Heterogeneity and Strategic Choices: The Case of Stock Repurchases

Strategic decisions are fundamentally tough choices. Theory suggests that managers are likely to display bounded rationality. Empirics on the other hand assume rationality in choice behavior. Recognizing this inherent disconnect between theory and empirics, we try to account for behavioral biases using a theoretically consistent choice model. The traditional approach to modeling strategic choice has been to use discrete choice models and make inference on the conditional mean effects. We argue that the conditional mean effect does not capture behavioral biases. The focus should be on the conditional variance. Explicitly modeling the conditional variance (in the discrete choice framework) provides us with valuable information on individual level variation in decision-making. We demonstrate the effect of ignoring the role of variance in choice modeling in the context of firm’s decisions to conduct open market repurchases. We show that when taking into account the heterogeneity in choices, manager’s choices of conducting open market repurchases displays considerable heterogeneity and that not accounting for such heterogeneity might lead to wrong conclusions on the mean effects

The american heritage dictionary

Buku "The American Heritage Dictionary," yang diedit oleh William Morris, merupakan edisi kedua dari kamus koleksi American Heritage dalam bahasa Inggris. Edisi ini diperbarui dari edisi sebelumnya dengan penambahan informasi biografi dan geografis. Buku ini mengandung 1568 halaman yang dilengkapi dengan ilustrasi. Terbit pertama kali pada tahun 1985 oleh penerbit Houghton Mifflin Company di Boston. Kamus ini merupakan sumber referensi yang kaya akan kosakata bahasa Inggris, dengan fokus pada penjelasan makna kata-kata dalam berbagai konteks. Buku ini sangat cocok untuk mereka yang ingin memperluas pemahaman mereka tentang bahasa Inggris dan ingin mendapatkan definisi yang jelas dan tepat.880 p. : ill ; 20 c

Florida reading handbook, grade 5/ Houghton Mifflin Company

p. 14+694: ill.; 28 c

A portrait catalogue of the books published by Houghton, Mifflin and company; with a sketch of the firm, brief descriptions of the various departments, and some account of the origin and character of the literary enterprises undertaken.

"This edition consists of one thousand copies."Mode of access: Internet

The American Heritage Dictionary of The English Language 4th Ed.

xxxviii,2069 p.:ill.;28 c

John Hay portrait

Portrait of John Hay, from "The Complete Poetical Works of John Hay" (Boston and New York: Houghton Mifflin Company, 1916). Hay's signature is located under the portrait. John Milton Hay was a prominent politician and author born in 1838. He was good friends with President Abraham Lincoln and was Lincoln's personal secretary. Lincoln also appointed Hay to the U.S. Embassy in France. He was later appointed Assistant Secretary of State by President Rutherford B. Hayes and Secretary of State by President William McKinley. Hay also published a number of books including co-authoring a biography of Lincoln and a volume of poetry and personal recollections

The county road /

Advertisements on p. [2] of preliminary p. and on p. [2]-[3] at end.Colophon reads: The Riverside Press, Electrotyped and printed by H.O. Houghton & Co., Cambridge, Mass., U.S.A.Verso of t.p.: Published October 1906.A day off--Old immortality--Bachelor's fancy--The cave of Adullam--A winter's courting--Rosy balm--A sea change--The tree of a thousand leaves--The pilgrim chamber--The twisted tree--The looking-glass--A hermit in Arcadia--A crown of gold.Mode of access: Internet

A madcap cruise /

Blue-green cloth stamped in gilt.Advertisements on pages [2]-[7] at end.Verso of t.p.: Published March 1905.Mode of access: Internet

Spendthrift town : a novel /

Mode of access: Internet