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The Joint Determination of Leverage and Maturity
We examine theories of leverage and debt maturity, focusing on the impact of firms’ investment opportunity sets and regulatory environments in determining these policies. Using results on strategicExpand
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Opportunism in Multilateral Vertical Contracting: Nondiscrimination, Exclusivity, and Uniformity: Comment
An input supplier selling to competing downstream firms would benefit from publicly committing at the outset to all contracts. Efficient commitment, however, would require complete contracts. TheExpand
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Dynamic Voluntary Contribution to a Public Project
We consider the dynamic private provision of funds to a project that generates a flow of public benefits. Examples include fund drives for public television or university buildings. The games weExpand
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Bidder collusion
TLDR
In this paper, we analyze bidder collusion at first and second price single-object auctions, allowing for within-cartel transfers. Expand
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The Economics of Collusion: Cartels and Bidding Rings
Explicit collusion is an agreement among competitors to suppress rivalry that relies on interfirm communication and/or transfers. Rivalry between competitors erodes profits; the suppression ofExpand
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Order Independence for Iterated Weak Dominance
In general, the result of the elimination of weakly dominated strategies depends on order. We find a condition, satisfied by the normal form of any generic extensive form, and by some important gamesExpand
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Order Independence for Iterated Weak Dominance
TLDR
In Marx and Swinkels (1997), we identify a condition on a normal form game, transference of decisionmaker indifference (TDI), under which the order of elimination by weak dominance does not matter. Expand
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Process Variation As a Determinant of Bank Performance: Evidence From the Retail Banking Study
This paper explores the relation between retail banks' branch-based processes and financial performance. There are 11 processes included in this study, which represent the bulk of the activitiesExpand
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NASDAQ Market Structure and Spread Patterns
This paper argues that the standard competitive equilibrium result that prices will be driven down to the level of marginal cost cannot be routinely applied to the NASDAQ market without explicitlyExpand
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The Vulnerability of Auctions to Bidder Collusion
Previous work has addressed the relative vulnerability of different auction schemes to collusive bidding. The common wisdom is that ascending-bid and second-price auctions are highly susceptible toExpand
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