Leadership & Organizational Behavior

The terms dual city and post-industrial city are intended to capture those economic and demographic characteristics that distinguish modern urban centers, such as New York, from cities that retain large manufacturing activities and from earlier versions of themselves. The people and businesses in New York City today are markedly different not only from those in Peoria, but from those in New York City one-quarter century ago. This chapter describes how the local public sector has responded to these socioeconomic changes.

I construct an intertemporal model in which investors trade shares of a firm. All trading is done through competitive market makers. After the initial period and before the end of the planning horizon, information is asymmetrically distributed among traders, and the prices for investors who buy shares are higher than for those who sell shares. The presence of this deviation from the Walrasian paradigm notwithstanding, dividend policy does not affect the initial period's share price or shareholders' welfare. This result is robust to various extensions of the model.

This paper examines the properties of a market solution to the output uncertainty problem faced by unincorporated primary producers. An insurance contract is formulated and shown to provide income insurance to producers without exposing insurers to moral hazard. The equilibrium relative to this contract is shown to be equivalent to that effected by a stock market available to all producers.

This paper is motivated by two facts: failure of log-linear empirical exchange rate models of the 1970's and the observed variability of risk premiums in the forward market. Rational maximizing models predict that changes in conditional variances of monetary policies, government spendings, and income growths affect risk premiums and induce conditional volatility of exchange rates.

Analyzing the location choices of the post-1964 U.S.

The financial payback to the City of Boston from the development of Faneuil Hall Marketplace provides a starting point for analyzing the benefits of public-private downtown project development deals.