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Dividend increases and initiations and default risk in equity returns
(2011)
This study extends the Grullon, Michaely, and Swaminathan (2002) analysis by incorporating default risk. Using data for firms that either increased or initiated cash dividend payments during the 23-year period 1986-2008, ...
Leadership and Early-Mover Advantage
(The MIT Press, 2011)
This chapter shows how the pure-strategy Nash equilibria in investment games can exhibit a sequencing of investment timing. The chapter is organized as follows. Section 11.1 discusses the basic deterministic game-theoretic ...
Preemption versus Collaboration in a Duopoly
(The MIT Press, 2011)
This chapter examines preemptive investments and the possibility of tacit collusion among firms, delaying investment until a later date. It first presents the original deterministic model by Fudenberg and Tirole (1985) to ...
Losses, dividend reductions, and market reaction associated with past earnings and dividends patterns
(2011)
This paper examines investors' reactions to dividend reductions or omissions conditional on past earnings and dividend patterns for a sample of eighty-two U.S. firms that incurred an annual loss. We document that the market ...
Competitive Strategy : Options and Games
(The MIT Press, 2011)
Corporate managers who face both strategic uncertainty and market uncertainty confront a classic trade-off between commitment and flexibility. They can stake a claim by making a large capital investment today, influencing ...
Uncertainty, Flexibility, and Real Options
(2011)
This chapter discusses the strategy formulation challenges encountered by firms when the underlying market is uncertain. Motivated by the uncertainty faced by European electric utilities, it discusses how real options ...
Market Structure Games: Static Approaches
(2011)
This chapter discusses static market structure games. It begins by describing the benchmark case of a monopolist, developing the basic building blocks for subsequent models. It then introduces static models of duopoly, ...
Extensions and Other Applications
(The MIT Press, 2011)
This chapter discusses new developments and applications of option games. The chapter is organized as follows. Section 13.1 deals with early approaches where competitive entry decisions are treated exogenously. Sections ...