We study the role of information exchange, leadership and coordination in team or partnership structures. For this purpose, we view individuals jointly engaging in productive processes -- a 'team' -- as endowed with individual and privately held information on the joint production process. Once...

We investigate the relationship between value, growth and momentum investment styles across a wide range of developed and emerging economy equity markets. As would be anticipated, value investing generally beats growth. We then determine whether the application of relative momentum or trend...

We employ weak dominance to analyze both first-price and second-price auctions under the discrete private-value setting. We provide a condition under which the expected revenue from second-price auction is higher than that of first-price auction. We also provide implications for large auctions,...

Greater media presence may facilitate information transmission and consensus, or amplify existing political differences. In the OECD greater media penetration is strongly correlated with reduced ideological polarization in the electorate. Observed increases in media penetration lead observed...

We develop a new model of addictive behavior that takes as a starting point the classic rational addiction model of Becker and Murphy, but incorporates uncertainty. We model uncertainty through the Wiener stochastic process. This process captures both random events such as anxiety, tensions and...

Greater political competition reduces the extent of rent-seeking or resource diversion by politicians in government. However, the potency of this effect depends on whether or not there are limits on donations to candidates standing for election, and on the objectives of donors themselves. Data...

This paper shows that the standard and deferred filtration structural models of corporate default are isomorphic, allowing the insights of the standard full information setting to be carried over to the more complex case of asymmetric information. It shows that the accounting lag, which provides...

This paper addresses questions about the structure of the economy and financial markets raised by recent research on the term structure. The work of Duffee (2012) and Joslin, Preibsch and Singleton (2012) suggests that macroeconomic variables affect risk premia rather than bond yields, which are...

The UK state pension (which depends only on age) includes an option to defer take up which yields either a subsequent lump sum or higher weekly pension. We analyse the joint decisions on pension deferral and intertemporal labour supply/participation in a life cycle setting. We show that deferral...

This paper investigates the non-pecuniary benefits of education in terms of several individuals' health outcomes, health-damaging and health-improving behaviors,and preventive care. We exploit a reform which raised compulsory schooling by three years in Italy to identify the causal effect of...