Motivated by the difficulties of successfully operating a discretionary monetary policy, researchers and policymakers have become increasingly interested in the stabilization properties of a credible precommitment or rule on monetary policy. The theoretical and empirical effects of various monetary rules on real sector variables, such as employment and GNP, have been extensively studied [e.g., ...

A growing body of research offers evidence that CEOs and other top executives show large and persistent person-specific heterogeneity in their management styles. Bertrand and Schoar (2003) document that such person-specific styles explain a substantial fraction of the variation in firms’ capital structures, investment decisions and organizational structures. The idea that CEOs greatly differ in...

Papers studying the liquidity of a market tend to focus on decisions involving the trade-off between the selling price and the time-till-sale for a given set of market conditions. This paper characterizes market conditions using a price-probability locus; a change in market conditions is some combination of changes in the level and/or slope of this locus. I show how the effect of either type of...

In this journal, Best, Best and Yoder (2000) recently demonstrated that portfolios of US value stocks dominate portfolios of US growth stocks in terms of second-order stochastic dominance (SSD). However, we cannot conclude from this finding that the market is SSD inefficient, because market portfolio efficiency generally does not require growth portfolios to be efficient. Furthermore, stochasti...

The paper offers an analytical approach for an integrated treatment of market partitioning and benchmarking within a Data Envelopment Analysis (DEA) framework. Based on an empirical example from the automotive industry we measure product efficiency from the customer’s perspective. This is interpreted as customer value, i. e., as a ratio of outputs that customers obtain from a product (e. g., re...

A lot of money is involved with the transfers of top players in the big European football leagues. For various reasons, obtaining a good economic valuation of football players throughout the year is valuable, in other words, not just when a player has just transferred. Furthermore, it is relevant to consider how the market value of a player relates to the performance of that player. Both these ...

A fundamental proposition in marketing strategy is that a market orientation is positively related to firm performance. However, the mechanisms of this relationship have yet to be explored in detail, especially in service industries where intangible assets are relatively more important. This paper addresses this issue by proposing a model that identifies important intermediate variables between...

There is a growing literature that aims at assessing the private value of knowledge assets and patents. It has been shown that patents and their quality as measured by citations received by future patents contribute significantly to the market value of firms beyond their R&D stocks. This paper goes one step further and distinguishes between different types of forward citations patents can recei...

In recent years, customer value has become a major focus among strategy researchers and practitioners as an essential element of a firm’s competitive strategy. Many firms have been interested in Customer Value Analysis (CVA) which involves a structural analysis of the antecedent factors of perceived value (i.e., perceived quality and perceived price) to assess their relative importance in the p...

We use mean-variance hedging in discrete time in order to value an insurance liability. The prediction of the insurance liability is decomposed into claims development results, that is, yearly deteriorations in its conditional expected values until the liability is finally settled. We assume the existence of a tradeable derivative with binary pay-off written on the claims development result and...