In most industries, ranging from information systems development to construction, an overwhelming proportion of projects are delayed beyond estimated completion time. This fact constitutes somewhat of a puzzle for existing theory. The present paper studies project delays and optimal contracts...

This paper proposes an explanation of merger waves based on the interaction between competitive pressure and irreversibility of mergers in an uncertain environment. A set of acquirers compete over time for scarce targets. At each point in time, an acquirer can either postpone a takeover attempt,...

Casual observation suggests that athletics records tend to cluster over time. After prolonged periods without new records, a record breaking performance spurs other athletes to increase effort and thereby repeatedly set new standards. Subsequently, record breaking subsides and the pattern...