We examine the extent and effect of an interest rate-based industrial policy in Japan, France, Great Britain, and West Germany while using the United States as a control case. We argue that some governments have undertaken industrial policies that achieve a "below- competitive market" interest...

This paper estimates statistical cost. and revenue curves for a cross-section of banks in the years 1962-75. The primary data cover reported accounting or book rates of return. Approximations are also made to estimate economic or total returns. These approximations take into account changes in...

Among numerous possible reference prices, expected future price is important. A consumer's expectation of the future price of a brand plays a crucial role in the decision to buy now or later. Failure to characterize reference price as a forward-looking concept, a common practice in the reference...

Understanding the behavior of markets requires understanding not just the level of return but also its dynamics. The speed at which abnormal returns dissipate is one useful indicator of the competitive process. We model for US and Japanese firms the process of competition as reflected in the...

Based on data from firms in the personal computer industry, we study the effect of new product introductions on three key drivers of firm value: profit rate, profit-rate persistence, and firm size as reflected in asset growth. Consistent with our theoretical development, we find that new product...

Farris, Parry and Ailawadi (1992; hereafter denoted FPA) demonstrate that bias can arise in a regression involving a composite dependent variable where a subset of components of the dependent variable are used as explanatory factors. They correctly observe that the Jacobson and Aaker (1985; hereafter...