During and after economic crisis, there is a tendency to have less projects approved owing to loss aversion. The paper introduces a modification of the risk premium in order to take into account one behavioral aspect, that of loss aversion, which is not considered in the traditional method. Loss...

The focus of this study is on black markets which provide an important segment of the parallel economy. These markets operate in disequilibrium,search and information costs become very important.Trafficking in drugs taken as case, to explore both theoretically and empirically. The problem,...

Patent Assertion Entities – firms that acquire patents from others and then deploy them for licensing or damages revenues rather than for practice within their own products or services – have been a frequent subject of debate over the last several years. More recently, focus has centered on...

The authors empirically test Prendergast’s (2002) theory that incorporates the delegation of worker authority into the principal-agent model to explain the lack of consistent empirical support for a tradeoff between risk and incentives. Using data from the 1998 British WERS, the authors...

Why do lawyers in some jurisdictions continue to ‘automatically’ exclude the 1980 UN Convention on Contracts for the International Sale of Goods (CISG) in their choices of law for international sales contracts? Why do lawyers in other jurisdictions approach the decision very differently? Why...

This paper incorporates the interdisciplinary New Institutional and Transaction Costs Economics (combining Economics, Organization, Law, Sociology, Behavioral and Political Sciences) and suggests a holistic framework for analysis of agrarian contracts. First, it specifies type and importance of...

Even as advances in information theory over the last quarter century have cast increasing doubt on the proposition that firms successfully maximize profits, the objective of profit maximization continues to be an axiomatic feature of the neoclassical theory of the firm. This paper attempts to...

This study examines the impact of trust on the use of knowledge transfer mechanisms of cluster firms by deriving hypotheses from a relational governance perspective. Specifically, we analyse the influence of trust on the use of face-to-face knowledge transfer mechanisms in cluster relationships....

James G. March conceived organizational learning as a balance between the exploration of new alternatives and the exploitation of existing competencies in an organization. This study extends March's model to consider exploration and exploitation in a hierarchical organization. First, the effect...

The resource-based approach to strategy, which reaches back to the contributions of Penrose, Selznick and Chandler, has gradually become the dominant perspective in strategy (content) research, arguably because it combines realism with relative rigour. The present paper presents the main themes...