discretion in determining the level of investment. What is the link between stock price informational efficiency and economic … efficiency? We present a model of the stock market in which: (i) managers have discretion in making investments and must be given …

A firm's marketing efficiency, the ability to optimally deploy and integrate different marketing inputs to achieve high … sales revenue at low cost, is persistent. High marketing efficiency predicts better future operating performance and stock … returns, especially in competitive industries. A marketing efficiency-based long-short portfolio strategy earns an average …

entry externalities from growth theory through a general entry tax formula for a non-paternalistic planner. The business … characteristics for efficiency. For instance, as the labor share increases, the optimal tax decreases under agreement but increases … efficiency with agreement, but call for different policies once financial market speculation is taken into account …

It is commonly overlooked that the concept of market efficiency embowers a time-dimension. Illustrating with an example … inefficient on another. This means that just as market efficiency can only be defined relative to an information set, it also … original information set. That is, just as excess volatility is a violation of market efficiency with respect to its filtration …