This paper utilizes the Social Science Citation Index and G. J. Stigler and C. L. Friedland's 1985 Calendar of Great Economists to test several implications of an efficient market model of scientific research. Among the questions investigated are how fast an economist's work decays over time in...

In this paper we present a new hypothesis about why the corporation was invented. The traditional argument stresses the importance of limited liability in the emergence of the corporate form. In contrast we stress the advantages that transferable shares hold for cartel owner-management in the...

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Using annual data on U.S. mergers from 1895-1979, we are not able to reject the hypothesis that merger levels are characterized by a white-noise process or by a stable first-order autoregressive scheme. This result contrasts with the common perception that mergers occur in "waves." Our results...