This article characterizes a supply function equilibrium in an auction market constrained by limited capacities of links in a transportation network and limited input/output capacities of participants. The formulation is adapted to a wholesale spot market for electricity managed by the operator...

Bekaert, Harvey and Lundblad (BHL) are to be congratulated for producing another paper on equity market liberalizations in emerging markets, and it is a pleasure to discuss their work. Yet, there are three reasons why I may not be an impartial discussant. (1) Having devoted most of my fledgling...

When countries open their stock markets to foreign investors, firms that become eligible for purchase by foreigners (investible) are repriced according to the difference in the covariance of their returns with the local and world market. An investible firm whose return covariance with the local...

The 1964 Securities Acts Amendments extended the mandatory disclosure requirements that had applied to listed firms since 1934 to large firms traded Over-the-Counter (OTC). We find several pieces of evidence indicating that investors valued these disclosure requirements, two of which are...

This paper uses a trading volume analysis to examine the extent to which SEC-mandated disclosures make firms' market risk exposures more transparent to investors. We hypothesize that if the SEC's quantitative market risk disclosures reduce investor disagreements about firms' risk exposures,...

This paper provides an overview of the key themes, conceptual frameworks and related tools that are used to examine cases and industry notes in the course "Strategy and Action in the Information Processing Industry" an applied industry analysis course that we have co-taught at the Stanford...

As firms are increasingly transforming their organizations in response to environmental pressures and hypercompetition, the traditional sequence of manufacturing and marketing (hereafter M/M) strategy formulation and implementation is undergoing scrutiny. Questions are being raised about how to...

Motivated by the U.S. Congress's motion to recommit with instructions to report forthwith, a simple spatial model is analyzed to clarify the relationship between early-stage agenda-settings rights of a committee and/or the majority party, a late-stage minimum parliamentary right of the majority...

We examine the SEC's 1992 proxy reforms that expanded the amount of information about executive pay that is required to be disclosed in corporate proxy statements and permitted shareholders to file proxy proposals about executive compensation. Using a sample of executive compensation proposals...

This paper examines a common assertion that customers in reward programs become "locked in" as they accumulate credits toward earning a reward. We define a measure of switching costs and use a dynamic structural model of demand in a reward program to illustrate that frequent customers'...