We examine the empirical properties of the theoretical Black-Scholes-Merton (BSM) bankruptcy model. We evaluate the predictive ability of various existing modifications of the BSM model and extend prior studies by estimating ...

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 ...

This article presents an evolutionary cooperative approach to conflict resolution that would lower the fears and raise the hopes of parties in conflict by proceeding incrementally in phases that would allow interaction and ...

Using a sample of 859 U.S. bankruptcy-filing firms over the period 1986-2004, we examine the earnings behaviour of managers during the distressed period by looking at sources of abnormal accruals prior to the bankruptcy-filing ...

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 ...