This book contains eight articles written (six with co-authors who are noted at the beginning of the relevant chapters) over the past 30 years addressing various aspects of the Theory of the Firm. These articles emanated from our desire to understand more thoroughly the forces pushing firms to...

This interview is Part 1 Video 2 of a two-part series (which series contains 2 pdf files of the transcripts and 4 videos) in which Professor Ralph Walkling, the Stratakis Chair in Corporate Governance and Executive Director of the Center for Corporate Governance at Drexel University, interviews...

This interview is Part 2 Video 4 of a two-part series (which series contains 2 pdf files of the transcripts and 4 videos) in which Professor Ralph Walkling, the Stratakis Chair in Corporate Governance and Executive Director of the Center for Corporate Governance at Drexel University, interviews...

A large amount of the damage inflicted on people and organizations is caused by actions of individuals that are not in their own self interest. That is, each and every person consistently imposes costs on themselves, their loved ones, friends, associates, partners, employers, employees, and the...

Presented at the Harvard Business School Centennial Conference on Private Equity, New York City, Feb. 13, 2007; the Swedish Institute for Financial Research Conference on The Economics of the Private Equity Market, Stockholm, Sweden, Aug. 30, 2007; American Enterprise Institute Conference on The...

The original cost regulatory system, as currently used in the regulation of utilities and natural gas pipelines, cannot emulate the response of a competitive firm to high and varying inflation. Although there can be many problems introduced by regulatory lag and by high administrative and...

The paper by Morck, Shleifer, and Vishny contributes significantly to our knowledge of the takeover process. The authors conclude that the motive for friendly acquisitions is more likely to be synergistic, whereas in hostile ones it is more likely to be disciplinary. Hostile targets were older,...

This paper analyzes investment rules for various organizational forms that are distinguished by the characteristics of their residual claims. Different restrictions on residual claims lead to different decision rules. The analysis indicates that the investment decisions of open corporations,...