Patterns of residential segregation in late-nineteenth-century southern cities had great influence on the type of African American business that developed. They also affected the relative stability of business enterprise. In neighborhoods with a higher degree of segregation, African American entrepreneurs were able to develop vital businesses that survived the worsening climate of race relations around the turn of the century.

This study examines call option values implicit in U.S. corporate bonds from 1973 to 1994. The average call option value is 2.25% of par. Over time, call values remain close to zero until one year before the first call date, reach a maximum at the beginning of the callable period, and slowly decrease thereafter. The determinants of call values are examined. The results show that bonds of firms that have called aggressively in the past have larger call values. Additionally, lower interest rates, smaller slopes of the yield curve, and higher interest rate volatility lead to larger call values. The results also show that call values increase with time to maturity in the callable period but decrease with time to maturity in the call protection period. Lower rated, higher coupon bonds have larger call values. There is no evidence that the length of the call protection period affects call values.

This paper values American options on foreign assets in a stochastic interest rate economy using a two-point Geske and Johnson (1984) technique. The method requires the valuation of just two options: a European option and a twice-exercisable option. I first derive the risk-neutral distributions of asset prices under two forward risk-adjusted measures. Closed form solutions for European options on foreign assets are then obtained by applying these risk-neutral distributions. This article also provides analytic solutions for pricing twice exercisable options that are at most two-dimensional even though the valuation problem involves four risk factors at two exercise dates. I report the results of numerical evaluations of American option values using my method and show how they vary with the interest rate parameters. I also verify the accuracy of the proposed method by comparing with the benchmark values obtained from the least-square method of Longstaff and Schwartz (2001).

Few contemporary American issues are more controversial than the powerful role of corporations (both business and municipal) in society, politics, and the economy. Yet strikingly, few scholars have investigated the deepest historical roots of American corporate power. Most historians who have considered this issue have focused their research on the Gilded Age and beyond because of the post-Civil War rise of industrial capitalism, the increased prominence of corporations on the national scene, and the dramatic growth of city governments in the context of late nineteenth-century large-scale immigration and the provision of citywide service and transportation infrastructure. Consequently, they have minimized the origins of American corporate power in the first decades of the republic, a crucial issue in the development of American business, American cities, and the nation.

The management of innovative work in high-technology fields has been a “hot” topic in recent years. In fields such as innovation management, product development, organization design, corporate strategy, economic sociology, organizational economics, engineering management, and knowledge management, scholars have examined subjects ranging from the sociology of creativity to the boundaries of firms in networked industries. They have remarked on the implications of contingent work, outsourcing, globalization, and the demise of the one-company career in studies concerned with issues from regional and national competitiveness to the evolution of labor markets and the social contract. Authors of articles and books published by the popular business press have trumpeted “nimble” and “virtual”organizationalformsrequiredbyunprecedentedconditions, and authors of scholarly essays have addressed the management of relentless change, the option-based valuation of interfirm networks, and knowledge in relation to organizational boundaries.

This study compares the speed of price adjustments to seasoned equity offering announcements by NYSE/AMEX and Nasdaq stocks. We find that price adjustments are quicker by as much as one hour on Nasdaq. This result is not due to differences in issuer characteristics or announcement effects across the markets, but due to differences in market structures. Greater risk taking by dealers, more rapid order execution, and more frequent informed trading (SOES bandits) on Nasdaq, as well as stale limit orders and a less efficient opening price-setting mechanism on the NYSE/AMEX, all contribute to faster stock price adjustments on Nasdaq.

We examine the extent to which offer prices reflect public information for 3,325 IPOs over the period 1990–1999. We focus primarily on four variables: share overhang, file range amendments, venture capital backing, and previous issue underpricing. We show that 35%–50% of the variation in IPO underpricing can be predicted using public information known before the offer date and therefore conclude that IPO offer prices underadjust to widely available public information to a much greater extent than previously documented.

Recovering an Asset's Implied PDF from Option Prices: An Application to Crude Oil During the Gulf Crisis William R. Melick and Charles P. Thomas Journal of Financial and Quantitative Analysis Vol. 32, 1997, pp. 91-115

The rise of professional real estate brokerage is an ideal window into the internal dynamics of the cultural transformation of the American middle class in the twentieth century. Emerging as a full-time occupation in the late nineteenth century, real estate brokerage embodied a variety of early twentieth-century cultural, social, business, and economic trends, including the drive to professionalize business, the rapid expansion of white-collar labor and its feminization, the rise of independent contracting as a prominent form of labor relations, and the enormous growth of the home-building and -selling industries. As many scholars have noted, the home became a crucial site of both consumption and middle-class identification in the early twentiethcentury.