A long-running transaction is an interactive component of a distributed system which must be executed as if it were a single atomic action. In principle, it should not be interrupted or fail in the middle, and it must not be interleaved with other atomic actions of other concurrently executing components of the system. In practice, the illusion of atomicity for a long-running transaction is ach...

T recent financial crisis highlights the importance of market crashes and the subsequent market illiquidity for optimal portfolio selection. We propose a tractable and flexible portfolio choice model where market crashes can trigger switching into another regime with a different investment opportunity set. We characterize the optimal trading strategy in terms of coupled integro-differential equ...

Theory suggests that an inventor’s choice of commercialization strategy between entrepreneurship and cooperation with an incumbent firm is determined by the intellectual property environment, access to complementary assets, and transaction costs of collaborating with incumbents. However, this literature frames the choice only from the inventor’s perspective, implicitly assuming that incumbents ...

The research builds upon the literature in electronic commerce and past research in marketing with the objective of understanding factors that impact a product’s adaptability to online marketing. A review of marketing channel choice literature reveals a set of factors and channel choice functions that are considered important in making channel decisions. Using this as a basis, four major channe...

This paper suggests a solution to what has become known as the "private equity premium puzzle" (Moskowitz and Vissing-Jorgensen (2002)). We interpret occupational choice as a dynamic portfolio choice problem of a life-cycle investor facing a liquidity constraint and imperfect information about the profitability of potential businesses. In this setting, becoming an entrepreneur is equivalent to ...

This empirical study focuses on Japanese manufacturing, which established new entities in the manufacturing sector in the European Union. We are focusing on the choice of the MNE's between taking full ownership of their affiliate, and sharing it with another firm. The paper aims at providing further empirical evidence on the influence of some key variables in explaining it. Our results provide ...

This paper studies portfolio choice and pricing in markets in which immediate trading may be impossible. It departs from the literature by removing restrictions on asset holdings, and finds that optimal positions depend significantly and naturally on liquidity: When expected future liquidity is high, agents take more extreme positions, given that they do not have to hold those positions for lon...

Under conditions of asymmetric information, the seller's choice of a selling institution entails sorting of buyers by valuation type in order to price discriminate and maximize profits. We consider the seller's choice between sequential search and an auction in the presence of discounting and transaction costs when selling n homogeneous units of a good. Our analysis shows that the expected retu...