Publications

Amir, R & Wooders, J 1999, 'Effects of one-way spillovers on market shares, industry price, welfare, and R & D cooperation', JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY, vol. 8, no. 2, pp. 223-249.
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With one-way spillovers, the standard symmetric two-period R & D model leads to an asymmetric equilibrium only, with endogeneous innovator and imitator roles. We show how R & D decisions and measures of firm heterogeneity-market shares, R & D shares, and profits-depend on spillovers and on R & D costs. While a joint lab always improves on consumer welfare, it yields higher profits, cost reductions, and social welfare only under extra assumptions, beyond those required with multidirectional spillovers. Finally, the novel issue of optimal R & D cartels is addressed. We show an optimal R & D cartel may seek to minimize R & D spillovers between its members.

Goldbaum, D 1999, 'A nonparametric examination of market information: application to technical trading rules', Journal of Empirical Finance, vol. 6, no. 1, pp. 59-85.
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This paper develops a nonparametric approach for testing whether an information set is useful for generating greater stock market returns. The approach is model free and thus the test of the information does not depend on the particular assumptions of an asset pricing model. Assuming No Arbitrage, a stochastic discount factor (SDF) is constructed from observed market assets. This SDF can be used as a pricing operator for examining dynamic portfolio returns to indicate the information content in the underlying trading strategy. Trading strategies based on technical trading rules are examined with the developed approach.

Menzies, GD 1999, 'ALICE IN ACADEMIA', Economic Papers: A journal of applied economics and policy, vol. 18, no. 2, pp. 95-95.
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