This article examines the causes of financial malfeasance in the largest U.S. corporations between 1995 and 2004. The findings support organizational-political embeddedness theory, which suggests that differential social structures create dependencies, incentives, and opportunities to engage in financial malfeasance. The historical analysis shows that neoliberal policies enacted between 1986 an...

This six-year study of the causes of technology adoption and its effect upon new venture growth explains anomalous past findings that new non-technology based ventures have been slow to adopt technology compared with established businesses. In contrast, I found that new ventures invest early in product design technology and low cost marketing technologies; however, they hold off adoption of pro...

The issue of whether firms are receiving an adequate return on their investment in information technology (IT) continues to pervade managerial decision making. While productivity and other financial metrics are established hallmarks of IT investment evaluation, research has called for broader and richer metrics that can take into account the diversity of IT impacts. In this paper, we extend pre...

Financial repression entails an implicit taxation on savings. When effective income-tax rates are very uneven, as common in developing countries, raising some government revenue through mild financial repression can be more efficient than collecting income tax only.  2000 Elsevier Science B.V. All rights reserved.

Risk is inherent in distributed, large-scale systems. This paper explores the challenges of risk modeling in such systems, and suggests a risk modeling approach that is responsive to the requirements of complex, distributed, large-scale systems. An example of the use of the approach in the marine transportation system is given. The paper concludes with a discussion of limitations of the approac...

In 1993 the Auditing Practices Board issued an expanded audit report, SAS 600 Auditors' Reports on Financial Statements, in an attempt to educate users and reduce their misunderstandings in respect of certain matters pertaining to the audit function. In the context of the auditors' reporting environment, this paper investigates the extent to which the new audit report, SAS 600, has been success...

The literature on credit risk consists of different approaches in modeling the behavior of defaultable bonds. The structural approach is based on the evolution of the firm value to determine default and recovery. In contrast, the more recently developed intensity-based models specify the default time exogenously. In this approach the defaultable yield curve results from the risk-free yield curv...

For the renewal risk model with subexponential claim sizes, we established for the finite time ruin probability a lower asymptotic estimate as initial surplus increases, subject to the demand that it should hold uniformly over all time horizons in an infinite interval. In the case of Poisson model, we also obtained the upper asymptotic formula so that an equivalent formula was derived. These ex...