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A three parameter stochastic process, termed the variance gamma process, that generalizes Brownian motion is developed as a model for the dynamics of log stock prices. The process is obtained by evaluating Brownian motion with drift at a random time given by a gamma process. The two additional parameters are the drift of the Brownian motion and the(More)
The decade of the nineties witnessed a significant increase in business-level strategy research relating to the competitive actions and reactions carried out among competing firms. Rooted in the Schumpter' theory of creative destruction, this work has examined causes and consequences of firm-level action and reaction, such as new product introductions,(More)
Authors are listed in alphabetical order; both contributed equally to the article. They gratefully acknowledge the helpful comments of the reviewers and editor. To interact with colleagues on specific articles in this issue, see " Feedback " on the JMR Web site at As firms seek ways to manage customer relationships over the long term, understanding the(More)
1 The authors contributed equally to the writing of this paper and are listed alphabetically. An earlier version of this paper was presented at the micro-economics workshop at Purdue University. We would like to thank ABSTRACT The results of this study provide insight into why some universities generate more new companies to exploit their intellectual(More)
A working paper in the INSEAD Working Paper Series is intended as a means whereby a faculty researcher's thoughts and findings may be communicated to interested readers. The paper should be considered preliminary in nature and may require revision. Abstract Knowledge is a broad and abstract notion that has defined epistemological debate in western(More)