This paper develops theories of multi-sector search by unemployed workers. The paper then attempts to distinguish empirically whether unemployed workers target their job search efforts exclusively on a particular sector at any point in time, or whether they search in a 'non-targeted' fashion...

This paper examines the strategic promotion and wage decisions of employers when employees may be more valuable to competing firms, even in the presence of firm specific human capital. Competing employers must incur a cost to learn the quality of their match with a manager. Because promotion...

We study the dynamics of an industry subject to aggregate demand shocks where the productivity of a firm's technology evolves stochastically over time. Each period, each firm, given the aggregate demand shock, the productivity of its technology, and the distribution of technology productivities...

We develop and test a structural asymmetric information transaction model to characterize the price impact of information on the NYSE. Unlike previous literature, we allow for mixed entry strategies on the part of informed traders and obtain an equilibrium where trades are temporally separated....

This paper characterizes long-run outcomes for broad classes of symmetric games, when players select actions on the basis of average historical performance. Received wisdom is that when agent's interests are partially opposed, behavior is excessively competitive: ``keeping up with the Jones' ''...

This paper extends the results of Jovanovic and Rosenthal (1988) on the existence of equilibrium in anonymous sequential games. They prove existence in the case where the aggregate distribution of agents' characteristics evolves nonstochastically -- the case of "no aggregate uncertainty". We...

This paper derives a key monotonicity property common to dividend signalling models: the greater the rate that dividend income is taxed relative to capital gains income, the greater the value of information revealed by a given dividend yield, and hence the greater the associated excess return....

Chapter 11 structures complex negotiations between creditors and debtors that are overseen by a bankruptcy court. We identify conditions where the court should sometimes err in determining which firms should be liquidated. Such errors affect actions by both good and bad entrepreneurs. We first...