We propose a model in which firms involved in trading securities overinvest in financial expertise. Intermediaries or traders in the model meet and bargain over a financial asset. As in the bargaining model in Dang (2008), counterparties endogenously decide whether to acquire information, and...

Requiring companies to expense options in the absence of any satisfactory method to evaluate their costs would be inconsistent with the principles and objectives of accounting.

The establishment of new accounting rules for expensing options would likely do more harm than good.

In this volume, the author describes the changes in wages during the 1980s that led to increased rewards in schooling in the labor market.

The authors demonstrate how regulation intended to control costs can exacerbate cost growth by subsidizing high-risk activities and firms at the expense of low-risk activities and firms.

A discussion of the perceived widening wage gap between skilled and unskilled workers that analyzes the implications of such a gap upon trade in the context of NAFTA.

This book examines America's economy over the past several decades and the sources of our recent success and comes to surprising conclusions about what we can learn from it.