This paper examines how the quality of firm information disclosure affects shareholders' use of dividends to mitigate agency problems. Managerial compensation is linked to firm value. However, because the manager and shareholders are asymmetrically informed, the manager can manipulate the firm's...

In many countries around the world, electronic card-based payments have been replacing older types of payments at a rapid rate. In the United States, use of both debit cards and credit cards has been rising rapidly, while check volumes have been declining. The increased use of electronic payment...

This paper presents a satellite account where households are treated as production units. It extends previous work that treats consumer durables as investment and that values nonmarket household production activities such as cooking, cleaning, and childcare. Services from consumer durables and...

We examine the behaviour of pedestrians wishing to cross a stream of traffic at signalized intersections. We model each pedestrian as making a discrete crossing choice by comparing the gaps between vehicles in traffic to an individual-specific 'critical gap' that characterizes the individual's...

We consider the relationship between prices and market structure for office supply superstores in the U.S. which was central to the Federal Trade Commission's opposition to the merger of Staples and Office Depot. Due to potential biases in a standard regression, we employ a two-stage approach in...

We consider a simple model of market structure determination with discrete product differentiation and strategic interaction between firms. Our equilibrium concept is based on a set of relatively weak conditions that describe the profits of active and potential firms in a market. In our model,...

This paper presents an empirical model of oligopolistic supply and demand that reflects divisions between downstream retailers and upstream suppliers in order to evaluate the potential effects of upstream mergers. The demand model allows for downstream product differentiation, while the supply...

We examine the behaviour of pedestrians wishing to cross a stream of trasffic at signalized intersections. We model each padestrian as making a desccrete crossing choice by comparing the gaps between vehicles in traffic to an individual-specific "critical gap" that characterizes the individual's...