On January 20, 1997, the Securities and Exchange Commission began requiring Nasdaq market makers to execute or display customer limit orders. In addition, Nasdaq began displaying quotes placed by market makers to execute or display customer limit orders. In addition, Nasdaq began displaying...

We study the effects of the controlling shareholders' portfolio diversification on the initial public offering (IPO) process. Less diversified shareholders have more to gain from taking their firm public, and are more willing to accept a lower price for shares. We test these hypotheses using the...

The paper analyzes the benefits of retaining flexibility in a firm s hiring practices by building on Pindyck s (1988) model of irreversible investment. Two types of workers (contracts) are allowed to co-exist: permanent workers, who cannot be fired, and temporary ones, who are hired and fired...