Customers are important intangible assets of a firm that should be valued and managed. Although researchers and practitioners have recently emphasized customer relationships and customer lifetime value, these concepts have had limited impact on the business and investment community for two main reasons: (a) they require extensive data and complex modeling, and (b) researchers have not shown a s...

Understanding multi-dimensional data and in particular multi-dimensional dependencies is hard. Information visualization can help to understand this type of data. Still, the problem of how users gain insights from such visualizations is not well understood. Both the visualizations and the users play a role in understanding the data. In a case study, using both, a scatterplot matrix and a HyperS...

We study a dynamic regulation model where firms’ actions contribute to a stock externality. The regulator and firms have asymmetric information about serially correlated abatement costs. With price-based policies such as taxes, or if firms trade quotas efficiently, the regulator learns about the evolution of both stock and costs. This ability to learn about costs is important in determining the...

This paper investigates how the control and devolution of productive assets are allocated among husband and wife. Theory predicts that bargaining power within marriage depends on the division of assets upon divorce (exit option) and on control over assets during marriage (noncooperative marriage). In empirical applications, bargaining power is typically proxied by variables such as dowry paymen...

We investigate the properties of mean-variance efficient portfolios when the number of assets is large. We show analytically and empirically that the proportion of assets held short converges to 50% as the number of assets grows, and the investment proportions are extreme, with several assets held in large positions. The cost of the no-shortselling constraint increases dramatically with the num...

This paper o¤ers a monetary theory of asset liquidity— one that emphasizes the role of assets in payment arrangements— and it explores the implications of the theory for the relationship between assets’ intrinsic characteristics and liquidity, and the e¤ects of policy on asset prices and welfare. The environment is a random-matching economy where risk-free bonds coexist with a risky asset, equi...

We study an over-the-counter (OTC) market with bilateral meetings and bargaining where the usefulness of assets, as means of payment or collateral, is limited by the threat of fraudulent practices. We assume that agents can produce fraudulent assets at a positive cost, which generates endogenous upper bounds on the quantity of each asset that can be sold, or posted as collateral in the OTC mark...

Core assets are reusable artifacts built to be used in different software products in the same family. As such, core assets need to capture both commonality that exists and variability that is allowed in the product family (line). These assets are later utilized for guiding the creation of particular valid products in the family. Feature-oriented and UML-based methods have been proposed for mod...

We develop a model of financial intermediation characterized by an inside agency problem such that asset managers, when they have access to high enough liquidity, “reach for yield” by overinvesting in risky assets and concurrently underinvesting in safer or medium-risk assets. The managers follow a pecking order whereby their first preference is to invest in risky assets; their second preferenc...