Wharton School, and co-director of the Wharton Risk Management and Decision Processes Center. He has a long-standing interest in ways that society can better manage low-probability, high-consequence events related to technological and natural hazards. Erwann O. Michel-Kerjan is managing director of the Wharton School's Risk Management and Decision Processes Center, and teaches Value Creation in...

This paper offers a novel explanation for why some firms prefer to pay dividends rather than repurchase shares. It is well-known that institutional investors are relatively less taxed than individual investors, and that this induces “dividend clientele” effects. We argue that firms determine the proportions of institutional and individual owners when they set dividends. Institutions have a rela...

This paper shows how analytic modeling research in the Marketing field is focused on answering questions of “How?” and “Why?” It describes the disciplines involved in analytic modeling; examines how the key criteria of parsimony and robustness help to define a good model; and discusses other Market Lett DOI 10.1007/s11002-010-9110-5 Arising from The Erin Anderson Research Conference at the Whar...

India has a multitude of environmental regulations but a history of poor enforcement. Between 1996 and 2004, India’s Supreme Court required 17 cities to enact Action Plans to reduce air pollution through a variety of command-and-control (CAC) environmental regulations. We compare the impacts of these regulations with the impact of changes in coal prices on establishment-level pollution abatemen...

This paper examines how sell-side equity research companies (brokerage houses) responded to the increased scrutiny of their equity research business regarding conflicts of interest driven by investment bank relationships. This scrutiny materialized in new regulations adopted by the Self-Regulatory Organizations NASD and NYSE, affecting all brokerage houses, and in the Global Settlement, affecti...

Yuxin Chen • Yogesh V. Joshi2∗ • Jagmohan S. Raju • Z. John Zhang The Leonard N. Stern School of Business, New York University, New York, NY. (E-mail: [email protected]) The Wharton School, University of Pennsylvania, 3730 Walnut St, Philadelphia, PA 19104. (E-mail: [email protected], [email protected], [email protected]) ∗Corresponding Author: Phone: 215 573 0541, Fax: 2...

Christophe Van den Bulte, as well as seminar participants at Ohio State University and The Wharton School for their useful comments. I would also like to thank Taylan Yildiz for research assistance on an early variant of this paper titled “A Structural Analysis of Joint Decision-Making.” The usual disclaimer applies. Demand Estimation with Social Interactions and the Implications for Targeted M...

There has been awareness of gender asymmetry in some texts including those in ELT materials. Many studies indicate similar results that the representation of males in the texts outnumbers the females (Peterson & Lach, 1990; Kortenhaus & Demarest, 1993; Wharton, 2005). Males are also likely to be described as positive, active, and competent, whilst females are likely to be described as negative,...