The choice of financing source is particularly difficult for a small firm due to the high uncertainty about future liquidity requirements. We show that the techniques of continuous time arbitrage and stochastic control theory may be used not only to value such firms but also to determine the...

We show that the value maximizing hurdle rate for research and development (R&D) investments among private firms operating in a market setting is less than for conventional investments despite the fact that R&D has development risk. Because development risk arises only during R&D, entrepreneurs...

Purpose – This paper aims to advance the current debates on the effect of performance measurement (PM) in the operations management domain. In order to accomplish that, it investigates the contribution of business PM and human resource management (HRM) practices to business performance....

Purpose – Existing research evaluating the effect of performance measurement (PM) on performance produces conflicting results, indicating that the effect is poorly understood. This paper aims to address this problem by proposing a theoretical model of the effects of PM on performance....

A clearer, more accurate performance management strategyMeasurement Madnesspresents a level-headed approach to performance management, helping leaders avoid the often-bizarre unintended consequences of KPIs. Using real life examples of measurement gone wrong, this book details how each...

What impact does immigration have on neighborhood dynamics? Within metropolitan areas, we find that housing values have grown relatively more slowly in neighborhoods of immigrant settlement. We propose three nonexclusive explanations: changes in housing quality, reverse causality, or the...