incidence of dividend payers. * Graduate School of Business, University of Chicago (Fama) and Sloan School of Management, MIT (French). We acknowledge the comments of John Graham, Douglas Hannah, Anil Kashyap, Tobias Moskowitz, G. William Schwert, Andrei Shleifer, Paul Zarowin, two anonymous (and

of the Robert B. Goergen Chair at the Wharton School and the Wharton Global Family Alliance. Belén Villalonga gratefully acknowledges the financial support of the Division of Research at the Harvard Business School. How Do Family Ownership, Control, and Management Affect Firm Value? Using proxy data on all

We show that the the unit demand auction introduced by Demange, Gale and Sotomayor [5] is incentive compatible even when bidders have budget constraints. Furthermore we show that myopic bidding is an ex post equilibrium. Finally, we show that any other incentive compatible which always outputs a competitive equilibrium (envy free) must coincide with the DGS auction. 1

and Werker acknowledge financial support from the Harvard Business School Division of Research and Faculty Development. The usual caveat applies.

is gratefully acknowledged. Martínez-Jerez acknowledges the financial support of the Harvard Business School Division of Research. We analyze geographic patterns of trade using transactions data from eBay and MercadoLibre, two large online auction sites. We find that distance continues

The views expressed in this paper are those of the author(s) only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the paper. International Financial Integration and Entrepreneurship

, Harvard Business School, the International

on this paper. We thank Toomas Laarits for excellent research assistance and the Harvard Business School Division of Research for financial support. This paper is forthcoming in The Future of Housing Finance,

Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Organizational Designs and Innovation Streams Michael Tushman*

The thesis examines the evolution of mobile transceiver architecture using the management framework pioneered by Carliss Baldwin and Kim Clark. The thesis begins with an introduction and an overview of the wireless communication value network. The author subsequently distills the salient aspects of the Baldwin and Clark management framework predicated on bottleneck analysis, modularity, and return on invested capital. The prominence of bottleneck analysis motivates a technical chapter that summarizes the bottlenecks relevant to all wireless communication systems, namely data rate, error rate, and battery life. A brief chapter discussing the dominant wireless communication network architecture, TDMA and CDMA, corroborates the bottleneck analysis and effectively assigns the error rate and battery life bottlenecks to the handset ODM and supplier layers of the value network. With a clear vision of the competitive bottlenecks, the evolution of transceiver architecture is presented in the context of the aforementioned management framework. Through this analysis, design power is shown to have passed from handset ODMs to