can be compensated by gains from royalties. Nonetheless, patent royalties are generally so...

This paper proposes a worst-case approach for estimating econometric models containing unobservable variables. Worst-case estimators are robust against the averse effects of unobservables and, unlike the classical literature, there are no assumptions made about the statistical nature of the...

We propose a simple measure of the risk-taking incentives of the CEOs of highly levered financial institutions, levered delta, which captures the incentives to take on risk generated by CEOs' stock holdings. Using this measure, we find that stronger CEO risk-taking incentives prior to the...

We study how directors' reputational concerns influence executive compensation and the use ofcamouflaged forms of pay. We show that, in order to signal their independence to investors,boards lower managers' pay, but may also pay managers in hidden ways or structure compensationinefficiently. We...