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workshops, where earlier versions of the paper were presented under different titles. We would also like to thank Nick Bradley, Ian Byrne, George Dallas, and Laurie Kizik for providing us with S&P Transparency Rankings and CLSA Corporate Governance Scores, Mara Faccio and Larry Lang for their generosity in sharing their ownership data, and Vlad Charniauski(More)
first commercial product based on PBD technology—Stagecast Creator, introduced in March 1999—enabling even children to create their own interactive stories, games, and simulations. Here, we describe this approach, offer independent evidence that it works for novices, and discuss why it works when other approaches haven't and, more important, can't. The(More)
oftware agents are our besf hope during the 1990s for obtaining more power and utility from personal computers. Agents have the potential to partiti$xzte nrtively in accomplishing tasks, rather than serving as passive tools as do today's applications. However, people do not want generic agents-they want help with lhtir jobs, their tasks, their goals. Agents(More)
NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors. Recent IFDPs are available on the Web at(More)
We present evidence on the duration of firm-bank relationships using a unique panel data set of connections between Oslo Stock Exchange-listed firms and their banks for the period 1979-1994. We focus on the determinants of the duration of a relationship and the causes for ending an existing bank relationship. We find that duration itself does not greatly(More)
The absence of data has, until now, precluded virtually all research on trading volume in the foreign exchange market. This paper introduces a new high-frequency foreign exchange dataset from EBS (Electronic Broking Service) that includes trading volume in the global interdealer spot market. The dataset gives volumes and prices at the one-minute frequency(More)
A description is given of the Xerox 8010 Star information system, which was designed as an office automation system. The idea was that professionals in a business or organization would have workstations on their desks and would use them to produce, retrieve, distribute, and organize documentation, presentations, memos, and reports. All of the workstations(More)
A conceptual gap exists between the # representations that people use in their minds when thinking about a problem and the representations that computers will accept when they are programmed. Introduction During the past 30 years there have been many attempts to enable ordinary people-people who are not professional programmers to program computers.(More)
We present novel empirical evidence that conflicts of interest between creditors and their borrowers have a significant impact on firm investment policy. We examine a large sample of private credit agreements between banks and public firms and find that 32% of the agreements contain an explicit restriction on the firm's capital expenditures. Creditors are(More)