We use a new firm-level dataset to examine the efficiency of investment in emerging economies. In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 5.4 percentage points....

The merger of British Petroleum and Atlantic Richfield as proposed would have made BP the sole operator and 70 percent owner of Alaska's oil fields. The Federal Trade Commission challenged the merger partly out of concern for higher West Coast gasoline prices, and required a divestiture ARCO's...

We provide new measures of ethnic, linguistic and religious fractionalization for about 190 countries. These measures are more comprehensive than those previously used in the economics literature and we compare our new variables with those previously used. We also revisit the question of the...

Periods of social and political change often are marked by struggles among competing ideologies. Given the importance of formal organizatons to such struggles, we propose that competitions among ideologies can be understood and modeled as an ecology of organizations. In this spirit, we develop a...

Various industries are marked by rapid technological change and increasingly global competition. We explain how such developments provide a context for "Red Queen" competition, where organizational learning and competition accelerate each other over time. Arguing that competition stimulates...

Because we live in an economy in which all work is becoming knowledge work and in which intellectual capital is important for company success and, indeed, its value in the capital markets, there is an assumption that "the company with the best talent wins." This war for talent imagery overlooks...

Many firms issue stock options to all employees. We consider three potential economic justifications for this practice: providing incentives to employees, inducing employees to sort, and helping firms retain employees. We gather data on firms' stock option grant to middle managers from three...

A framework is introduced for evaluating static micro-analytic theories in dynamic macro-political settings. Within the framework, two theories of lawmaking are compared. Analytically, the predictions of the theories are remarkably similar- almost to the point of being observationally...

We build a discrete time, serially correlated stochastic demand, nonstationary, finite horizon, capacity expansion model that includes (1) economies of scale in capacity costs, (2) positive expansion leadtimes, and (3) a fixed maximum cumulative capacity, called the shell size. When the shell...

Despite its importance, voting in the elections of corporate boards of directors remains relatively unexplored in the empirical literature. We construct a comprehensive dataset of 3,204,890 mutual fund votes in director elections that took place between July 2003 and June 2005. We find...