Mergers and acquisitions represent prominent phenomenon of the developed capitalist world. Growth of the company through mergers and acquisitions provides access to new markets and resources, and the success or failure is of great importance not only for the companies involved in these...

We consider the formation of alliances that potentially create complementarities, that is, when the value function is super-modular in firm resources. We show that, in a frictionless world where information is perfect and managers optimize, firm alliances disproportionately increase the value of...

In this paper, we review factors influencing the migration from checks to electronic payment alternatives in the United States. We identify underlying (dis)incentives for the various payment system participants to migrate to electronic payments. Such analysis sheds light on why checks are used...

I analyze a firm making a decision of whether to expose itself to risk in an exogenous parameter when the firm can change a choice variable after observing the realization of the exogenous parameter. For example, whether to choose an advertising campaign with a less certain outcome, when the...

This paper reports the results of an original empirical study of the relationship between intellectual property and the financial performance of technology firms in the bioscience-technology industries. The study found a statistically significant positive relationship between the firms'...

Credit cards, debit cards, and ACH have increased the share of electronic payments both at point-of-sale locations and for bill payments. Although the adoption of electronic payments in the consumer-to-consumer payments setting has lagged behind these other areas, online person-to-person payment...

On the global stage, competitive advantages are gained by creating, transferring and exploiting competences across operations and locations internationally. In consequence, conglomerates are redesigning their strategies to focus on core businesses, yet with a global scope. De-diversification and...