The short run underpricing of initial public offerings (IPOs) is one of the best-documented anomalies in finance. The Rock model explains this anomaly in terms of horizontal information asymmery amongst investors. In this paper comprehensive IPO data from the UK main market for the period...

While there is a large literature on government policy towards MNEs, the effects of output tradability have not been addressed. In this paper the topic is studied in the context of foreign exchange scarcity and shown to be of crucial importance in determining the effects of government policy...

This paper describes a method for estimating regime switches in non-monotonic relationships, using polynomial regressions. Data from the UK financial services industry are used to illustrate the technique. The methodology provides a means of statistically ascertaining the existence of turning...

Research on the geographic clustering of economic activity dates back to the early twentieth century. It is recognized that in spite of advances in transportation and communications, clustering remains most critical, and is consequently prevalent, in knowledge-intensive fields. Multinational...

Increasing divisional operational responsibilities and the dispersal of knowledge creating activities within the firm have loosened the traditional hierarchical structure of multi-divisional firms. In this paper we argue that a similar mixture of competition and cooperation that is found in...

Organizations undertake capital investments in technology to generate revenues or decrease costs, and thereby enhance profitability. However, Red Queen--type responses by competing organizations in the form of rapid imitation and escalating of technology investments erode the ability of the...

This study focuses on how power is gained within large organizations, such as the intra-organizational network of MNCs. Drawing on resource dependence literature, this study develops and empirically tests a set of hypotheses aimed at explaining the multifaceted nature of power and decision...

Multinationals by their very nature are network firms. They are therefore able to leverage their networks to effectively manage dispersed knowledge assets. They do this by tapping into a number of local clusters to assimilate and integrate knowledge. However, knowledge traffic is almost always...