Includes bibliographical references (p. 23-25).

Cover title. "An earlier, abbreviated version of the paper was published in the Proceedings of the International Conference on Information Systems, 1993, under the title "Is information systems spending productive? new evidence and new results. Series from publisher's list.

"First draft: November 1993, Current Version, August 1994."

"January 1994." "Revised June, 1993 and October, 1993; revision of Sloan School WP #3571-93"--Added t.p.