We study an international asset pricing model where agents have preferences defined over their own consumption as well as the contemporaneous average or per capita consumption in their own country. These have been termed "keeping up with the Joneses" preferences. In the presence of...

(WP 06/04 Clave pdf) We compare trading costs between local stocks and their corresponding NYSE ADRs for Argentina, Brazil, Chile and Mexico.Results show that local stocks trading in Mexico and Chile exhibit higher costs than their ADRS,while Brazilian local stocks cost less. Argentina presents...

(WP10/02 Clave pdf) In the past few years, the concept of leadership has shifted from the solitary leader to the team as a potential source of leadership. This shift from a single person to a "shared leadership" model requires new concepts and methods to capture the nature and structure of...

While most work on corporate political activity focuses on the domestic arena, globalization has raised the business salience of international policymaking such that firms increasingly engage in international political processes as well. Political dynamics in the two arenas follow different...

We introduce a multidimensional latent trait model for binary data with non-monotone item response functions. We assume that the conditional probability of endorsing an item is a normal probability density function, and that the latent traits are normally distributed. The model yields closed...

Current theory provides no clear framework for the analysis of the current system of private copy compensation and its potential modifications and/or alternatives. Building upon more general incentive economics theory and on general legal considerations, this paper attempts to build such...

(WP28/02 Clave pdf) Commerce among firms through the Internet, the so-called B2B commerce, constitutes a newly developed area in which most theses are yet to be demonstrated. The value proposition for firms in B2B commerce suggests the creation of highly efficient markets, access to a larger...

Bullying at work has been receiving an increasing amount research attention as an important social stressor in work contexts. In contrast to existing research, which has concentrated overwhelmingly on work related predictors of bullying, to date, there is a lack of studies focusing on individual...

We investigate how the family status of owners, CEO, and top management team (TMT) determine CEO´s perceptions regarding the benevolence of his/her TMT and how in turn these perceptions of benevolence-based trust influence the nature of TMT control and incentive mechanisms. Using a sample of...

(WP 16/03 Clave pdf) Regulated markets and state-owned monopolies characterized the economies of many Southern European territories around the end of the Middle Ages and during the Renaissance. Although this economic form was of considerable importance in implementing public policy at the time,...