In an environment that features second-degree price discrimination, this paper fully characterizes the set of surplus divisions that can arise from all possible information consumers have about their valuation. By extending the techniques developed in a companion paper (Yang, 2019a), I show that...

Scholars and enforcement officials debate the merits and implications of “behavioral antitrust” — the application of empirical evidence showing how human behavior departs systematically and predictably from strict rationality (“bounded rationality”) to antitrust law. Notwithstanding...

We investigate whether value-relevant foreign information only gradually dilutes into stock prices of multinational firms worldwide. Using an international sample of firms from 22 developed countries, we find that a portfolio strategy based on firms' foreign sales information yields future...

This paper expands entry mode literature by referring to multiple modes exerted in different value chain activities within and across host markets, rather than to a single entry mode at the host market level. Scale of operations and knowledge intensity are argued to affect firms' entry mode...

Die vorliegende Dissertation umfasst drei empirische Essays, welche die Prognostizierbarkeit von Aktienrenditen in internationalen Aktienmärkten untersuchen. Der Fokus liegt hierbei auf der Renditeprognostizierbarkeit durch Informationsfriktionen in Finanzmärkten. Die Essays in dieser...