Parallel imports are a significant academic and policy issue. Official investigations into the impact of parallel imports on music CD prices have reached widely conflicting conclusions. This note reports an event study on an international panel of changes in copyright law to permit or disallow...

We introduce consumer avoidance into analytical marketing research. We show that consumer efforts to conceal themselves and to deflect marketing have a crucial impact on sellers¡¯ marketing strategy. Under reasonable conditions, seller marketing is a strategic complement with consumer...

Many papers in the financial literature argue that monitoring lenders should hold senior debt. Trade creditors monitor their customers. However, their claims are usually not senior. This paper develops a model to show that it is optimal for trade creditors to hold junior debt. Two important...

This paper examines the relationship between firm performance and its controlling shareholder's personal loans. We present a model that allows the controlling shareholder to finance company projects through personal loans. Using personal loans, however, will create an incentive for controlling...

In recent years, the literature on financial distress has been enriched by the development of formal models. This paper develops a synthesis of that formal analysis, linking it to related finance literature and corporate strategies for distressed financial restructuring. Several key assumptions...

This paper proposes that both the first-come, first-served rule and information externalities are important in causing contagious bank runs. The first-come, first-served rule creates a negative payoff externality among depositors. This payoff externality forces depositors to respond to early...

The incentive to copy software depends on publishers' price and monitoring strategy. This paper analyzes how a publisher's strategy depends on the penalty for copyright violation and the cost of copying. It shows that changes in price and monitoring have qualitatively different effects on...

A fundamental question that has concerned social scientists since Barrington Moore is the political transformations that accompanied agrarian societies’ transitions to modern economy. One paradigmatic case is the peasant-based Communist revolution in China, the causes of which have been the...

Parallel imports are a significant academic and policy issue. Official investigations into the impact of parallel imports on music CD prices have reached widely conflicting conclusions. This note reports an event study on an international panel of changes in copyright law to permit or disallow...