The real estate finance literature provides rich insights into circumstances that expose mortgage borrowers to risk. However, there is no characterization of how mortgage contracts might play a role in helping households manage their portfolio risks. This paper provides a framework for...

This paper uses the first-passage-time approach to estimate default probabilities of commercial mortgages and the Receiver Operating Characteristic (ROC) approach to empirically test the cash flow proposition of Vandell (1995). The focus is on comparing the performance between a single trigger...

This paper analyzes the impact of foreign presence on growth and survival of domestic firms,while separating the two opposing effects of foreign presence: a negative "crowding out" and positive "technology spillovers". I focus on the question whether crowding out effect is dynamic, i.e. domestic...

How does foreign direct investment (FDI) affect industry dynamics? In this paper, we analyze the impact of FDI on domestic firm entry in 245 industries in the Czech Republic during 1994 to 2000. We find that larger foreign presence stimulates the entry of domestic firms within the same industry...

Kullback-Leibler information is widely used for developing indices of distributional fit. The most celebrated of such indices is Akaike’s AIC, which is derived as an estimate of the minimum Kullback-Leibler information between the unknown data-generating distribution and a parametric model. In...

This manuscript contributes to the organizations and natural environment literature by combining the policy process model with neo-institutional theory to develop a framework of propositions predicting business political environmental management strategies. This framework advances...

The decision to internalize corporate social responsibility (CSR) activities, to buy (outsource) them in the form of corporate philanthropy, or to collaborate with other organizations is of great significance to the ability of the firm to reap benefits from such activity.Using insights provided...

This longitudinal field study assesses relationships among organizational citizenship behavior (OCB), task interdependence, and performance in work teams. As predicted, measures of team OCB - collected from both team members and customers - correlated positively with concurrent team performance...