Dynamic Investment and Product Market Rivalry: The Network Q Model
We present a new dynamic model of corporate investment in imperfectly-competitive product markets, extending the neoclassical (Q) theory of investment to a multi-firm, multi-product, fully structural model. The model provides an explicit formula to quantify corporate investment and characterize investment spillovers for the entire network of firms in any economy.
The Public Pension Crisis: Contractual Rights and Constitutional Limits
A timely response to the pressing issue of public pension reform, The Public Pension Crisis explores the complex relationship between contract law and government pensions, specifically focusing on the Contract Clause and related state Pension Clauses. Analyzing over a decade of litigation, the book highlights the evolving role of pension contracts in constitutional law and examines more than 70 landmark cases to establish a clear, principled framework for determining when pension benefits qualify as contractual obligations. T.
Evolution of Ride Services: From Ride- Hailing to Autonomous Vehicles
In recent years the ride service industry has been evolving rapidly, driven by disruptive technologies such as mobile apps, AI, and autonomous vehicles (AVs). While platform-based decentralized ride hailing companies have gained significant market share, vertically-integrated robotaxi services using emerging AVs are starting to enter the market. In this paper, we aim to provide insights about the evolution and the future of ride services studying these two competing business approaches.
Holding Horizon: A New Measure of Active Investment Management
This article introduces a new holding horizon measure of active management and examines its relation to future risk-adjusted fund performance (alpha). Our measure reveals a wide cross-sectional dispersion in mutual fund investment horizons, and shows that long-horizon funds exhibit positive future long-term alphas by holding stocks with superior long-term fundamentals. Further, stocks largely held by long-horizon funds outperform stocks largely held by short-horizon funds by more than 3%annually, adjusted for risk, over the following 5-year period.